Cleveland Real Estate News

Interest rates just got lower, houses are available in all price ranges in NE Ohio, and you wish you didn’t have an apartment lease so you could take advantage of all this and buy a home.  Do you wish you could buy a home and take the first time home buyers Tax Credit the Feds are offering, but alas you don’t want to carry a mortgage AND a monthly rent?

There may be a way to do this.  My Company, Howard Hanna, just started a new Apartment Dwellers program. Let’s invent a scenario and see how the program works.

You have six months left on your lease. But you really want the IRS tax credit for your 2008 taxes, since you don’t really have enough deductions this year.  I take you out to look at homes and we find one, make an offer and it gets accepted. You sign a sub lease agreement with Howard Hanna.  We will try to sub lease your place but if it doesn’t happen within 120 days, we will activate the portion of our agreement with you that says okay, we will take care of the lease payments. There are a few things that have to fall into place.  The most important one being that your landlord has to agree to the sub lease.  My feeling is that most will accept it because Howard Hanna is agreeing to the payments if we don’t find someone else to move in.  But it does have to meet with approval from your landlord.

Just wanted to fill you in on the basics about this.  You can call me if you have questions or want more details. 

Oh and by the way, Happy First Day of Spring!  Peace Out – 3C