Author: Joe Nemeth

Tax aspects of selling a home Lorain

Tax Implications of Selling Your Home Below Market Value

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You’ve agreed on a price with your child, your sibling, or a buyer taking the house as-is, and that number sits under what the open market would pay. Will the IRS notice? It will. Selling your home below market value turns the shortfall into a gift, and the gap between your price and fair market … Continued
Key Ohio Probate Laws Every Executor Should Understand

Can A House Be Sold While In Probate In Ohio?

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Somebody has to deal with the house. The quiet truth sits in the middle of almost every probate situation I’ve seen across Northeast Ohio. The grief is real, the family meetings are complicated, and meanwhile a property in Elyria or Lorain or Amherst is sitting vacant, racking up utility bills, and waiting for someone to … Continued
What Repairs Are Required For An Appraisal In Ohio

Appraisal Required Repairs in Ohio

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You finally get an offer on your house. Numbers look good, the buyer seems motivated, and you’re mentally packing boxes. Then the appraisal report lands and you find out the lender won’t approve the loan until three items get fixed. Most sellers feel blindsided at that moment, and the reason is simple: nobody explained upfront … Continued
Can the Seller Back Out of a Contract In Ohio

Can the Seller Back Out of a Real Estate Contract in Ohio

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A signed purchase agreement lands on the kitchen table. Both parties shake hands, the buyer starts calling movers, and then the seller gets cold feet. Maybe a better offer came in. Maybe they decided they don’t actually want to leave. Whatever the reason, the seller is done with the transaction. So what happens next? Ohio … Continued
Selling a House With Septic Tank Problems Ohio

Selling A House With Septic Tank Problems In Ohio

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Ohio homeowners typically discover their septic system is a problem at the worst possible moment: right after a buyer’s inspector flags it and the deal starts unraveling. If you’re sitting on a property in Amherst Township, rural Medina County, or anywhere else off the municipal sewer grid, this article is for you. Why Are Septic … Continued
Ways to Avoid Closing Costs Ohio

How To Avoid Closing Costs When Buying A Home In Ohio

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Closing day is supposed to feel like a celebration. Then someone slides the settlement statement across the table, and suddenly you’re staring at a number that’s thousands higher than you budgeted. It happens constantly here in Ohio, and most of the time the surprise was completely avoidable with a little upfront planning. What Are Closing … Continued
How Long Does It Take To Sell A Home Ohio

How Long It Actually Takes To Sell A House In Ohio

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Around 80% of sellers in Ohio significantly misjudge how long selling a house takes. The discrepancy between expected and actual timelines adds financial burdens and stress. The honest answer is that selling a house in Ohio takes two weeks to four months due to multiple variables. At Lorain County Homebuyers, we have helped Ohio homeowners … Continued
Can my property be sold after a year Ohio

Can You Sell Your Home After One Year In Ohio

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You bought a house in Ohio a year ago, and now you want to sell it. The good news is that you can sell it without breaking any laws. What you should really be worried about is how much money you will lose to taxes and fees when you break your mortgage early. At Lorain … Continued
Capital Gains Tax on the Sale of a Home in Ohio

Ohio Home Sale Capital Gains Tax Guide For Real Estate Sellers

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You are sitting at your Westlake kitchen table, staring at the offers on your property. Excellent price. Good buyers. But there is one big question: how much will the IRS take when you sell? I’ve helped hundreds of homes in Northeast Ohio navigate these same waters. From Parma to Mentor, Strongsville to Solon, the capital … Continued