Answers by Michael Ferrante

You have an excellent opportunity here! Buying a home where there are zero other buyers competing is a great position to be in. My recommendation is to consult with a LOCAL lender, so that they can review your situation to fit a loan product to you and your situation. There are so many different types of loans, you really need someone to take the time to fit a product to YOU. Are you a veteran? Work in medicine, teaching, fire fighting, etc? You might qualify for a heroes program? In Ohio, we have something called OHFA which is down payment assistance for FHA loans that are already very low down payment. Credit score, debt, and income are also huge factors. And remember, not all lenders have the same loan products--just like retail stores, you might go to one particular store for a certain product. Why not just go online? As a broker in Cleveland, OH with over 3,000 transactions, I have seen online lenders misinform clients, recommend the wrong product, all because they don\'t have the knowledge of a local lender. Find 2-3 local loan originators and interview them. Or ask your favorite real estate agent for recommendations! Mike Ferrante, LPT Realty.

Do you need an actual appraisal or just a professional opinion of value? Either way, reach out to your favorite real estate agent for advice. If you only need a professional opinion, get a comparative market analysis from your agent (a data-driven mini-appraisal that compares your home to recent sales in the area which is oftentimes without cost). If you need a professional appraisal, ask your real estate agent for recommendations of appraisers, expect to pay several hundred dollars, and you\'ll get a more thorough documented analysis along with a signed document from a licensed appraiser. Keep in mind, all of these are consider \"opinions of value\" and they will likely differ. As a real estate broker in Cleveland, Ohio, I have done 100s, if not 1000s, of CMAs for for homeowners, for various situations: tax complaints, preparing to sell, and just for information. Mike Ferrante, LPT Realty