Talking Tax Tools And Toledo Real Estate – Brendon Clarke

On this episode of The Closing Table, we sat down with Brendon Clarke!

To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…

Here’s what you missed from Brendon Clarke…

The conversation began with a fill-in-the-blank icebreaker on what Toledo is best known for, the most important factor when purchasing a home, and more. Brendon is not only known for his expertise in real estate but also has a range of interests and hobbies. While real estate is his passion, he enjoys spending time with friends, exploring local places such as coffee shops and restaurants. He also has a talent for playing the piano and guitar, and he has a keen interest in cars.

In terms of the current market conditions, Brendon provides some key statistics for Northeast Ohio as of April 2023. The average sale price stands at $165,000, showing an increase from the previous year’s average of $155,000. The average price per square foot is $114, and properties tend to spend an average of 44 days on the market before being sold.

Being in a new brokerage in Ohio, Brendon shares his plans to stand out in the competitive market. Currently affiliated with Keller Williams Citywide, his office is temporarily located in West Lake, Ohio until certain objectives are achieved. Although he is unable to launch the way you envision yet, he is essentially Keller Williams Citywide out of the Westlake office. Once they gain more momentum, they believe they will be able to accomplish remarkable things.

Regarding his long-term goals for the brokerage and himself, Brendon expresses enthusiasm about the multitude of opportunities within real estate that Keller Williams provides. He is eager to explore various avenues and expand his involvement in different aspects of the industry. Surrounding himself with motivated individuals who inspire personal growth and improvement is a driving factor for him.

When representing the seller, there are several factors he considers when evaluating offers on a property and determining their favorability. The purchase price holds significant importance, along with considerations such as financing contingency. Assessing whether the buyer intends to make a cash purchase or use conventional or FHA loans is crucial, as each option carries different advantages and affects the closing timeframe. Additionally, it’s important to examine the reputation and locality of the lender, particularly when financing is involved. Inspections are another aspect to consider, including the timeframe for completion if required. With numerous variables to account for, Brendon shares that it is essential for sellers to consult with their realtor, listen to their advice, and choose the path of least resistance.

Maintaining proper record-keeping is crucial for homeowners, and there are specific documents and transactions that should be documented. According to Brendon, keeping track of general repairs, maintenance tasks, and upgrades performed on the home is essential. These records can prove beneficial when refinancing the property and needing an appraisal. By providing the appraiser with documentation of the upgrades, homeowners can ensure that these improvements are considered in the appraisal process.

To minimize tax liability when selling a property, there are practical steps homeowners can take. Brendon suggests occupying the home for at least two years, as this can help avoid capital gains tax. By meeting this requirement, homeowners can potentially save on their tax obligations when selling their property. Proper documentation and record-keeping can also assist homeowners in leveraging improvement costs to increase the property’s tax basis. Brendon explains that having evidence of constant improvements can be valuable in the purchase of a home. By maintaining detailed records of improvement costs, homeowners can potentially use this information to enhance the property’s tax basis, which may have positive implications for their financial situation.

In preserving the home’s condition and value, certain maintenance tasks hold more significance. Brendon emphasizes the importance of regular HVAC maintenance, cleaning gutters, ensuring the exterior of the house looks well-maintained, and keeping the basement dry. When you consistently attend to these tasks, homeowners can contribute to the overall preservation of their home’s condition and value over time.

Kevin then asked Brendon the difference between foreclosures and forbearance. Brendon explains that foreclosure is a process that occurs when a borrower fails to make mortgage payments for several months. He clarifies that in such cases, the bank typically posts a notice on the property, informing the borrower that if payments are not made, the property will be sold through an auction. This is the general procedure followed in foreclosure situations. On the other hand, forbearance is an agreement between the lender and the borrower, designed to assist those facing financial distress or the need to temporarily suspend mortgage payments. Brendon explains that forbearance became especially common during the COVID-19 lockdown, as it provided relief to borrowers who were experiencing financial difficulties.

The conversation wraps up with Brendon sharing the approach he would take if he were to buy his home for the first time with the knowledge and resources that he has now, Brendon emphasizes the importance of finding a reputable realtor. Having a knowledgeable and trustworthy realtor by your side can provide guidance and support throughout the homebuying process. Relying on their expertise and trusting their advice can greatly assist in navigating the path to homeownership.

Check out Brendon Clarke:

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