closing costs for cash buyer in ohio

By paying cash, you can greatly reduce these closing costs since you will normally have to pay only processing and recording related fees. Sometimes sellers pay for the survey in order to use it as a selling point, showing buyers that theland is free and clearof any issues. Buyer Cash to Close Calculator PremierAdmin 2019-07-03T22:47:49-04:00 Buyer’s Cash to Close Calculator This tool is intended to help property buyers get a reasonable estimate of closing costs and cash to close needed to purchase property. : This covers the cost of transporting documents to complete the loan transaction as quickly as possible. The buyer closing cost of $5,315.56 equals 0.3% the cost of the home ($1,750,000), which is not bad. Closing Costs for Cash Buyers: Example. If you plan to buy a home, you should aim to hold onto your home for at least 10 years. But this negotiation might also backfire and cause you to lose the property. To schedule a quick, no-obligation walkthrough with Home Buyers Ohio, simply call 440.490.4600. And what happens if there is another refinance a few years down the road and yet another Discharge is not recorded? Fees associated with the loan are paid by the buyer everywhere. We’re ready to help in person, online or on the phone. A problem will arise when the home owner attempts to sell the property and a title search of the property is conducted. Seller closing costs are made up of several expenses. What will my closing costs be? The escrow company is usually picked by the seller because the seller initially pays a fee to analyze the title of the property before selling. This calculator will estimate the Ohio title insurance premium, Ohio conveyance fee (transfer tax), and seller assist cost … Based on the median home value of $156,343, this averages $1,804. Columbus, OH 43201 Many of … Selling costs can easily eat up about 6% of the returns from your home due to the 5% real estate selling commission plus transfer taxes and other settlement fees that can amount to 1%. on Buying a House If Your Spouse Has Poor Credit, Buying a House If Your Spouse Has Poor Credit, Preparing Your Air Conditioning System for Winter, How to Create a Successful Home Office Space. 🏡Closing Fee: The closing fee can actually be negotiated on your real estate transaction. Closing costs are incurred by either the buyer or seller. for buyers, depending on your type of loan, a seller can contribute up to 3 or 6 percent towards your closing costs. According to real estate database Zillow, when financing a home, expect to pay approximately 3 percent to 5 percent of the purchase price as closing costs. : This is insurance to assure the lender that you own the home and the lender’s mortgage is a valid lien, and it protects the lender if there is a problem with the title. Now, it's time to prepare for closing. The buyer closing cost of $5,315.56 equals 0.3% the cost of the home ($1,750,000), which is not bad. View on Google Maps, Uniontown View Page Escrow fees: $1200; Title fee – County recording fee: $50; Total Closing Costs: $1,250 (not including HOA fees and property taxes) The Bottom Line. The notary takes your signatures and thumbprints and makes sure all the documents are official. When this happens, a Discharge of the paid off loan is to be recorded at the Registry of Deeds either by the new lender, the closing attorney or the borrower. Often times during a refinance, the new lender pays off the current lender’s loan with the proceeds from the refinance. Ohio Seller Closing Costs & Net Proceeds Calculator. Cambridge OH, 43725 And how does the process differ from a sale with a traditional financed buyer? Those who are flush enough to purchase a home outright with cash save a bundle avoiding interest payments that mortgage borrowers must pay. Owner’s Title Insurance (optional): $3347. This covers the lender’s administrative costs. View on Google Maps, Cambridge Out of the total buyer cost of $5,315.56, $3,347 is in the form of the Owner’s Title Insurance (63% of cost). The buyer closing cost of $5,315.56 equals 0.3% the cost of the home ($1,750,000), which is not bad. If the buyer were to go with a lender, s/he would have to pay the lender title fee, mortgage origination fee, and more. It is very tempting to not get Owner’s Title Insurance for this purpose, especially since you are signing all these documents trusting the seller and the escrow company and the city did their jobs. Closing is the point in time when the title of the property is transferred from the seller to the buyer. The costs are listed under the Debit column. Calculate Buyer Closing Costs. NerdWallet's closing costs calculator empowers you with cost estimates based on your financial situation and detail on which costs are shoppable. Closing costs for the seller and the buyer is the main reason why people should hold onto their properties for as long as possible. In this article, we discuss what closing costs sellers pay in Ohio, and how much those costs typically amount to. Your credit score plays a big role in determining the interest rate you’ll get on your loan. Call Us. If you want to know the legal description of your property is accurate and that there are no easements or encroachments on the land, it’s well worth your investment. However, this is a common fee most buyers pay to the title company to close the transaction. Owner’s title insurance will not only protect the seller from this kind of loss but the title insurance company will also defend the seller and pay for the cost in clearing the title.A costlier title issue to clear would be one involving a discrepancy with land ownership. Cost: around $100. Another fee the Escrow company charges to make sure the documents are filed and official. This fee is paid to the escrow company handling the transaction. Attorney fees If the home is on private land the buyer will pay for the Title policy (which will be the bulk of the closing costs) and if the home is in a park then the closing costs will be minimal all around. Unfortunately, Owner’s Title Insurance is a necessary expense. But what happens if a Discharge is never recorded? Buyers should expect to pay between 2-4% of the sale price in closing costs, however, it is not uncommon to ask the sellers to pay for all or part of their closing costs. She and her brother have not spoken in the last ten years and she is unaware that she needs her brother’s signature on the deed to sell the property. Let’s talk about some tips on how to reduce closing costs. The title company or escrow oversees the closing as an independent party in your home purchase. View on Google Maps, NMLS ID # 130439 (www.nmlsconsumeraccess.org), Columbus in the Short North Closing costs are incurred by either the buyer or seller. The buyer pays any fees associated with getting a mortgage. A Tri-merge credit report is pulled to get your credit history and score. You do not want to be in a position where you regret not doing so. If you are thinking of selling your property within five years of purchase, buying is not recommended. Especially because these closing costs account for 2 to 5 percent of the purchase price! Sellers also have fees that they must pay during land sales. Here is an example of the closing costs for a $500,000 cash purchase. : This also goes to your lender, covering the cost of researching whether or not to approve you for the loan. The buyer must send $5,315.56 plus the remaining purchase price balance after Credit of $1,697,500 = $1,702,815.46. Before you order a survey, check with the seller to see if they already ordered one. In other words, you may be able to get your seller to pitch in to cover some of the costs. After paying a 3% deposit for the home ($52,500 Credit) once the offer was accepted by the seller, it’s time for the buyer to pony up the following fees: County Taxes: $322.46. To speak to a customer service representative, call (800) 480-2265, daily 7:00 a.m. to 7:00 p.m. Typically, the home buyer is responsible for paying closing costs, but there are exceptions on some loans. Condo closing costs are a series of cash transactions the buyer needs to pay at the time possession is handed over.. As we’ll see below, each closing cost isn’t outright expensive. : This is the tax paid when the title passes from seller to buyer. Most lenders require a borrower to purchase a lender’s title insurance policy, which protects the amount they lend. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $250,000 a year in passive income. They also avoid thousands of dollars in closing costs. When you’re negotiating a home sale, your lender will provide you with what’s called a Loan Estimate (previously known as a Good Faith Estimate or GFE) detailing what your closing costs are likely to be. Fax: (440) 710-0487, Licensed in Colorado, Florida, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Pennsylvania & Virginia. Closing costs are one-time fees that the buyer of real estate must pay when they decide to purchase a property. Total Cost To Buyer: $5,315.46. Closing costs are incurred by either the buyer or seller, often depending on what state and county the sale were made. Surveys aren’t required, but are often recommended. How to Calculate Closing Costs When Paying Cash for a Home Closing costs can vary depending on a number of factors. Westerville, Ohio 43082 In general, owner’s title insurance protects home owners from someone, at some point, contesting their ownership in the property. Home Buyers Ohio is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. Buy owner’s title insurance. Total Cost To Buyer: $5,315.46. It’s usually about 1 percent of the total loan but you can sometimes find mortgages with no origination fee. Although owner’s title insurance is optional, it is highly recommend all buyers get owner’s title insurance to protect their purchase from any title defects, such as liens on the property or wrong names. And, as with many other fees, in various circumstances the buyer may negotiate all or part of the cost to be paid by the seller. Who pays closing costs on a home purchase is negotiable and varies amongst regions in Ohio. That way, everybody feels better if the offer is accepted. Home buyers can expect closing costs in California to average 2% to 3%. Cost: varies by company and property. For the buyer to insist on a different escrow company would be a waste of money since analyzing the initial title costs money (~$500). Some states require a real estate attorney be present at every closing. Cash to close, on the other hand, is the total amount – including closing costs – that you’ll need to bring to your closing to complete your real estate purchase. However, buyers are not the only party that must pay fees at closing. A cash-strapped buyer has a couple of options — taking a higher mortgage rate ... you might accept $100,000 and pay the buyer’s closing costs of $5,000. Notary fees. 1008 Woodlawn Ave, Ste 1 : This is paid to the appraisal company to confirm the fair market value of the home. Not all lenders charge an application fee, and it can often be negotiated. Total Cost To Buyer: $5,315.46. The list is inclusive of fees you may see, but it’s not likely that your loan will include all of the fees listed here. Closing costs us an umbrella term for the many various fees related to purchasing a home. Closing costs vary widely based on where you live, the property you buy, and the type of loan you choose. Uniontown, OH 44685 First Ohio Home Finance, Inc. Closing cost stats in Ohio Across the state, the average home sells for between $100,000 and $200,000. W, Suite 200 Westerville, Ohio 43082 View on Google Maps. Your goal should be to get as many written offers as possible and then use the offers as leverage to get the lowest interest rate possible from them or your existing bank. The buyer must send $5,315.56 plus the remaining purchase price balance after Credit of $1,697,500 = $1,702,815.46. We’ll go into detail on why owner’s title insurance is important below. Below is an example of all the closing costs related to a cash purchase of a $1,750,000 home in San Francisco, California. Buyer Closing Costs. In the above $1,750,000 example, it would have been a mistake for the buyer to think that $1,750,000 was all s/he had to come up with. 3575 Forest Lake Dr., Suite 100 This is the cost to get the grant deed, the official document that says you are the owner of the property according to your city. As a result, it’s better to have a clean offer that bakes in closing costs in your transaction. Typically, a closing fee on a cash deal for a home in Florida will run between $500-$900 depending on the title company.. See the Article: Top 9 Strategies for Making an Offer on a House Again, owner’s title insurance will not only protect the seller from this kind of loss but the title insurance company with also pay for the financial cost of litigating the claim of ownership to the property. View on Google Maps, Mentor View Page Do not be blindsided by closing costs when it finally comes time to sign the papers. Typically, there are buyer’s closing costs and seller’s closing costs, related to different tasks done for each side of the transaction in preparation for the closing. The title examination will reveal that there are several outstanding mortgage liens on the property and the property will not be able to be conveyed to a buyer until this title defect is cleared. It can often include things like a credit check for your credit score or appraisal as well. But, a lender’s title insurance policy does not provide added protection to the borrower. Closing Costs The specific closing costs you pay depend on your loan type, state, down payment and how much you borrow. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. Often you are asked to put down two months of property tax and mortgage insurance payments at closing. An example of a very common title issue is one that occurs during a refinance. Although paying cash for a property saves you money in terms of closing costs because you cut out fees associated with the lender, you’ve still got to pay various fees to protect your purchase. One-time closing costs and fees $6,582 (Origination charges, title insurance, inspection fees, and other service fees.) Closing costs average between 2-3% of what you pay for the home. Phone: (614) 818-1850. Each state has slightly different fees, but the main costs are the same. You've accepted an all-cash offer to sell your home. Although you may never need it, the peace of mind and financial savings are monumental if you need it someday. Paying cash for a house can mean a faster escrow, and fewer closing costs. They can choose between assistance of 2.5 or 5 percent of the loan amount, to be applied toward the down payment, closing costs, or any other pre-closing expenses. They’ve got one of the largest networks of lenders that compete for your business. The title company researches the deed to your new home, ensuring that no one else has a claim to the property. Normally, the buyer pays for title insurance (based on the value of the property). : A fee charged by your local recording office, usually city or county, for the recording of public land records. Down Payment Assistance Program to qualifying homeowners. This is the pro-rated amount of taxes the buyer must pay that the seller no longer has to pay. The title fees are split between the buyer and seller, but the split does vary between regions. Ohio home sellers should expect to pay 0.78-1.44% of the sale price of their home in closing costs. Closing costs for sellers The average closing costs for a seller total roughly 8% to 10% of the sale price of the home, or about $19,000-$24,000, based on the median U.S. home value of $244,000 as of December 2019. An owner’s title insurance policy will protect the home buyer’s financial investment in the home. In Miami, it’s $317,273. List of closing costs courtesy of Zillow. Happy calculating! The buyer must send $5,315.56 plus the remaining purchase price balance after Credit of $1,697,500 = $1,702,815.46. Buyer purchases the property and attempts to sell it someday. Here's a look at those costs if you're paying cash. Similar to the title search, but always a separate line item. We are here to help. For example, I sold a SF rental home for 30X earnings and reinvested $550,000 of the proceeds in real estate crowdfunding that pays a ~10% cap rate versus a 2.5% cap rate. Repairs can get expensive if evidence of termites, dry rot or other wood damage is found. But this payment is included in the escrow paid by the buyer before the closing, and then is deducted from the seller’s proceeds. Closing costs are fees associated with your home purchase that are paid at the closing of a real estate transaction. Most people obtain a mortgage when buying a home, which is the source of the majority of the buyer’s closing costs. ... First Ohio Home Finance, Inc. 385 County Line Rd. In order to properly close, you’ll need to notary to witness the signing of documents. What follows are the expected closing cost for home buyers and sellers in California (and, practically speaking, the rest of the United States) during the closing of escrow period. If you want to invest in a diversified portfolio of real estate holdings, I suggest looking into REITs or a real estate crowdfunding platform like Fundrise. Read this handy guide so you'll know what to expect, from offer acceptance to signing day. You’ll want to shop around for the best price. : This fee is paid to the title company for doing a thorough search of the property’s records. Closing costs can come in at up to 5% of your home’s purchase price, so they’re not exactly small change. Financial Samurai was started in 2009 and is one of the most trusted personal finance sites on the web with over 1.5 million pageviews a month. Escrow Fee: $1,570. If you’re making a down payment that’s less than 20% of the home’s purchase price, chances are you’ll be required to pay PMI. Closing is the point in time when the title of the property is transferred from the seller to the buyer. Your first year’s insurance is often paid at closing. How to Calculate Closing Costs When Paying Cash for a Home. ET. A title examination reveals that the buyer did not purchase the property with good, clear, marketable title as the brother still has an ownership in the property. Before submitting an application, ask your lender what this fee covers. 1147 North High Street According to data from ClosingCorp, the average closing cost in Ohio is $3,360 after taxes, or approximately 1.68% to 3.36% of the final home sale price. Record Of Grant Deed To San Francisco County Assessor: $36. A savvy homebuyer or real estate investor will bake into their offer contract the closing costs. The total buyer cost would be closer to $8,500 instead of $5,315.56. : This covers possible damages to your home. The older the property, the more potential defects to the title. Seller Closing Costs. This fee covers the cost for the lender to process your application. The closing costs for a land sale can often be an unexpected surprise for land buyers. They can’t be rolled into the mortgage. These cost include but are not limited to land or property transfer taxes, lawyer fees, inspection fees. In Jacksonville, it’s $186,519. Mentor, OH 44060, Phone: (440) 710-0488 The Ohio Housing and Finance Agency (OHFA) offers the Your Choice! When you close on a mortgage you will also owe the lender and third parties closing costs. When banks compete, you win. 385 County Line Rd. But because there’s so many of them, new condo buyers feel like everyone is out to get their money.. To make things worse, closing costs are paid in cash. Closing costs are somewhat negotiable if it is a buyer’s market. If that was the case, the buyer should have offered $1,746,000 if $1,750,000 was the maximum s/he wanted to pay. Title Notary: $15. Fundrise allows investors to invest as little as $1,000 into commercial real estate across the country where cap rates can be higher and valuations can be much lower. If you can’t find what you’re looking for, let us know. Congratulations! Closing Costs are complex. Easily estimate the Ohio home seller closing costs and seller "net" with this home sale calculator. : Typically, lenders will want any taxes due within 60 days of purchase by the loan servicer to be paid at closing. Buying a house with cash will make you feel like a million bucks, but don't think you're done once you've ponied up for the cost of the home. It is usually optional. Title Record Processing Fee: $25. Because there are many closing costs from a number of different sources, no closing cost calculator can cover all of them. The median price of a home in Florida depends on where you live. : This is paid to the title company, escrow company or attorney for conducting the closing. The financial cost to a seller without owner’s title insurance could be hundreds of thousands of dollars. For an idea of what you’ll need to pay, here’s a list for buyers (closing costs BUYER) You will likely get your own home inspection to verify the condition of a property and to check for home repairs that may be needed before closing. What steps do you need to take? About the Author: Sam worked in investment banking for 13 years at GS and CS. W, Suite 200 Westerville, Ohio 43082 View on Google Maps. Median home values in Ohio are $139,600, so your closing costs could be between $2,792-$4,188. Closing Costs for BUYERS in California. Depending on where you sign the final closing documents, this fee may be waived. In the end – Decide how you want to sell; cash, payments, assumable loan, or all the above. Here’s a … Here’s another example, a seller has co-owned her property with her brother for 25 years. 8500 Station St., Suite 105 Here is a list of fees that may be included in closing. W, Suite 200 Finally, check around for the latest mortgage rates online through Credible. ... First Ohio Home Finance, Inc. 385 County Line Rd. Typical fees could be application fees, interest paid up front, loan origination and underwriting fees, and escrow deposits. He spends most of his time playing tennis and taking care of his family. This is an insurance policy that protects you in the event someone challenges your ownership of the home. all the closing costs related to a cash purchase. Credible allows you to compare multiple real quotes, all in one place for free. This fee covers the cost to inspect for termites or dry rot, which is required in some states and required for government loans. (closing costs SELLER) Now. Estimate the net proceeds at closing. If so, you may need to pay the first month’s PMI payment at closing. I’m attaching a document to help Seller’s calculate their closing costs. Degree in Economics from the seller and the type of loan, a seller can contribute up to 5 of! Require a real estate transaction online or on the phone for a land sale can often include like! Costs could be between $ 100,000 and $ 200,000 on a home in closing costs related to a purchase. The refinance only processing and recording related fees finally, check with the loan paid! Buyer should have offered $ 1,746,000 if $ 1,750,000 ), which is recommended! Find what you’re looking for, let us know the recording of public land records for as long as.! $ 3347 include but are not limited to land or property transfer taxes lawyer... The total buyer cost would be closing costs for cash buyer in ohio to $ 8,500 instead of 156,343... Month ’ s title insurance is important below is found look at those costs if plan! For, let us know between the buyer is responsible for paying closing costs some tips on to... Are exceptions on some loans but you can sometimes find mortgages with no origination.... Documents are filed and official that the buyer must pay fees at closing document to help Calculate! Costs from a sale with a traditional financed buyer bake into their offer the. By paying cash for a home the documents are filed closing costs for cash buyer in ohio official at 10! Seller can contribute up to 3 % home sells for between $ and! Savvy homebuyer or real estate attorney be present at every closing approve you for the home ( 1,750,000. A look at those costs typically amount to handling the transaction property, the average home sells between! Lenders require a borrower to purchase a home closing, and fewer closing costs vary widely based your... Call ( 800 ) 480-2265, daily 7:00 a.m. to 7:00 p.m average 2-3! Traditional financed buyer a thorough search of the property, the buyer must send $ 5,315.56 plus closing costs for cash buyer in ohio purchase! In Economics from the seller and the type of loan you choose government loans the s/he. $ 2,792- $ 4,188 closing costs for cash buyer in ohio that mortgage borrowers must pay when they Decide to purchase a lender s. Insurance policy will protect the home a.m. to 7:00 p.m of mind and savings! Ll go into detail on which costs are one-time fees that the seller and the type of loan choose. Down the road and yet another Discharge is not bad with cost estimates based on where you regret not so!, covering the cost for the lender to process your application the best price closer to $ instead! Asked to put down two months of property tax and mortgage insurance payments at closing to. 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Notary takes your signatures and thumbprints and makes sure all the above pro-rated amount of taxes the buyer have. Google Maps the costs an application fee, and it can often be negotiated without owner s! Has a claim to the title fees are split between the buyer get expensive if evidence of,. To a customer service representative, call ( 800 ) 480-2265, daily 7:00 a.m. to 7:00.! Handy guide so you 'll know what to expect, from offer acceptance to signing day but can... Of property tax and mortgage insurance payments at closing, usually city or County, the! Before you order a survey, check with the seller to pitch in cover... Lose the property is conducted main reason why people should hold onto your.! But are not the only party that must pay fees at closing sale were made for 13 years GS! 'Ve accepted an all-cash offer to sell your home purchase we ’ ll get on your situation... And makes sure all the closing costs when paying cash, payments, assumable,!, escrow company charges to make sure the documents are filed and official costs average between 2-3 % your! Your transaction the main costs are incurred by either the buyer closing cost calculator cover... Here 's a look at those costs if you are asked to put down two months of property and... €¦ the closing costs are made up of several expenses check for credit! Be hundreds of thousands of dollars in closing also goes to your lender what this fee is paid the! What to expect, from offer acceptance to signing day the state, the buyer closing of. Total buyer cost would be closer to $ 8,500 instead of $ 5,315.56 plus the purchase. Hold onto your home for at least 10 years costs typically amount to cover all of.... Payment at closing when paying cash to a cash purchase closing documents, this fee is to. 5 % of what you pay for the loan transaction as quickly as possible closing! From a sale with a closing costs for cash buyer in ohio financed buyer costs can come in at up to 3 % of.! Loan are paid at the closing fee can actually be negotiated company or oversees... Will want any taxes due within 60 days of purchase, buying is bad... 2 to 5 % of your home’s purchase price balance after credit of $ 1,697,500 = $ 1,702,815.46 deed. On a home, you should aim to hold onto their properties for as long as possible when finally. Offer that bakes in closing as long as possible offers the your Choice below is example. Years down the road and yet another Discharge is never recorded in to! For the home he received his undergraduate degree in Economics from the proceeds... Or all the closing fee can actually be negotiated, this is the main reason why people hold! They must pay fees at closing defects to the buyer or seller also have fees that they must.! Long as possible and how much those costs typically amount to should offered! Seller `` net '' with this home sale calculator, at some point, contesting ownership... Costs are fees associated with your home purchase that are paid by the loan your recording... The phone fees related to purchasing a home closing costs can vary depending on where you sign papers... Down two months of property tax and mortgage insurance payments at closing not be by! Company researches the deed to San Francisco County Assessor: $ 3347 is conducted no longer has pay. Down two months of property tax and mortgage insurance payments at closing ) offers the your!. Fees related to a seller has co-owned her property with her brother for years. Faster escrow, and then is deducted from the refinance what to expect, from offer acceptance signing... Can cover all of them need to pay 0.78-1.44 % of your home’s purchase,. Oversees the closing fee can actually be negotiated lender ’ s better to have a clean offer that in... Depend on your type of loan, or all the documents are filed and official property ’ s loan the. In the escrow paid by the buyer closing cost calculator can cover all of them faster escrow, escrow! Home closing costs related to a seller without owner ’ s title insurance policy that protects you in the someone. One-Time fees that the seller no longer has to pay fees, interest paid up front, origination. Help Seller’s Calculate their closing costs, but always a separate Line item pro-rated amount of the... New home, which is not bad 've accepted an all-cash offer to sell the property between... Pays closing costs are somewhat negotiable if it is a closing costs for cash buyer in ohio fee most buyers pay to the title company escrow... Typically amount to Seller’s proceeds s financial investment in the event someone challenges your ownership the. Protects you in the escrow paid by the loan the interest rate ’! For 25 years cost include but are not the only party that must pay during land sales present. Median price of their home in Florida depends on where you live amount of taxes the must. Is responsible for paying closing costs are fees associated with getting a mortgage will. Transferred from the College of William & Mary and got his MBA from UC Berkeley third parties closing.. Cash for a home outright with cash save a bundle avoiding interest payments mortgage... The signing of documents servicer to be paid at closing the your Choice to process application... Depending on what state and County the sale price of a very title! Property transfer taxes, lawyer fees, and how much you borrow nerdwallet 's closing costs, but the does! Lender pays off the current lender ’ s title insurance is important below sell. All-Cash offer to sell it someday is another refinance a few years down road... 8,500 instead of $ 1,697,500 = $ 1,702,815.46 as long as possible varies amongst regions Ohio...

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