cleveland home buying tips: Cleveland Home Buying Tip: Procuring Cause - 08/22/10 09:00 PM
There is a legal concept called Procuring Cause that Cleveland Home Buyers would be wise to understand. A buyer's agent should spend some time with a buyer at the outset discussing many things, and one of the topics is procuring cause.
Yikes...come on man...Procuring Cause...what's that?
I just want to buy a home, can't you just show it to me?
The Ohio Association of REALTORS legal counsel has written several articles on procuring cause and agents also need to understand the implications and practical considerations of this important topic.
Here is a more practical example written by … (4 comments)
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cleveland home buying tips: Cleveland Home Buyer and Seller Tip: Pay Attention to the Seller's Residential Property Disclosure Form - 05/29/10 08:38 PM
Here is a tip that can help Cleveland Ohio home buyers and sellers: Pay attention to the seller's residential property disclosure form. This form is required for sellers of residential properties with 1-4 dwelling units that is by sale, land installment contract, exchange, lease with option to purchase, 99-year lease with renewable forever as described in ORC 5302.30.
Here are some common problems I see on a routine basis (not to be taken as an exclusive list):
Question(s) not answered Seller forgot to initial/date the bottom of pages 1-3 and/or sign/date page 4 Question answered yes, but no explanation … (0 comments)
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cleveland home buying tips: Cleveland Home Buyer Tip: Pay More Attention to the Mortgage Interest Rate NOT A Possible Decline in Property Values - 04/11/10 07:33 PM
I read a very informative post today by mortgage guru Jeff Belonger showing the relationship between interest rates and decline in property values. A general rule (unless any of you mortgage experts are going to override my REALTOR math) is: Any 1% rise in interest rates will completely offset any "potential" 10% decline in value. Let's take a $300,000 sales price example. 20% down, 5% interest = $1,288.37 in principal and interest. 20% down, 6% interest = $1,438.92 in principal and interest. Let's say the price drops 10% and the value is now $270,000. 20% down, 5% interest … (1 comments)
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cleveland home buying tips: Buyer Tip -- What Art and Drawing Has Taught Me About Buying A Home - 02/27/10 08:20 PM
I took a drawing course a long time ago where the instructor based her course on Betty Edwards book: Drawing on the Right Side of the Brain. I went from drawing stick figures that were totally awful to drawing things (boxes, flowers, faces, etc.) that looked at least like they somewhat resembled the object being drawn. Technique is one thing, talent is another. Each of us has our own unique talents in varying degrees.
The premise of this course was to allow the student to shift from drawing on memory (ie. what their brain thinks they see) versus what the … (4 comments)
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cleveland home buying tips: Buyer Tip -- Pay Attention To the Properties Adjoining - 10/04/09 08:47 PM
Here is a quick tip I provide to buyers I represent looking for homes in the Greater Cleveland and Akron Ohio marketplace:
Pay close attention to the adjoining properties.
After all, these properties and their occupants will be your new neighbors.
I encourage buyers to drive by the property they are interested in many times, get out and park, and walk or stroll around the neighborhood, talk to people, try to get the essence and feel of the neighborhood at different hours - early morning, mid-day, evening rush hour, evening and even at night.
It is amazing what one can sometimes find out:
… (7 comments)
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cleveland home buying tips: Buyer Education: Lenders almost NEVER meet the purchase agreement loan approval date - 07/19/09 11:15 PM
In the overwhelming majority of transactions I participate in, whether as the listing agent or buyer agent, lenders do NOT have full loan commitment by the date specified in the purchase agreement. Moreover, most lenders do not even pro-actively tell their clients or buyer's agent unless they are asked. It is as if this date doesn't even exist in the lender's mind or processes.
I'm not just talking about fly-by-night or lenders with less than stellar reputations, I see this routinely across the board.
I'm not saying that the majority of transactions do not close on time, in fact, they do. … (2 comments)
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cleveland home buying tips: Buyer Tip: Less Price Flexibility for a New on Market Home - 07/19/09 11:02 PM
Quite a few buyers today think that many or even all homes are being given away or sell for significantly reduced prices in today's July 2009 Greater Cleveland Ohio real estate market. This is simply not true. While there are plenty of foreclosures to choose from, some at rock bottom prices, and even some short sales can be had at very, very attractive prices (provided the buyer is willing to assume a lot of risk in time delays, changes to the agreement, etc.), the majority of properties are not being sold like you are walking into The Dollar Store.
Moreover, if … (0 comments)
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cleveland home buying tips: Buyer Tip: Ask if it's a short sale - 07/13/09 12:00 AM
Buyers should inform their buyer's agent if they will consider looking at properties that are short sales. They can be very complex to transact and a buyer should know if they are up to the task.
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cleveland home buying tips: Buyer Tip: Don't Rely on County Auditor Website for Property Value - 07/12/09 11:58 PM
I have seen many a buyer rely on a given county auditor's website for it's opinion of "market value". While county auditor's perform this for assessment purposes (in order to set an assessed value) to derive the tax a property owner must pay, it is not necessarily indicative of true market value, especially in these up/down trending environments.
… (1 comments)
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cleveland home buying tips: Buyer Tip -- See beyond the paint colors - 07/12/09 11:55 PM
Buyers can be distracted by paint colors, both good and bad. When good, it can evoke positive emotions, when bad, well...let's just say, it can sink a deal sometimes.
Buyers should realize, even when the majority of the home has paint colors that the buyer doesn't like, with a little sweat equity and/or if efficiency is desired, a contractor can remedy this for a relatively low cost.
Moreover, very dated paint can be a huge plus as the property may be discounted due to its being dated and tired.
See the "to be" not the "as is".
… (0 comments)
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cleveland home buying tips: Buyer Tip: Use Aerial Photography - 07/12/09 11:51 PM
Buyers can and should (provided they are Internet savvy these days) use aerial photography provided by the various mapping and searching engines in existence today. Bing.com has a "bird's eye view" that can take you all the way around the property pretty close up.
A buyer can find out many things about the neighborhood, surrounding properties and the like that may move an individual property up or down on their priority list.
… (2 comments)
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cleveland home buying tips: Buyer Tip: If the shoe doesn't fit - 07/12/09 10:47 PM
I was just having a conversation with an acquaintance who told me the history of her decision to purchase her first home 3 years ago in an inner suburb of Cleveland. As most of us know, first time home buyers can be squeamish, cold-footed, and sometimes,. just plain scared. Who blames them, though? It is a huge decision to make! Anyway, she looked at a number of homes, and was in a bit of a hurry as the condo she was renting was sold and she needed to move within 60 days. What she discovered, however, is that she was not … (0 comments)
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cleveland home buying tips: Home Buying Tip: Traffic noise woes… - 05/31/09 10:10 PM
I remember the first night my wife and I were in our brand new home 11 years ago with the windows open and the first thing she said after the lights went out was, “We paid $475,000 to listen to Route 7?” This was in Virginia, just outside Washington, DC. It was a real eye-opener, no pun intended. The sound of traffic was floating through our windows from about a half-mile away and it never occurred to us in all of our giddiness of building our home, that we might be able to hear it. Mind you, it was not a … (0 comments)
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cleveland home buying tips: Buyer Tip: Allied Resources Can Save or Sink a Sale - 05/24/09 11:28 PM
Allied Resources.
This term is about as generic as it gets, but can mean the difference between having a buyer who is ready to write an offer on a home, versus one that is always one step away.
It can mean the difference between a purchase agreement that should sail through smoothly through escrow to one that turns into an absolute nightmare.
Allied resources such as lenders, title/escrow companies, home inspectors, pest inspectors, radon inspectors, mold inspectors, structural inspectors, and the like are a critical element in the food chain to ensure that both a seller and buyer are well represented.
… (0 comments)
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cleveland home buying tips: Buyer Tip – Don’t waive the Pest Inspection - 05/17/09 10:04 PM
I see buyers regularly who say they want to waive the pest inspection in order to save the $120ish dollars in the inspection, thinking that a few bugs aren't a big deal and they can always worry about treating for bugs themselves after the fact. A few buyers have expressed a strong disdain for chemicals and their implications to health and wanted to waive the inspection on these grounds.
Both are bad ideas, and so is every other reason a buyer may state. There is no excuse for not obtaining a pest inspection. While many in the industry will say that new … (6 comments)
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cleveland home buying tips: Buyer Tip – Look at home ownership as a long-term stock, not a quarterly profit/loss perspective - 05/03/09 10:04 PM
There are many homeowners today who now realize that if one decides to purchase a home and re-sell it a short time later (5 years or less), then the previously knowledge that real estate always goes up and there is little risk, has had the door blown completely off that concept as of late.
Real estate has historically, been viewed as a long-term investment. In fact, most people didn't view it as an investment at all, but a place to call home, a place where a family is raised, or a lifestyle is supported for the major part of one's life.
… (4 comments)
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cleveland home buying tips: Buyer Tip: How long will you be in your new home? Lifestyle changes? - 05/03/09 10:01 PM
An important element when buying a home is to try and determine (okay...I know this is a 64K question) how long you plan to live in the home. While we live in a very mobile society today and sometimes move quite often, knowing how long you plan to be in your home as well as any life-style changes that may occur in the interim, can be an important consideration in the types, sizes and amenities you desire in a home.
If you plan to only be in a home for 3-5 years, you should look at how easy a given home … (0 comments)
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cleveland home buying tips: Buyer Tip - Noise – Planes, Trains and Automobiles – Not to mention incessantly barking dogs - 05/03/09 09:57 PM
So, you want to buy a home? Great. One critical aspect to consider that oftentimes gets overlooked is the noise factor.
Sure, every home, unless it's on 50 acres, is going to have external noise influences. Personally, I'm putting my earplugs on in my house if the Cleveland Cavaliers don't win the NBA championship this year!
One of most subtle surprises that can occur after a buyer moves in to their new home, and are excited after a busy first day of unpacking and having fun in their new home, is when they lay down at night in the bed and … (0 comments)
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cleveland home buying tips: Buyer Tip: How does the home and neighborhood make you feel? - 05/03/09 09:53 PM
When a consumer decides to become a home buyer and start searching and shopping for a home, it can be roller coaster ride, as the amount of decisions to make and the amount of information to decipher can be overwhelming.
What community do I want to live in?
What neighborhood do I want to live in?
What kind of home do I want? Size? Number of bedrooms? Bathrooms? Square footage? And a host of other attributes.
Then comes comparing homes to one another, which can become a challenge to determine which is the right home given that each parcel and home … (0 comments)
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cleveland home buying tips: Buyer Tip: Needs Versus Wants - 04/12/09 09:49 PM
When I purchased my first home when I was 24 years old, I was greener than green and beyond wet behind the ears (probably because I spent four years in the Navy floating out on the water :-)). I had absolutely no idea what I wanted or needed. I had no ideal what really was important to consider when purchasing a home. I was buying in a very strong sellers market in the Washington, D.C. marketplace and knew (from my agent telling me) if I didn't act fast, I probably would not be able to afford a home in the near … (11 comments)
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