You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
Often times when a buyer enters into an agreement to purchase real estate a mortgage needs to be obtained by that buyer in order to purchase the subject property. It's a typical part of the mortgage approval process for an appraisal to be conducted prior to finalizing a sale so that the lender can be assured that the subject property meets the value required by the terms of the mortgage. In a competitive real estate market buyers may agree to a price that does not match what an independent appraiser deems to be a Fair Market Value. If the Fair Market Value of the subject property is determined to be less than the agreed upon purchase price this is what's commonly called a Short Appraisal.
If a Short Appraisal issue arises during the course of your transaction a lot of different things could occur (not all of them good). If you're buying real estate in a competitive market you'll want to consult your agent and determine what course is best for you given the circumstances.
Did you know that it's possible to keep cash in your own pocket by financing your land purchase as well as the building of a new home? There are conventional loan products available in today's real estate market that will allow buyers to purchase both their land and then build their new home - keeping your down payment low and more money in your pocket! Like anything else there are some details to be sure to cover but this is a fantastic option for home buyers in a low-inventory market. One such lender, Home Savings Bank, offers a loan product that only requires one closing for the land and the new home.
As monitored video security systems have become more affordable, more and more home owners have taken advantage and purchased these high-tech surveillance systems in an attempt to monitor their homes. What many home owners don't know is that if you're recording conversations without the consent of one of the parties being recorded then you could be breaking Ohio law.
Audio recordings have stricter requirements. Under Ohio law, in order to make a legal audio recording, at least one person being recorded must consent to being recorded. For a seller to use surveillance equipment to audio record conversations during a showing of their property, one of the individuals at the showing would have to consent to the recording. For a typical showing this would be either the buyer or the buyer's agent. For the seller, merely knowing about the audio recording would not be sufficient since the seller isn't typically present during showings, and therefore would is not party to the recorded conversation. Violations of the above provisions are considered a 4th degree felony under Ohio law.
Be very careful when using your surveillance equipment during the course of any real estate showings and consult your Realtor for guidance.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.