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Good news, foreclosures in central Ohio fell drastically in 2013. In the eight county central Ohio region (Franklin, Delaware, Licking, Union, Fairfield, Pickaway, Madison and Knox counties) foreclosures are nearly 15% less than the previous year. Statewide foreclosures dropped 12 percent to the lowest level since 2006.
Columbus Dispatch Newspaper: http://www.dispatch.com/content/stories/business/2014/01/16/foreclosures-fall.html
Low foreclosure rates is great news. But, overall inventory levels are now really low. It looks like the upcoming Spring and Summer season will be a real estate market that will favor Sellers and not Buyers.
HomeBuyer Advocate Mike
The other day I was attending a home inspection with one of my Buyer clients. The Home Inspector discovered some bugs that he thought were bed bugs. My Buyers asked me a good question, “Do Seller’s have to disclose bed bugs to potential homebuyers?”
Bed bugs are becoming a major problem everywhere in the United States. But, the bed bug problem is huge in the state of Ohio. CBS Evening News recently had a story of the “Top 15 Worst Cities For Bed Bugs!” The State of Ohio has 4 cities in the top 15. Eeek Gads!!!
The answer to this question above might not be as straight forward as you think.
In a residential real estate transaction most states do require a property disclosure form. But, many states, including Ohio, do not specifically address bed bugs in their disclosure form. In my opinion, the state of Ohio residential property disclosure form is inadequate and needs to be greatly improved.
In the State of Ohio we have a four page Residential Property Disclosure (RPD) Form. A Seller is required to disclose any material problems or defects on their property that has occurred over the past five years.
The definition of a “material defect” is any problem with a home that would affect a Buyer’s decision to purchase the home or affect the value of the property.
The State of Ohio RPD has 14 sections (A-N) that address such items as; structural, roof, water intrusion, mechanical, wood-boring insects, etc. But, there is no specific section for disclosing bed bugs. So, if there is no section in RPD do Sellers have to disclose?
I am not an attorney!!! But, if you are a Seller struggling with what to disclose then I would use common sense and follow these 2 steps:
- The best approach for any Seller is “when in doubt always disclose”. Many Sellers do the exact opposite and disclose nothing. Sellers don’t want to jeopardize selling their home. This is a huge, risky gamble for any Seller.
- Ask yourself, “would a reasonable person think the problem would affect the value?”. If the honest answer is yes, then disclose.
You would think it would be a “no brainer” on how to answer the question, “Do Seller’s have to disclose Bed Bugs?”.
Yes, Yes, Yes…..you should disclose to potential Buyers any TYPE of pest, insect or rodent infestation in your home.
This is not just limited to termites, carpenter ants, bed bugs. But, also squirrels, rats, bats, etc.
Any reasonable person would think that a bed bug infestation in their home would affect the value of the property.
So, in the State of Ohio, even though we don’t have a specific section in the RPD to disclose bed bugs, you would need to disclose under section N (Other Known Material Defects)
Real estate disclosure procedures vary greatly from state to state. If you have specific questions then you should contact an attorney, licensed real estate agent or your states division/department of real estate.
I really need to finish this post. Bed bugs are so creepy that my mind is playing tricks on me. As I’m writing this blog post, I’m itching everywhere. I hope this is not happening to you. LOL!
If you want a little giggle, then hover your cursor over the bed bug pics above.
Good luck out there! I hope this information is helpful.
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
The Commerce Department reports that new home sales in June rebounded 24% from the previous month. You would think this would be good news, but this is very misleading data. March and April homes sales exploded because of the tax credit rush. May was an all time “stinker” month. So, it is not too hard to have a big increase over a previous terrible month. Plus, the June sales pace is the 2nd slowest ever on record since Commerce Department began tracking the data in 1963. Also on Monday, The National Association of Realtors reports that existing home sales fell 5.1% in June.
So what does all this mean? On the same day, we get conflicting data on the real estate market. Home buyers and sellers are frustrated. They don’t know what to think.
So is the real estate market improving? Who knows the answer?
How about Bernanke, Buffett, Geithner or Greenspan….do they know the answer?
The answer is……nobody knows, not even the so called “experts”.
In my opinion, I think we’ve definitely hit the bottom months ago and the market has been slowly improving. But my opinion or “guess” is no better than any other market expert.
But, the 2 things that I definitely know about the Columbus Ohio real market are:
- The real estate market is extremely turbulant and volatile. This is not always a bad thing for home buyers.
- We are still in a Buyer’s market.
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
The guaranteed best representation possible for a home buyer is to hire their own personal Exclusive Buyer’s Agent (EBA).
Exclusive Buyer agent representation for home buyers has recently (Jan. 2010) been endorsed in the new consumer publication from the Department of Housing and Urban Development (HUD); “Shopping for your Home Loan: HUD’s Settlement Cost Booklet“. This is HUD’s first major revision in 10 years and advises home buyers to hire a real estate agent that will only represent their best interests. Page 6 of HUD’s Settlement Cost Booklet states, “If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent’, who will be working for you.”
You would think this would be great news for home buyers & exclusive buyer’s agents. But, now the problem is that many real estate agents are calling themselves an “Exclusive Buyer Agent”, when they really aren’t EBA’s. Real estate agents are just making up their own “titles” or “specialities” just so they can generate more business. But, they are NOT EBA’s or a true Buyer Broker
Quite simply, The only definition of an Exclusive Buyer Agent is an agent that never list property for sale and the company they work for does not list properties or provide any representation for Sellers.
If you are potential home buyer that is interviewing possible Exclusive Buyer Agents then just ask this simple question:
“Do you or any other agents in your office list or sell properties at anytime?” If they answer yes, then the agent is not a true EBA.
Here is what leading national magazines and newspapers say about “true” Buyer Brokers:
“Agents: How to hire one for your side.” Most agents who show you homes don’t represent your interests. They work for the seller, and their object is to sell the house at the highest price.”
“Many people don’t realize that, unless specifically stated otherwise, brokers are legal representatives of Sellers. A buyer’s broker representing only the buyer, may be able to secure a better price and better terms.”
“Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the homes you want and then negotiating the lowest possible price. the best buyer brokers are so-called exclusive agents – that is, they represent only buyers, never sellers…”
“Exclusive agencies are best. They remove any conflict of interest, which is the main reason for considering a Buyer Broker in the first place.”
“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered… To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense”
“Groups such as Consumer Federation of America and AARP recommend using Buyer’s Agents. The reason is they work.”
“Buyer Brokers: agents that buyers can call their own.” “If you real estate agent isn’t a Buyer Broker, he works for the Seller.” Buyers no longer have to fend for themselves.”
“A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its Brokers as a Buyer’s agents. That’s 
why many people believe, “Exclusive Buyer Broker” is preferrable. Exclusive Buyer Broker aims to get the best deal for home buyer.”
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Many home buyers and sellers in central Ohio were hoping for a third extension to the popular home buyer tax credit program. According to the Ohio Association of Realtors (OAR) and National Association of Realtors (NAR), this appears very unlikely to happen.
Vicki Cox Golder, NAR President states “NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.”
So, time is running out, we are down to the last few weeks for home buyers to claim the $8,000 first time home buyer tax credit or the $6,500 move up buyer tax credit. You must have a found a home and have a binding sales contract by April 30th, 2010.
Review these links for more information on Tax Credit Programs:
Tax Credit For First Time Home Buyers!
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
My Buyer Broker Advocate! 
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