Cleveland and Columbus Ohio Are Ranked In The Top 12 Coolest Downtown Cities!

Cleveland and Columbus Ohio ranked in the top 12 Coolest Cities! There is plenty to do and see in both Cleveland and Columbus! read more...www.realestateresource.tv

Lake County Ohio Septic System Inspection Requirements!

The evaluation of a home sewage disposal system Is not required by law in Lake County when a home is sold, but is performed on a request basis. The requestor can hire private firms that are acceptable to the mortgage lender to make such evaluations.
In order for the Lake County General Health District to perform an Inspection, the property needs to adhere to the...http://www.realestateresource.tv

CEO purchases Chicago's Trump Tower penthouse for $17M

Sanjay Shah, founder and CEO of Vistex, Inc., makes history with his purchase of the Trump International Hotel & Tower penthouse on Monday, December 8, 2014 in Chicago.
At the moment, the penthouse is...http://www.realestateresource.tv

Hackers Perpetrate Wire Transfer Fraud In Real Estate Transactions!

Hackers are using the internet to transfer funds into their accounts from Lenders who are providing funds for home sales. The scan works like this. Wire transfer instructions are emailed to the buyer. The buyer complies with the instructions to the letter. The next day, escrow contacts the buyer asking if the money has been sent yet. The buyer checks with his bank and is assured that the funds have been transferred out. When the money has still not shown up, everyone begins to retrace steps. As it turns out...http://www.realestateresource.tv

Fannie Mae and Freddie Mac Announce 97% L.T.V!

 Fannie Mae and Freddie Mac announced today that they will be rolling out the 97% L.T.V again!  That means the buyer only needs 3% for their down payment.  As you all know, Fannie Mae does allow for 100% gift for buyers, this new announcement is monumental! 
http://thezingalesteam.ohiohomeservices.net/listings/areas/12725/Community/Concord+Township/propertytype/SINGLE,CONDO,MULTI,LAND,FARM,MOBILE,INCOME,COM,RENTAL/listingtype/Foreclosure+Bank+Owned/sort/price+desc/

John Palmer's Bistro 44 in Quail Hollow sold to restaurateuring couple!

CONCORD OHIO IN QUAIL HOLLOW!  After nearly 15 years running a restaurant, Michelle and John DeJoy decided to sell John Palmer's Bistro 44. Thing was, they didn't want to see their Concord destination close.
Meanwhile, friends and fellow restaurateurs Alison and Sean St. Clair had been waiting for the opportunity to run their own spot.
Sean St. Clair, a Johnson & Wales University graduate, was working as chef de cuisine for Red the Steakhouse in Beachwood. Alison, his wife and a John Carroll University graduate, served as beverage manager for both Red and its sister business, Moxie, next door.
"An opportunity like this has been a dream of ours forever...http://www.realestateresource.tv

Can I Write A Purchase Contract For Parties Involved In A FSBO Transaction?

When a Realtor engages in writing a Purchase Agreement to help a For Sale By Owner and Buyer they have to be careful not to engage in the unauthorized practice of law by drafting the agreement. If the Realtor is filling in blanks on a pre printed contract they have not actually written the contract which was written by Attorneys.
The Realtor should be careful to...http://www.realestateresource.tv

Do you need a special license to “sell” a business?

Selling a business is not the same as selling a property. There is a lot involved in pricing and how to handle all the other potential aspects of the transaction. The quick answer is you...http://www.realestateresource.tv

Mentor Ohio Trying To Create Its Own Downtown!

Mentor's Community and Economic Development Office is trying to transform the City's Old Village District into a pedestrian friendly downtown Mentor!
The center of this would be at the intersection of Center Street and Mentor Avenue.
Other cities such as Willoughby, Fairport Harbor, Painesville and Madison have Downtown Centers.
The Downtown areas in the cities have a proven record of attracting millenials (people born between 1980 and 2000) and empty nesters, typically baby boomers.
We all know the lure to these Downtown Centers and Mentor would like to be in position to offer these possibilities in order to keep more residents in the City. Read More, INVESTMENT OPPORTUNITY...http://www.realestateresource.tv

Determining The Value Of A Rental Property!

Many people are Investing in Real Estate and renting properties to get a better return on their money. The best way to evaluate a potential investment is by determining the Cap Rate. The Cap Rate is calculated by dividing the Net Operating Income which would be the income minus expenses (taxes, insurance, management, repairs, maintenance) by the asset cost. For example if you were to buy a rental home which had rental income of $2000 per month with $500 per month in expenses the NOI would be $1500 per month times 12 months would be $18,000. The NOI of $18,000 divided by the asset cost of $240,000 is .075 so rounding this number you would have a 7% rate. You as an investor have to decide if a 7% rate of return is what you are looking for. You also have to look at how risky the investment is. There is also a quick way to evaluate a potential investment before deciding to look at a property and that is the 1% rule. This is determined by...http://www.realestateresource.tv

REALTORS ramp up effort encouraging Congress to extend “Mortgage Forgiveness” legislation!

The National Association of Realtors needs all real estate professionals to contact their members of congress and extend the Mortgage Debt Forgiveness Tax Relief Act!

If the Act is not extended the homeowners may have to pay tax on the "phantom income" from forgiven debt. The forgiven debt is income that is not money in hand from a sale. The homeowner is upside down or under water on their mortgage. For example if you owe $200,000 on your mortgage and your home is only worth $150,000 and it sells for $150,000 there is $50,000 forgiven by Lien Holder that could be an addition to the homeowners 2014 annual tax. The homeowner did not realize the $50,000 in Income it was forgiven debt.

The Mortgage Debt Forgiveness Tax Relief Act ended in 2013 and if Congress does not work through the lame duck session and extend the Act homeowners could possibly have to...http://www.realestateresource.tv

Ohio Housing Market Comparison From September 2013 to October 2014!

In the recent findings of the Ohio Housing Market, we have found less homes on the market, list prices higher and days on market less between September 2013 and September 2014.
If you have been thinking about putting your property on the Market, why wait? We have found with my Team of Agents that ...http://www.realestateresource.tv

Become A Real Estate Agent And Start A New Career!

 Real Estate is an exciting career!

The purchase or sale of real estate is the single largest transaction that most individuals will make in their lifetime. Real estate is also one of the key factors in determining the state of an economy. As such, a real estate agent is a respected member of the community and is considered an expert on the current housing market due to their numerous activities involving the...http://www.realestateresource.tv

Generations and What They Are Doing Statistically In Regard To Real Estate!

Generations and What They Are Doing Statistically In Regard To Real Estate!Click here to read more...http://www.realestateresource.tv

Legally speaking: Can “team” members represent different sides to a transaction?

The answer to this depends on the Policy of the Broker. Many teams are set up where all team members represent all of the clients. This is reflected on the listing and other agency documents. The Consumer Guide to Agency is a good place to put the Team Policy. This document is given to both buyers and sellers to sign prior to viewing a home or listing. The Policy spells out how agency will be handled within the team.
When all team members represent all clients in the sale of a team listing, the team would be dual agents. As dual agents both team members remain neutral, cannot disclose confidential information, cannot negotiate or advocate for either party, etc.
Some Brokers allow for split agency within the team. This means that one agent on the team lists the property and represents the seller while another team member can bring in the buyer and represent the buyer. Each agent must fulfill his fiduciary duties to his respective client, which includes...http://www.realestateresource.tv

Does A Death In A Property Have To Be Disclosed?

A death in a property should be disclosed if it was a murder or suicide. This is the short answer. The Realtor must get the consent from the Seller to disclose. Murder or suicide would not be a latent defect but could be considered a material fact. For this reason it is wise to err on the side of caution and avoid a possible lawsuit.
Disclosing the issue of a murder or suicide should not be...http://www.realestateresource.tv

Living, Working and Playing at Quail Hollow a Golf Club Community!

I live in Quail Hollow and love where I live! I get up in the morning and head to the club for a work out. The Golf Club has a workout room, showers, and Pro Shop!  It is like living at a Hotel. They have everything for you right there. In the Summer months when the pool is open you do not even have to leave! You can work out, shower and then either golf or go to the pool! When you are finished you can eat something prepared by the Chef Robert Harris at the Pool or in the restaurant that is located in the same building as the Pro Shop and workout facility!  The bar area is great for watching sporting events and on gorgeous days has outdoor seating with beautiful views of the golf course!
If you want to golf talk to Ollie Karlstrom! The Clubs General Manager Karen Ruth does a great job in making sure your experience is pleasurable all the time! She also makes sure every function from golf outings to...http://www.realestateresource.tv

Don't let Divorcing Sellers Get You In Hot Water!

In the scenario you are about to read below, the Realtor needed to make sure that both Sellers going through the divorce signed the Listing Agreement. If there is a court order stating that one of the Sellers is responsible for selling the property, then the Realtor needs to receive the paperwork verifying that this is the case. The other thing that is important is that when dealing with people going through a divorce, your job is to be fair to both parties and sell the property. You are not there to take sides. The Realtor needs to be professional and handle the sale of the property. The Realtor should not get involved in talking about the divorce with either person.  This is the situation the Realtor encountered: I listed a property owned by a couple who are divorcing. I have been working with the wife exclusively, who is still living in the home. I’ve had the property in the MLS and a sign in the yard for about 10 days. I was just contacted by the husband who is demanding I take my For Sale sign down and remove the listing from the MLS because he wants to list with another brokerage. I don’t have the husband’s signature on my listing because the wife told me she had the sole authority to list the house. According to her husband that is not true. What should I do? Can he list the house with someone else without his wife’s consent? - See more at: http://ohiorealtors.org/2014/08/18/legally-speaking-dont-let-divorcing-sellers-get-you-in-hot-water/#sthash.fd9t8qgy.dpuf
Ritenour, P. (n.d.). Legally speaking: Don’t let divorcing sellers get you in hot water | Ohio Association of Realtors. Retrieved August 18, 2014.

Cleveland's top 10 communities are ranked as follows!

Cleveland's top 10 communities are ranked as follows!
10.) South Euclid
9.) Middleburgh Heights
8.) Avon
7.) Independence
6.) Berea
5.) Kirtland
4.) Fairview
3.) Concord
2.) Ohio City & Tremont
1.) Detroit Shoreway
The conversation over the Top Cleveland Communities has long raged on with the east side vs west side debate. Over the long Labor Day weekend, while many were enjoying cookouts, the Cleveland Air Show, or simply spending time with their families, the real estate professionals at Keller Williams were busy looking back at the past year, analyzing trends, and determining, by the numbers, which communities have fared the best from Summer 2013 to Summer 2014.
The result is our inaugural Top 10 Cleveland Communities countdown… Here we go!
10. South Euclid
Nestled in between the Heights and Lyndhurst, this east-side suburb takes the number 10 spot on our list. Since 2010, Mayor Georgine Welo has been seeking to transform the city into a ‘College Town for All Ages,’ a nod to South Euclid’s claim to fame, Notre Dame College. Amongst steady year-over-year increases in enrollment, there has also been an influx of professionals and families choosing to call South Euclid home. The housing market has taken notice and over the last 12 months the average price of homes sold has increased to $71,000, up nearly 6% from a year ago, while selling nearly 20% faster.
9. Middleburg Heights
Our #9 suburb sits just south of the Cleveland Hopkins Airport and the IX Center. There’s been some buzz around Middleburg Heights since the announcement that Southwest General hospital signed an agreement to join the Northern Ohio Trauma System, joining the ranks of MetroHealth and the Cleveland Clinic in being designated a trauma center and primary stroke center. Over the last year, the average price of homes sold increased a modest 3%, but houses are selling nearly 30% faster.
8. Avon
Just across the border of Lorain County lies our #8 suburb, Avon. Over the last year, the average price of homes sold is up 20% – and for good reason! There’s a lot to love about Avon for families looking on the west side; Avon schools have been rated Excellent by the State of Ohio, the city offers outstanding public services at low tax rates, ease of access to downtown Cleveland, Lake Erie beaches, and Cleveland Hopkins Airport, and the housing stock offers newer and larger homes with modern floor plans than other comparable west side communities.
7. Independence
Can’t decide between east and west side? Go central with this #7 suburb! Independence has long been a family favorite, offering its ‘halfway from anywhere’ convenience – not to mention its terrific schools and some of the lowest taxes in Cuyahoga county. Over the last year, the average selling price for homes has increased a titch over 10% while selling over 25% faster.
6. Berea
Berea takes the #6 spot on our list. Baldwin Wallace University is Berea’s claim to fame, and amid its Top 20 rank in the US News & World Report College Rankings for Regional Midwest Universities and its consistent enrollment of just over 4,000, Berea embraces its reputation as a suburban college town. Over the last year, housing inventory has sold nearly 55% faster.
5. Kirtland
Take a step back from the hustle and bustle of city living in our #5 suburb. Nestled in tranquil Lake County, Kirtland has all the necessities for family living – strong schools, large homes, and some of the lowest taxes in the area. Home prices have been on the rise and are up nearly 45% from a year ago.
4. Fairview
There’s something for everyone to love in our #4 location – Fairview Park. This west-side suburb offers easy access to the tranquility of the Rocky River Reservation as well as many golf courses for the afficionado or weekend warrior alike. Alternatively you can visit the Westgate Mall for great shopping, or take a trip downtown – only 20 minutes away! Throw in good schools and affordable homes that show pride of ownership and you’ve got yourself a winner!
3. Concord
Take a step back and enjoy all that our #3 suburb has to offer in Lake County. Just west of Mentor and Painesville, Concord offers much for the nature-lover in you, with several Lake Metroparks reservations scattered about. Couple this with several fun golf courses and low taxes and it would make sense that this is a place you’d love to be. Over the last year, average home prices have increased over 25% and have sold over 40% faster.
2. Ohio City & Tremont
Part of the quintessential Cleveland experience includes spending time in our #2 communities – Ohio City and Tremont. The area has experienced an extreme surge in a mixed-use lifestyle, with boutiques and breweries sharing space with bistros and barbershops, all within a stone’s throw from Cleveland’s historic West Side Market. Ohio City has become a predominant location for work and play and the housing market has taken notice – on average homes have gone for nearly 55% a more than a year ago.
1. Detroit Shoreway
Drumroll please! Our #1 Hottest Cleveland Community award for 2014 goes to the Detroit Shoreway. This west side neighborhood has experienced a huge influx of development in recent years with the addition of $10 million of new homes and rental properties, which are going fast! The price of the average home sold has jumped over 80% in the past year and is selling more than 10% faster. Additionally, with the revival of Edgewater Park since coming under the management of the Cleveland Metroparks last year, as well as the addition of two tunnel access points connecting the Detroit Shoreway and Edgewater, the suburb has become the first-choice lakefront community in Cleveland.
Cleveland's Top 10 Communities in 2014. (n.d.). Retrieved September 7, 2014.

What Is A Gross Lease And Net Lease?

The difference between a gross  lease and a net lease are as follows. A gross lease is a lease where the tenant pays for the monthly rent and the landlord pays the property taxes, insurance and maintenance. The landlord may or may not pay for the tenants utilities.
In a net lease, the tenant is responsible to pay additional costs other than  the monthly rent.  These additional costs are called CAM charges, Common Area Maintenance charges. These CAM charges in a triple net lease are the additional costs associated with the property's monthly rent.   There are three types of net leases, a single net, double net and triple net lease. In a single net lease the tenant is responsible to pay the monthly rent and the property taxes. In a double net lease the tenant pays the monthly rent, property taxes and insurance. In a triple net lease the tenant pays the monthly rent, property taxes, insurance and maintenance.

Does A Negative Home Inspection Report Need To Be Disclosed?

The listing agent has a duty of disclosure when it comes to a negative home inspection report. If a property comes back on the market due to a negative home inspection report the seller needs to disclose the issues. The Seller does not have to provide the home inspection report to the next buyer but does have the duty to update their property disclosure. If the home inspection report is in the listing agent’s possession and the next buyer asks for a copy, it can only be given if Seller agrees to have the listing agent provide it. The Seller, if they do not agree with the inspection findings should have a their own professional inspector perform a home inspection and provide it to the next buyer along with the findings from the first buyer’s inspection. There is no law or mandate that states the first inspection has to be given to the next buyer.

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

To be safe you should send over the Home Inspection Report.

the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

By adding the results to the Property Disclosure a Seller and Listing Agent may be accused of misstating the Inspectors findings by not writing verbatim. An agent should not be involved with telling a Seller how to fill out a Property Disclosure.  See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

While not specifically mandated by the Commission or the license law, providing a copy of the actual report (or at least  the pertinent pages) may be prudent. By doing so, the seller and listing agent can avoid an allegation that they misstated the inspector’s findings, thus reducing their risk of liability. Certainly the listing agent should obtain the seller’s consent before providing a copy of the report to the second buyer’s agent and should refer the seller to his own attorney for advice on this issue. – See more at: http://ohiorealtors.org/2014/03/24/home-inspection/#sthash.5397k6ZN.dpuf

Ritenour, P. (2014, March 24).
Legally speaking: Dealing with a negative home inspection report – see more at
. Retrieved from http://ohiorealtors.org/2014/03/24/home-inspection/
(Ritenour, 2014)

What Buyers Should Know When Purchasing Vacant Land

When considering purchasing vacant land a buyer should do the following:

1.) Soil Evaluation : Evaluate soils suitability, grading, drainage and other soils matters.

2.) Zoning and Other Land Use Regulations: Check with Zoning to see what can be built on the land.

3.) Survey: Have property surveyed for lot size, boundaries, easements and encroachments.

4.) Water Supply Inspections: Is it public or private water? If public, how far is it to hook up to city water line? The cost is a factor.

Is well water available and the cost to put system in?

5.) Sewer and Septic Inspections: If property has sewers, how far is it to connect and the cost to connect? If Septic, what type of system is allowed? Have qualified contractor conduct Perc Test to see absorption rate of water to ensure Septic System will function properly.

6.) Availability of Utilities: What utilities are available; Electric, Gas, Cable, Telephone, etc., and the cost to connect?

7.) Environmental Survey: Have an Environmental Survey conducted to ensure there are no pollutants in the soil.

8.)Natural Hazards Disclosure Report: Certain Hazard Zones are mandated by federal, state and local laws. Buyer should consult with local zoning for any disclosures of possible hazards such as Airport, Railroads, High Tension Power Lines, etc.

9.) Homeowner’s Association Documentation: Is there a HOA: If so, buyers are encouraged to review and accept.

10.) Split Potential of Property: Buyer should consult with local government regarding the plan for the area and see if there would be any use adjacent or near property that would affect future value of subject property.

11.) Permit Records and Code Compliance: Buyer should consult with local building department to see what permits are needed when building and other factors that could affect the building process.

12.) Appraisal: Have the property appraised to ensure value.

Contingencies are important in the purchase of vacant land. Make sure you know what you are buying and talk to the professionals to ensure.