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Category Archives for FOR SALE BY OWNER

Forced Fracking in Ohio: Property Owners’ Rights and Health Consequences

The financial and health impacts of forced fracking and compulsory unitization on landowners and surrounding Ohioans. Background: Compulsory unitization is a process used when voluntary consent for oil and gas drilling is NOT obtained from all landowners. In Ohio, this affects approximately 40% of wells drilled. The process allows the Ohio Department of Natural Resources’ […]

Attorney Opinion Letters vs. Title Insurance: A Comprehensive Guide

An Attorney Opinion Letter (AOL) can save consumers money upfront. However, unlike a Title Insurance Policy, the buyer or homeowner has limited recourse and will be responsible for any liens associated with the property that may have been missed during the title search. Below is a comparison of the two options: Attorney Opinion Letter (AOL) […]

Mastering Home Appraisals: Accurate Square Footage Calculation Using ANSI Standards

Appraisers, buyers, sellers, realtors, and other real estate professionals often calculate GLA, also known as gross livable area, using specific guidelines. The American National Standards Institute (ANSI) provides the standards for Fannie Mae transactions. These standards are used to ensure consistency and accuracy in appraisals. ANSI Standards For single-family homes, manufactured homes, and townhouses, Fannie […]

When Is a Residential Property Disclosure Form Required?

Understanding the Appraisal Gap and How to Negotiate When Appraised Value Falls Short

Before listing a home and entering into a purchase agreement, it’s crucial for sellers to prepare their property for an appraisal to avoid a low appraisal value. Including appraisal gap coverage language in the purchase agreement can help prevent panic, stress, and potential sale collapse. An appraisal gap is the difference between the fair market […]

Buyer Agents’ Use of Fear Tactics to Steer Buyers Could Spark Another Major Lawsuit

Caveat Emptor – Buyer Beware: Consumer protection organizations are already sounding the alarm as Real Estate Brokerages and Agents are reportedly working together to bypass new regulations introduced after the Moehrl lawsuit. Instead of prioritizing their buyers’ best interests and showing all suitable properties, some Buyer Brokerages are now including a checkbox in their Buyer […]

Navigating Real Estate Commissions: A Guide to Seamlessly Integrating Them into Your Purchase Agreement

Traditionally, sellers have included the cost of commissions to the Buyer Brokerage in the sale price of their property, ensuring that the Buyer Agent is compensated for their work. However, with new MLS regulations and the passing of HB466, Buyer Agents and their clients will be required to complete a Buyer Representation Agreement. This agreement […]

Buyer Representation Agreements: Essential for Home Tours and Property Showings

A real estate Buyer Representation Agreement is a legal document that outlines the working relationship between a home Buyer and their Real Estate Agent. The Listing Agent must verify that the Buyer’s Agent has a representation agreement in place. Buyer agents can present a simple document signed by both parties to confirm the agreement, which […]

The Current Real Estate Market And Ohio Broker Direct: An NPR Interview

This post delves into the transformative shifts occurring in the real estate industry, highlighted through an enlightening NPR interview with our very own Joan Elflein, founding broker of Ohio Broker Direct. Joan discusses the impact of technological advancements, changes in brokerage models, and the evolving scrutiny of commission structures. Gain valuable insights into the complexities of real estate commissions, the evolving role of buyer agents, and future trends in real estate transactions. Explore the full transcript to better understand these pivotal changes and their implications for buyers, sellers, and industry professionals.

Real Estate Class Action Lawsuits – Are You Eligible To Be Compensated?

If you’ve sold a property through the MLS after October 31, 2019, you might be eligible for compensation from the Burnett v. NAR class action settlement. This article guides you through eligibility and claim submission, revealing potential compensation amounts and crucial deadlines.