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Friday, March 22, 2013

Luxury Features in a City House w/In-law or Rental Suite

3871 West 36th St

CALL (440) 391-1304 FOR DETAILS!
Community: Cleveland
Subdivision: Brooklyn Center
MLS Number: 3389460
This impeccably maintained colonial in historic Brooklyn Center is a legal single family with an in-law suite and separate utilities. Can be converted. Downstairs has 4 beds/1 bath. Kitchens are huge and all appliances stay, including washer& dryer. In-law suite upstairs features 2beds/1 bath. Both upper and lower have in-suite laundry. Home features large, partially covered deck and hottub in a covered gazebo. Both the upstairs and downstairs tubs are whirlpool tubs and the downstairs shower features a rainhead. Newer windows, roof, cement work, updated kitchens and baths, etc. Never worry about a power outage. Home comes with an auxiliary power generator. Security alarm services provided by ADT. Pride of ownership shows here. Market rents estimated at $575-600 up and $650-700 down.
Listed By:
Michelle Stanifer
Cell: (440) 391-1304
Russell Real Estate Services
12198 Pearl Road
Strongsville, OH, 44136

Federal Housing Equal OpportunityRealtor

Friday, March 15, 2013

The "Self Walk"

Me: It's raining.  Forget chaining the dogs to pee this morning.  They aren't going to want to stay out there.  I'll  just open the door, let them run out back and do their thing; they will be back on the deck wanting in by the time I put on the coffee.

Penny:  It's warm!  It's Spring!  I am not chained to the deck!  Quick, Chloe, where's the warden?  Do you see her?

Chloe:  Checking... nope!  No sight of her.

Penny:  Come on, Red, we're blowing this joint!

Fade in:  Two red dogs running down the street, muscles rippling, hair flowing, big goofy grins on their face, soundtrack to Born Free playing in stereo in their heads.

Cut to:  Stupid look on my face as I approach French doors to find no dogs waiting for me.

And that, my friends, is how the "self walk" happens at our house.

Friday, March 8, 2013

Spring is in the Air

Each day, I open the door to let the dogs out in the frozen tundra of our yard and am grateful I don't pee outside.  Some mornings, I have to push them out because it is just too cold to go.  I feel for them, sincerely.

I live in a suburb, but my yard backs up to the Cleveland MetroParks.  The sound of the woods in the winter is almost silent.  Sometimes there is a rustling but not much else, aside from the traffic that passes down Valley Parkway.  The woods are teeming with animals still, I'm sure, yet it seems the noisy ones are either hibernating or have flown south.  There is not much stirring out there aside from a few deer.  OK, more than a few deer.

This morning is gloomy and grey, but something is different; there is a stirring.  I can faintly hear the river behind us rushing its way to open waters somewhere.  Familiar birds have returned and are squawking, and there seemed to be movement aground, even without any breeze.  Scurrying hungry little critters in the bramble, perhaps?  As I write this, I hear geese.  Geese!

The air seemed to be warmer and the smell was a little different too.  I detected that fresh, oh so Spring-like scent of wet mud.  Warm wet mud that will soon give way to little green things that, after so long of white and brown, are like soft kisses for the eyes.

I wasn't the only one who noticed, either.  Normally, Chloe bounds off the back deck and drops to pee the instant her paws hit the lawn, while Penny daintily prances off the deck to sniff the yard and detect any intruders in the night before relieving herself.  But not today.  As I surveyed the changes and allowed the romance of Spring to swirl in my head, I glanced over and noticed both my girls standing with me on the deck, nostrils flaring, wistful expressions on their furry faces.  I could only guess at the runs, swims, and chases they were imagining.  We are all so ready for the Spring!

Sunday, March 3, 2013

To Buy, Then Sell or Sell, Then Buy?

There are, quite obviously, two schools of thought on this subject.  Choosing a new home is an emotional decision.  Many people fear that if they sell their current home first, they will not be able to find their next "dream home" before they close the sale on their current home.  Conversely, many fear that if they make an offer on the home of their choice before selling their current home, they may not be able to sell in time and could end up making two mortgage payments.  Both opinions are valid; however, one is riskier than the other.  

In our real estate market, agents have some tools to assist with either scenario.  The first is the Contingency Clause or Concurrency Clause.  The second is the Subject to Specific Purchase Clause.

Contingency or Concurrency Clause
A Contingency Clause states that a Buyer is making an offer on a new home, but completing the transaction is Contingent upon the sale of his current home.  If another Buyer offers on the Seller's property before the Buyer can sell his own property, he will be given the option to remove the Contingency within a prescribed number of days and move forward with the purchase without regard to the sale of his current home or to release the Seller from the purchase agreement, rendering the agreement null and void.  In this case, all deposits will be returned.

A Concurrency Clause states that both Buyer and Seller will offer their homes for sale Concurrently.  If the Seller finds another Buyer before the Buyer sells his home, or if the Buyer cannot sell his home within the specified time period, the sales agreement immediately becomes null and void and all deposits shall be returned.

  • Allows a Buyer to make an offer on his dream home while not obligating him to complete the sale if he can't sell his current home.  
  • It allows a Buyer to be certain that he will be able to negotiate acceptable price and terms on the home of his choice before committing to sell his current home. 
  • Sellers are reluctant to accept a Contingent offer; although still considered an active listing in the MLS for showing purposes, the status must change to Contingent, dramatically reducing showings.  
  • In the case of a Contingency, if another offer comes in on the property, you will have a few days (usually 1-3) to remove the Contingency, that is, to perform on the contract regardless of the sale of your current home, or forfeit the property. 
  • In the case of a Concurrency, the MLS status remains Active and the home continues to be marketed.  It is a race to sell before the Seller finds another Buyer and the first Buyer forfeits the property.

Subject to Specific Purchase Clause
A Subject to Specific Purchase Clause is when a Seller accepts a Buyer's offer, however the Seller stipulates that he must find an acceptable replacement home within a specified period of time, which will close in conjunction with the sale of his current home.  If the Seller is unable to find a replacement home within the prescribed time per the sales agreement, the Seller is under no obligation to sell his home to the new Buyer.  

  • Allows a Seller a specified period of time to perform his new home search while retaining a Buyer for his current home.
  • With the Seller's current home under contract, the lender can qualify him for a new mortgage up to his maximum buying potential.
  • A Buyer may be reluctant to sign such an agreement, as this commits him to wait and hope that a Seller will find a suitable replacement property.  
In this instance, a seller still has options.  The Seller can accept the Buyer's offer without the Subject to Specific Purchase Clause, but counter-offering a longer closing period to allow time for his new home search.  Rather than lose a good Buyer in a sluggish market, a Seller may choose to consider a short term rental or even rent back his current home from the new Buyer until he finds the right home.  
Buying before you sell without a any protective clause

This option is one that I have seen many unrepresented and some represented buyers take and it is one that carries several significant risks that must be considered before moving in this direction:
  • Lower selling price for your current home.  Selling under duress, which in some cases fits this scenario, often results in lower offers.  I can't tell you how many times I have heard a buyer touring an empty home state that they thought they would get a deal because the home owner has already bought a new home and "needs to sell."  Even if you are still living in the home, an over-zealous listing agent may recommend the terminology "motivated seller" in the listing comments which will often result in a lower offer.  Regardless, when neither the home is vacant nor the agent has compromised your bargaining position, the pressure to accept a low offer for fear of losing the buyer is present.  
  • Dual mortgage payments.  Even if you have the income to support it, making dual mortgage payments can be a significant financial strain. Consideration should be given to how such a burden will effect the family's current lifestyle and whether the shift in priorities is worth the risk.  A change in your employment situation, such as a pay-cut or job loss could have a devastating effect.  
Home buying is never one size fits all.  Whichever option best suits your personality type, it is important that you choose an agent that is willing to listen to your wants and needs and one who is well versed regarding protective clauses in the contract to look out for your best interests.