You’ve probably heard the analogy comparing real estate markets to weather reports. Real estate markets, like weather reports, are local. What we really want to know is what’s going on in our neighborhood-with Toledo homes for sale-not half way across the country. The media constantly reports what is going on in Florida, California, New York and Las Vegas, but to make good buying and selling decisions here, you want to know about the Toledo real estate market, which brings us back to the title of this article.
We are facing a window of opportunity, but remember, open windows do close. We know that mortgage interest rates right now are at bargain levels – essentially mortgage money is “on sale”. With soaring federal debt and deficits, however, does anyone believe these historically low rates are sustainable? I don’t. Those low rates are also coupled with a high inventory of listings (great choices) and low prices. I’ll bet a year from now buyers will look back at June of 2010 and say “THAT was our window of opportunity. What were we waiting for?”
How can we help you? You can find a Danberry professional by clicking on “Agents & Offices” above. If you have mortgage questions, click on “Financing” to find a Home Mortgage Consultant at First Mortgage Consultants, an affiliate of Wells Fargo Home Mortgage.
The next time you are in the Toledo real estate market, surely you will have expectations about how you should be treated. Great customer service, high ethical standards, effective communications – these should all be part of the service package.
But let’s be more specific. What obligations do sellers and Realtors have to disclose problems such as property defects? Both the states of Ohio and Michigan require sellers to fill out multi-page disclosure forms regarding the condition of their property, and these must be acknowledged by a purchaser or else the purchaser has the right to rescind the purchase agreement.
So defects need to be disclosed, but what constitutes a “defect”? First, it needs to be one of which the seller or licensee has knowledge. Buyer’s agents look out for their client’s best interests, but that does not include an obligation to discover latent defects. “Material facts” (known to the seller or Realtor) need to be disclosed, so what constitutes a material fact? The best definition I’ve heard over the years is “any facts which would impact the decision of a reasonable buyer when deciding whether or not to buy, or the terms by which they buy.” We know that buyers (and their attorneys) hate surprises, so rest assured, if a seller asks us not to disclose a known defect, The Danberry Co., Realtors will not work with them.
Find an honorable, trustworthy Toledo area real estate agent on our home page. Search for agents or simply search for your dream home – when you find the perfect match, fill out a contact form and we’ll call you today!
Unless you have bought a home in the last year or so, you may not be familiar with the Good Faith Estimates (GFE) issued by mortgage lenders or the universal closing statement, the HUD-1. Effective on the first day of this year, the federal government (HUD) requires lenders to give consumers a very different Good Faith Estimate at the time of mortgage applications. Why? Because consumers often complained that the terms and costs they experienced at closings were very different (higher) than they anticipated. If increases in costs were discovered for the first time at the closing table, some buyers felt like they were being held hostage – either pay them or start the entire home buying process over again. The new form is intended to fix that, requiring the use of a consistent form issued within 72 hours of application. If some closing costs appearing on the HUD-1 closing document are 10% or more above the GFE, the closing will be delayed. It’s impossible to explain all the changes in a brief paragraph, but additional information is available at www.hud.gov.
This remains one of the best times to buy a home that we have seen in many decades. We suggest you begin the process by seeking professional counsel. Full-time Realtors at The Danberry Co. are prepared to help you, as are the Home Mortgage Consultants at First Mortgage Consultants, LLC, an affiliate of Wells Fargo Home Mortgage.
Have you experienced problems with Good Faith Estimates or at a home closing? Please share the good and bad experiences with us.
