Michael Samuels Law

How can a quiet title action help sell your home?

2024-05-21T16:33:53Z

If you are selling your property without the help of a real estate agent, you’ll need to answer a lot more questions from potential buyers than someone who has an agent to answer for them. The big advantage of this is you can give accurate information about your home based on your experience of living there. However, some questions can be tricky to answer. One of the most challenging would be if someone has a query about the title and things are not quite clear. Not every property has a straightforward clean title. Things can happen over time that could lead a buyer to doubt whether or not to go ahead. If you know there are potential issues around your title, then it makes sense to resolve them before putting your property on the market, rather than waiting until a potential buyer spots them. The very fact you have not told them about the issue might cause them to lose trust in you and look elsewhere.

A quiet title action can provide a speedy resolution to minor title issues

Quiet title actions are a simple and relatively inexpensive legal process for straightening out any title issues a property has. You can use them to clarify the situation in cases where:

The neighbor disputes the boundary line
The current boundary does not match the documented one
Someone claims they have the right of access across the land, known as an easement
Records show a lien is still in place, but you believe it has been removed

By taking legal help to pursue a quiet title action you can resolve any title issues making your property more marketable and increasing the chance a buyer who likes it proceeds to purchase.

Attract the perfect buyer when selling a home yourself

2024-05-09T08:33:57Z

Selling your house without a realtor (FSBO) can be a cost-effective strategy. But to attract the right buyers – those genuinely interested and financially qualified – you may need to put in extra effort.

The following tips may help you stand out in a potentially crowded FSBO real estate market.

Price it right

Overpricing is a common FSBO mistake. Research similar homes in your area that have recently sold and consider a professional appraisal for an objective value assessment. Competitive pricing attracts serious shoppers who know the value of local properties.

Shine online

High-quality photos are crucial in attracting interest. A professional photographer can showcase your home's best features, and you can publish the pictures on online listing platforms popular in Ohio. Create compelling descriptions that highlight unique aspects and amenities.

Embrace technology

Consider providing virtual tours that allow potential buyers to explore the home remotely and in their own time. Include an easy way for them to schedule showings to increase convenience and flexibility for yourself and interested buyers.

Open house advantage

Host (and advertise) open houses to create a low-pressure environment for buyers to explore your property in person. Prepare a captivating description that illuminates the home's personality and potential. Be enthusiastic and answer questions confidently.

Be prepared to negotiate

Negotiation is an art, not a science. Research common tactics buyers use and anticipate their counteroffers. Be clear on your bottom line – the absolute minimum you can accept – but remain flexible within reason to reach a mutually beneficial agreement.

While navigating the FSBO process, consider consulting a legal representative with experience in real estate transactions. They can help with disclosures, contracts and closing procedures, helping to ensure a smooth and legal transaction.

Challenges that FSBO sellers may have to overcome

2024-05-01T15:29:28Z

For Sale By Owner is a real estate term that means that sellers are choosing to bypass enlisting a real estate agent. In many ways, this approach can be beneficial. For example, the seller eliminates having to pay considerable commissions and other fees. Nonetheless, an FSBO sale is not necessarily straightforward, and there are some challenges that sellers may have to overcome. Here are a few concerns to keep in mind if you’re on either side of an FSBO transaction.

A lack of experience

If you have sold multiple properties, then experience may not be much of an issue. However, if this is your first time selling a home, then everything will be new to you. For example, do you know how to price your home accurately? This can certainly be done without a real estate agent, but it requires careful due diligence. What if a prospective buyer comes in with a lowball offer. Will you be able to hold your own in potentially intense negotiations?

Contacts

Real estate agents typically have access to large networks. Oftentimes, they manage to complete sales quickly based on the contacts they have at their disposal. If you are an FSBO seller, you may have to work extra hard to drum up the interest required to complete a sale.

Disclosing the right information

When selling your home in Ohio, there are certain things that you will need to disclose to prospective buyers. If there are any material defects with the home, such as if the roof leaks in heavy rains, then these will need to be disclosed. One potential way to get around this is by including an “as is” clause in the purchase agreement. It is certainly possible to sell your home as an FSBO seller, as long as you have all of the relevant information. Similarly, it is certainly possible to benefit from an FSBO scenario as a buyer, despite a need to make sure that a seller is doing all that they need to under the law. Seeking legal guidance will help you to begin the process on the right footing.

What defects must you disclose when selling a home?

2024-04-14T23:55:54Z

Many older homes and even some newer ones can have defects. A defect can lower the value of a home if the owner wishes to sell it. In Ohio, it is important for sellers to disclose any known material defect to buyers. Known defects to disclose may include:

Sewer issues
Flooding
Roof damages
Leaky pipes
Electrical problems
Asbestos
Lead-based paint
Gas leaks
Heating or cooling malfunctions

That does not mean everything must be disclosed. If it is known that someone died in an Ohio home, whether the death was from natural causes, murder, suicide or other event, the seller does not need to tell buyers about this. Hiding any known defects could lead to litigation. If a buyer successfully holds an owner accountable for a home's defects, the owner may be responsible for paying for the repairs. Real estate litigation is often very costly, especially if a homeowner takes steps to actually hide a problem. However, it is not always easy to know whether a home has material defects. Here is what you should know about unknown home defects:

Should sellers hire home inspectors?

Unknown defects in a home can be found by hiring an inspector. Homeowners do not have to hire an inspector. The homeowner may only be required to disclose any defects they have learned about or observed by living or maintaining a home. In some ways, it can benefit a seller to over-disclose facts about a home to gain the trust of buyers. Buyers may also hire inspectors to find defects in a home. Homeowners may benefit from understanding their legal rights and obligations when selling a home without a realtor.

Sneaky inclusions to watch for in offers as an FSBO seller

2024-04-03T21:35:50Z

Listing a residential property for sale by owner (FSBO) can be a cost-effective solution for those who don't want to lose 6% or more of their property value to real estate agents (for now – that commission rate is now changing). They choose to handle marketing a property and negotiating its purchase on their own behalf. However, it can be risky to handle complex real estate paperwork without any support. For example, some buyers might submit offer documents that include unfavorable terms. Sellers unfamiliar with the real estate industry might put themselves at a disadvantage by accepting the wrong offer. What types of terms do sellers need to watch for in offers made by potential buyers?

Contracts may offer uneven protection

There are several main parts of the offer that could prove more useful for buyers than sellers. Contingencies are an example. Buyers may submit offers that include numerous contingencies, Each of which might allow the buyer to walk away from the closing after taking up weeks of the seller's time. Buyers might also include a very near possession date coupled with an expensive post-closing occupancy agreement. These terms set a daily rate for the seller remaining in the home after the closing. In some cases, the amount could be hundreds of dollars per day. Sellers need to watch for these and other unfavorable terms before committing to a buyer's offer. Sellers who are listing their properties FSBO might require help when reviewing purchase offers and other key contracts related to a transaction. Learning more about terms sometimes included in real estate offers, and seeking legal guidance accordingly, may benefit those preparing to list a property on their own behalf.

Staging your home if you’re selling FSBO

2024-03-25T02:39:22Z

Selling a home as "For Sale By Owner" (FSBO) is a process that inspires both unique challenges and unique opportunities. As such, those who are listing their property in this way need to be well-versed in strategies for success that may or may not mirror selling strategies utilized by those who list through agents. Take, for example, staging. This process of preparing a home for sale by making it look its best can significantly impact how quickly a home sells and the price it commands. This approach to selling a home has long been embraced by real estate agents. There are compelling reasons why FSBO sellers should also strongly consider making the effort to stage their property before attempting to sell it.

The potential benefits of making this effort

In real estate, first impressions are often everything. Buyers often make up their minds about a property within the first few minutes of viewing. Staging creates a welcoming atmosphere that can make a lasting positive impression. By decluttering, cleaning and arranging furniture and decor in an appealing manner, sellers can highlight their home's best features and make it more inviting to potential buyers. Staging can also lead to faster sales and higher offers. A well-staged home not only looks more appealing but can also lead buyers to perceive it as more valuable. By minimizing flaws and emphasizing the property's positive attributes, sellers can justify asking for a higher price. Studies show that staged homes often sell for more than their unstaged counterparts. While selling a home as FSBO can save on realtor fees, it also requires sellers to take a more active role in the selling process. Staging can serve as an important part of this process. By investing time and effort into staging their property, FSBO sellers can enhance their chances of a successful and profitable home sale.

What FSBO sellers need to know about inspections

2024-03-20T15:01:37Z

Selling real estate in Ohio can be an expensive process. Those listing real property often spend money making repairs and cosmetic improvements to their homes so that they can ask for the highest price possible. They also have to pay for professional services. Sellers hoping to retain the maximum amount of the sale price also try to do as much of the work for the property as they can on their own. They may decide to list the property for sale by owner (FSBO) instead of hiring a real estate agent. Doing so could keep as much as 6% of the sale price or possibly even more in the hands of the seller instead of in the pockets of a real estate agent. Those who list the home where they live on their own behalf are vulnerable in certain ways. One of the means of mitigating personal liability in an FSBO arrangement involves having an inspection done before listing the property.

Why an inspection can help

One of the ways that a real estate agent helps a seller is by informing them about the law and providing a shield from personal liability. If there are issues with the real estate transaction, a buyer might decide to take legal action. Discovering major defects with the property could trigger a lawsuit in some cases. A realn estate agent provides professional insurance to cover such losses and also offers advice that can help someone protect against liability. Without an agent, a FSBO seller is likely to face the claims made by a buyer personally. An inspection conducted before a listing can help ensure that the seller is aware of all major defects and can therefore disclose them to the buyer in writing in accordance with Ohio state law. In some cases, the seller may choose to make certain repairs. However, the law does not necessarily mandate correcting the issues so long as the buyer has information about them. An inspection can help establish that a seller acted in good faith and may protect them from claims wherein someone alleges that knowledge of a defect that may have arisen after closing is somehow the seller’s responsibility. As such, having the right outside assistance during an for sale by owner real estate transaction can help a seller maximize their profits while minimizing their personal risk.

What are the benefits of listing a home FSBO?

2024-03-08T17:40:39Z

Selling a home is a significant decision that comes with various choices, one of which is whether to enlist the services of a real estate agent or go the For Sale By Owner (FSBO) route. While realtors offer professional expertise and convenience, some homeowners opt to handle the sale themselves. What’s the advantage of listing your home FSBO? Consider these:

1. You save those commission fees

One of the primary motivators for choosing FSBO is the potential to save money on commission fees. Real estate agents typically charge a percentage of the sale price as their commission – and Ohio’s going rate is around 5.99%. That means you’ll pay nearly $12,000 in realtor fees for selling a $200,000 house. That’s a big chunk of money to anybody – but even more so if you don’t have a lot of equity built up.

2. You have greater control over the process

Selling a home is a personal and emotional experience, and some homeowners prefer to maintain full control over the entire process. An FSBO process gives sellers the autonomy to set their own schedule for showings, negotiations and closing. When there's no real estate agent acting as an intermediary, sellers have direct communication with potential buyers. This direct interaction can foster a more personal connection and streamline the negotiation process.

3. You can personalize your marketing strategies

FSBO sellers have the flexibility to design their own marketing strategies. This may include creating unique online listings, leveraging social media or organizing open houses to attract potential buyers. By tailoring their marketing efforts to their property's specific strengths, a seller can showcase their home in a way that resonates with their potential buyers. The For Sale By Owner route isn’t for everyone, but it does have a lot of value for homeowners who feel confident in their ability to navigate the process – although it is still wise to make sure you have the right legal guidance with your contract.

Red flags to look for when buying a house

2024-02-27T14:35:42Z

Buying a house is a significant investment, and it's crucial to ensure that you're making a wise decision.

Recognizing red flags during the buying process can help you avoid potential pitfalls and ensure a smooth transaction. Here are some key red flags to watch out for.

Structural issues

When inspecting a house, pay close attention to its structural integrity. Look for cracks in the walls, foundation or ceilings, as these could indicate serious structural problems. Sloping floors, uneven door frames or windows that are difficult to open or close are also signs of potential issues.

Water damage

Water damage can lead to mold growth, rot and costly repairs. Check for water stains on ceilings and walls, musty odors or signs of recent water damage such as warped floors or peeling paint. Additionally, inspect the basement and attic for any signs of water infiltration.

Pest infestations

Pest infestations, such as termites or rodents, can cause extensive damage to a property. Look for signs of pests, such as droppings, chewed wood or nests. Pay special attention to dark, damp areas like basements and crawl spaces where pests are more likely to hide.

Incomplete or poor renovations

While renovations can enhance a home's value, poorly executed or incomplete renovations can be a red flag. Look for signs of DIY workmanship, such as uneven tile or flooring, mismatched materials or electrical and plumbing issues. Ask for documentation of any recent renovations and verify that they were done professionally.

Being vigilant for red flags when buying a house can help you avoid making a costly mistake. If you notice issues before making an offer, it is possible to have the seller fix them. If you have already completed the purchase of a home with issues, you may have legal options to recover compensation.

How to spot bad neighbors before you buy a home

2024-02-13T00:38:46Z

It seems like the space between people and their neighbors is getting smaller all the time. Even people in single-family homes can easily find themselves in misery over a neighbor’s loud music, rowdy children and lack of respect for boundaries (property and otherwise). This isn’t limited to condos where people are living on top of or across the hall from each other or neighborhoods where homeowners share a wall or row of hedges. Homeowners in upscale neighborhoods have taken legal action over homes listed on Airbnb that have become known as “party houses” – ruining the peace and quiet they pay a lot of money for. If you’re considering buying a home, how do you know if there are noisy or otherwise troublesome neighbors? Don’t count on that being disclosed by the current owners. Ohio law requires sellers to disclose a number of issues, but most pertain to the property itself. That means there likely won’t be any consequences for not disclosing a bad neighbor. They can always say they never noticed or weren’t bothered by them.

You’ll need to do your own research

That means you’ll likely need to do your own due diligence. Your real estate agent can help. For example, have there been any noise complaints or police reports filed by the homeowner against any of their neighbors (or vice versa)? If you have a next door neighbor who complains every time you use your pool, that could be a problem. Take some drives around the neighborhood at different times of the day and night and on the weekend as well as a weekday. Do you notice any of the following?

Homes and yards that are poorly maintained (like peeling paint, unmowed lawns and Christmas decorations during the summer)
Multiple properties that seem to be vacant or for sale
A heavy police presence
Dogs running loose
Loud music you can hear from the street
Items on lawns that don’t belong there (furniture, appliances, vehicles, etc.)

There’s a lot that you can research as well, like the turnover rate of homes, how many are in foreclosure, crime statistics, registered sex offenders and planned zoning changes. Legal guidance can always be beneficial when making such a significant purchase as a home. If you learn after the fact that the previous owners or their agent withheld information that should have been disclosed, find out what legal options you have for seeking justice and compensation.