Cleveland Real Estate News

It seems like a long time, because it has been! Since May, my client and potential buyers have been trying to resolve an issue to allow buyers to get a loan on my sellers’ property.  I wrote about it here.  We are now relying on The City of Cleveland to draft a letter explaining the zoning variance process and hope the loan under writers agree with the end result. My seller, to recap, has a four unit (one bedroom each) home and has owned it since the early ’80s.  He’s been getting an ok via certification from the City of Cleveland since he bought the house.  No worries.  Now come time to sell, and it’s zoned two family not four, so we are in limbo, the proverbial bermuda triangle.  And it’s not as if this home has not had people interested.  Two offers (one finally gave up, tired of waiting), and the second buyer is being patient, thankfully.  No guarantee however that things will work out.  And I’ve also had several agents calling me with buyers who want to see it. So we wait.  And hope.

I have stopped showing homes that are ‘short sale,’ ‘upside down’, seller owes more than it can sell for (whatever you want to call it).  Well I haven’t stopped showing them to every kind of buyer, just first time home buyers.  Because they are all taking months to get accepted.  Lenders are swamped.  Or slow.  Or both.  I have one that seems to be providing a light at the end of the tunnel.  My clients are delightful people.  They want to buy this home and have been willing to wait.  How long?  Since the first week of March.  Yes, almost five months.

Since you need to own your home by November 30th to qualify for the tax credit, I will gladly show you, mr/ms first time home buyer, a foreclosure this month, but nope, no short sales. 

Today I showed a home, on the market for quite some time.  At one time it was a grand dame, over 3,000 sq. feet of home, lots of twists and turns, a nice sized lot, close to restaurants, galleries, etc.  But alas, this grand dame has not had any lovin’ for quite some time.  Dry rot is the least of the worries.  What a shame it got to that point. My client agreed with me, as did his contractor friend, this house would probably be better off torn down.  And how sad is that???

Good stories?  There have been happy sellers and buyers this year, but I figured it might be more useful to talk about some of the ones with issues.  As they say (who is they anyway?), forewarned is forearmed?  Is that right    Peace Out – 3C