Ohio Dept. of Commerce releases home buying snags to avoid

COLUMBUS, Ohio (WKBN)—The Ohio Department of Commerce, through the Division of Real Estate and Professional Licensing, is offering some tips for home buyers trying to navigate the tumultuous housing market.

The agency is addressing common challenges for homebuyers in an online resource that was put together by the Division after talking with its more than 50,000 licensed real estate agents.

The resource specifically highlights the following:

• Financing – Understand how to handle potential issues with mortgage approvals, credit scores, and loan contingencies.
• Disclosures – Become familiar with Ohio’s disclosure requirements, including the Residential Property Disclosure Form and the Lead-Based Paint Disclosure for homes built before 1978.
• Home Inspections – Discover how to manage the outcomes of home inspections and negotiate any findings or outcomes effectively.
• Appraisals – Gain insights into the appraisal process and how valuation discrepancies can affect the outcome of a real estate transaction.
• Title Ownership and Liens – Understand the importance of title searches and dealing with liens to ensure clear property ownership.

According to Zillow, the average home in Ohio is $230,250, a 5.3% increase over the past year, up from $158,464 in March 2020.

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