Division of Real Estate and Professional Licensing highlights 5 common real estate snags to avoid
As Ohio experiences an increase in both number of home sales and average sale price, the Ohio Department of Commerce Division of Real Estate and Professional Licensing (REPL) has released a new online resource to help educate homebuyers on the most common snags that can occur during real estate transactions.
According to Ohio Realtors, home sales activity through this past July is up 1.6 percent compared to 2023, while the average sales price is up 7.8 percent.
Given the complexities of navigating the real estate process, understanding common challenges is important for anyone who anticipates engaging in real estate transactions in the future to ensure a smooth process and successful outcome. This resource was developed based on the industry expertise of the those within the Division as well as its frequent engagement and interactions with its more than 50,000 licensed real estate professionals.
To access the online resource, visit com.ohio.gov/RealEstateSnags.
“Our goal is to empower individuals with the knowledge and tools they need to successfully navigate the intricacies of real estate transactions,” said REPL Superintendent Daphne Hawk. “We understand these transactions reflect some of the most significant investments Ohioans will make in their lifetimes. By understanding some of the most common snags experienced during this process, potential sellers and buyers alike can approach real estate dealings with a greater level of awareness, confidence and comfort.”
The Division's new resource specifically highlights and explains in detail the following five challenges – or blockers – that individuals might experience during real estate transactions.
• 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.
“The average Ohioan will only engage in a real estate transaction a handful of times during their lives, so individuals often are venturing into unknown or uncertain territory,” Hawk said. “That’s why it’s so vital that individuals do their homework before starting this process and they consult a licensed real estate professional. Both of these steps will help consumers more fully understand what to expect and will help to ensure they have a positive real estate transaction experience.”
For additional information on the Division, visit com.ohio.gov/Real.
Publisher's note: A free press is critical to having well-informed voters and citizens. While some news organizations opt for paid websites or costly paywalls, The Highland County Press has maintained a free newspaper and website for the last 25 years for our community. If you would like to contribute to this service, it would be greatly appreciated. Donations may be made to: The Highland County Press, P.O. Box 849, Hillsboro, Ohio 45133. Please include "for website" on the memo line.