MLS Newsletter - IMPORTANT UPDATES

Message from Our MLS President, Penny Tarwacki

Did you know Seller Disclosures are required

for the sale of single-family homes, and up to 4 units?

The only exemptions are:

Transfers by court order such as probate
Transfers by lender through foreclosure
Transfers by the representative of an estate
Transfers of property between owners, such as a divorce
Transfers to a spouse, parent, grandparent, child or a grandchild
Transfers between government agencies
Transfers of new construction

All other sales require a completed seller’s disclosure, investment property sales are not exempt. The buyer must receive the SELLER’S DISCLOSURE to be obligated to complete the sale and close.

City of Allen Park

Building Department

NOTICE TO REAL ESTATE AGENTS AND HOMEOWNERS

Residential Sales Inspection

Effective March 1, 2022 all residential dwellings for sale will be required to have a Certificate of Occupancy prior to closing per Ordinance 04-2019, Chapter 10, Article 10, Sec. 10-404.

The City of Allen Park Home Sale Inspection Policy:

Inspection of the interior of the home and the exterior property will be conducted by the Building Department. The inspection fee is $175.00 which includes the initial and final inspection. The homeowner has the option to either make all necessary corrections to obtain a Certificate of Occupancy or they can sell the property “as is”. The buyer can assume responsibility for the repairs but must put forth a minimum $500.00 (10% of which is nonrefundable) in escrow along with signing an affidavit assuming the violations and the escrow agreement before closing, the affidavit would then be used as the closing document.

Inspection reports will be available via e-mail provided, mailed or picked up in person within 5 business days after the completed inspection.

To avoid delays with your closing, please be sure you have either the Certificate of Occupancy or the buyer has the signed affidavit in hand prior to scheduling your closing.

Any home that is listed prior to March 1, 2022 will be exempt from obtaining a Certificate of Occupancy.

City of Allen Park Building Department Website "Click Here".

City Certification Requirements

Northern Great Lakes

REALTORS^® MLS

As of February 3rd the Northern Great Lakes REALTORS MLS began offers of Cooperation & Compensation for members they data share with.

Prior to this new benefit, Buyers Agents had to reach out to the listing broker to obtain a signed agreement to be paid a commission. Now, the compensation is shared between MLSs, automatically including that offer of Cooperation and Compensation.

This summer, the single-sign-on form of data sharing will change to a direct data feed within our MLS without having to go into NGLAR’s Paragon System.

Click to view SEM Coverage Area

PARAGON - INNOVATING THE WAY AGENTS DO BUSINESS

Click the video below to learn how to add a contact from a saved search.

SEM Paragon MLS Library: Link

Buyers May See "Whirlwind Year"

Home buyers hoping for a less competitive market before they make their move may be disappointed. The housing market remains unseasonably hot over the typically slow winter period. In the January just concluded, the typical U.S. home sold faster than in any other January on record, according to realtor.com®’s monthly housing report. Click "HERE" to read what experts are saying.

Seven Steps for Creating a Useful CMA

A CMA, or comparative market analysis, is more important than ever as buyers and sellers struggle to take the pulse of this constantly changing real estate market. How do you make a CMA useful and accurate when dynamics are shifting so rapidly? The record pace at which homes have been selling and the ongoing tug of war between buyers, sellers, and investors for market advantage can make it tough to land meaningful stats.

Click "HERE" to read more.