South Euclid is one of the most desirable destinations for investors in our East suburbs of Greater Cleveland. Why? Because of many reasons:
1. South Euclid-Lyndhurst Schools system is good.
2. Location is so convenient and accessible to University Circle, Downtown, Clveland Clinic, major highways and parks.
3. Very well developed infrustructure - shopping malls, restaurants, entertainment.
4. Nice affordable housing, desirable for both owner-occupants and for renters.
5. No Point of Sale (POS) inspections! Only regular exterior check-ups of all houses in the neighborhoods by the building department.
POS already did a bad job in adjacent Cleveland Heights and Shaker Heights, less harmful but still unfair in Mayfield Heights. What is wrong with POS inspections, you wonder?
First of all, it puts the home sellers and home buyers in a disadvantageous position in comparison with the seasoned residents. Let's say, you need to sell the condo in Mayfield Heights. You need to apply for a POS inspection. If the city inspector finds that you have some code violations, you are forced either to fix them or to ask the buyer to assume them by signing the special paper and putting specific amount of money into escrow account.
Few problems occur with POS escrow accounts:
1) Many buyers just don't have extra money to put in escrow
2) Even if the sellers agree to put necessary funds in escrow, lenders may disapprove the mortgage because of existing problems with the property (problems, in fact, may be just minor, not too hard to fix)
3) Many sellers do not have available funds to fix the violations prior to closing.
Opinion of Cleveland Area Board of REALTORS and my opinion is to avoid additional Point of Sale inspections. We want our neighborhoods to be maintained well and our local government to check them out regularly, on street-to-street basis, not on the fact that someone needs to sell or buy.
Dear Residents of South Euclid! Please VOTE NO to ISSUE 106! Don't let your houses lose even more equity by letting pass this dangerous issue!
Need to buy house or condo in South Euclid?
Please call Svetlana Stolyarova 216-548-4663
24/7 Real Estate hotline 877-770-5551
E-mail us: Realty@Local-n-Global.com
