Q: Received a low price offer on our condo. We told the agent that we would not accept or object to it. As a matter of fact, we told the agent that we weren’t going to respond. The buyer’s agent came back and said we had to decline the offer in writing.
A: No, it’s not. Seller is under no legal obligation to decline an offer in writing and is not required to respond to an offer if it does not wish to do so.
Q: I am the executor of my mother’s estate and have questions about the Michigan Seller Disclosure Statement. For the last 16 months, I lived at home and took care of her mother until she passed away. I am not the property owner. Do I need to complete a Seller’s Disclosure Statement or am I exempt because it is a sale of real estate?
A: I am glad you asked this question before putting your mother’s house up for sale and potentially put yourself and your property at risk. When (selling). Sellers/executors/personal representatives, etc. are exempt from completing a Seller Disclosure Form unless they lived in the property without title. (Also known as a resident/non-resident trustee.) As always, consult an attorney when dealing with legal matters. Especially real estate. Yes, you lived in (occupied) the home and must complete the seller’s disclosure statement.
Q: When I looked at the home’s information on the city’s website, I noticed that it said “arm’s length transaction” somewhere in the sale information. What do you mean?
A: The basic definition of an arm’s length transaction is the sale of real property between unrelated parties. The sale of a home between husband and wife, or father and daughter (etc…) is not an independent transaction.
Market updates: Here’s the July update on the Macomb and Oakland county housing markets. Macomb County prices are up more than 7% over the month, while Oakland County prices are up 9%. Market inventories in Macomb County increased by more than 10%, while Oakland County market inventories decreased by almost 3%. Macomb County averaged 15 market days and Oakland County averaged 14 days. Macomb County closed sales were down over 19%, while Oakland County closed sales were down over 21%. (All comparisons are month-by-month, year-by-year.)
Steve Meyers is a Real Estate Agent/Realtor of RE/MAX Metropolitan in Shelby Twp. He is also a member of the RE/MAX Hall of Fame. If you have any questions, please call 586-997-5480 (voicemail) or email [email protected] You can also visit his website, answerstorealestatequestions.com.