POS in Oakwood Village

Cleveland, Ohio
General Landlording & Rental Properties
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POS in Oakwood Village

Jessica LamontPro Member
Member since 2022 · 31 posts · 15 votes

Has anyone ever dealt with POS violations in Oakwood Village? I purchased a home unknowingly with an open Point of Sale that was not remedied or disclosed at the sale. I spent $60k on renovations and when I was about to put it on the market, I found out there were about $30k of violations I needed to take care of. Does anyone know the protocols if I were to keep the property and rent it out? Would all of these still have to be remedied? 

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  • Patrick DruryBusiness Member
    Real Estate Agent · Columbus, OH & Cleveland OH · Member since 2021 · 1k+ posts · 2k+ votes
    1y

    @Jessica Lamont
    If there is a POS on a property in Cleveland you can't close on it unless the owner delivers it POS compliant or the buyer assumes the violations. So most likely based on the info provided, you signed documents assuming the violations. I recommend that my clients not invest in areas with POS and instead look at areas on the west side that don't have it.


    Also, to answer your question about the POS violations. From m y understanding if this pertains to POS violations that you assumed from a purchase then yes. You are also supposed to get an inspection done prior to listing if the property is in an area with a POS. If you decide to hold on to it in that scenario you would also be required to fix those violations. 



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  • Jessica LamontPro Member
    OP
    Member since 2022 · 31 posts · 15 votes
    1y

    Thank you so much Patrick! I bought it off market from a wholesaler. This is definitely a lesson learned to always do your due diligence, but I was not aware of the POS nor did I sign anything assuming it. I didn't even know what a POS was before this purchase. All of my investments were in AZ prior to this. 

    Thank you for your response!

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  • Jacob Graves
    Investor · Cleveland, OH · Member since 2019 · 64 posts · 29 votes
    1y

    Usually POS is just exterior. If you come across a property with interior/exterior you want to pass. Unless you do business in a more desirable area like Shaker heights. all of the heights around here have POS. 

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