BIGGEST PURCHASEpage 61

some people want to live in an
area near a particular religious
institution because their children
are going to go to a parochial
school."
Things have changed for
homesellers as well. Sellers have
to be ready to show their houses
at all tunes. With the wide use of
car and cellular phones, the busi-
ness of showing houses has
changed. The seller can no longer
expect a two-hour lag time in an
appointment.
"We get a call from the front
of a seller's house," explained
Weinstock. 'They no longer have
to go to a drug store to call me.
'I'm in front of this house. What's
the price? Can I go in and see it
now?' "
Marilyn Chicorel Megdell, as-
sociate broker with Century 21
Today, Inc., in Bingham Farms,
said the real estate market spi-
rals, depending upon economics,
whether interest rates are high
or low, "and what the govern-
ment is doing. If there is unem-
ployment, then there's a buyers'
market. If there's low unemploy-
ment, it is a sellers' market."
Michigan real estate, said
Sandy Norman, "has been fair-
ly stable, and the economy has
been on a roll for awhile. But if
you look back over the last 30 or
40 years, Michigan will have four
or five good years then a few bad
years, and then another four or
five good years and repeat the cy-
cle. We're really on a long roll
right now — we've had about a
six-year roll."
Megdell, like many other real
estate agents, frequently works
under a buyer-broker relation-
ship. Effective in 1994, Michigan
law required that agents make a
full disclosure to buyers as to
whether they are acting on be-
half of the buyer or the seller.
A real estate licensee can act
as a dual agent, representing
both buyer and seller in a trans-
action, but only with the knowl-
edge and consent of both seller
and buyer.
Another 1994 state law re-
quires a full and complete dis-
closure by sellers of all potential
problems with a house, its appli-
ances, systems, services and
property. Failure to provide a
purchaser with a signed disclo-
sure statement enables a pur-
chaser to terminate an otherwise
binding purchase agreement.
Another series of forms re-
quires sellers to disclose any pres-
ence or knowledge of the use of
lead-based paint in a home built
prior to 1978.
Ms. Megdell, who specializes
in the Bloomfield, West Bloom-
field and Farmington Hills areas,
likes the fact that people have
had to become more knowledge-
able about real estate transac-
tions.
What areas does she see as

BIGGEST PURCHASE page 64

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