Sure to raise quite a hullabaloo in the real estate community, this article that ran on the Examiner about a woman who unknowingly purchased a below market rate unit at market rate prices, and would now like to sell it at market rate, but can’t, should be a wake up call to our little real estate machine. In the heat of the frenzied market we experienced, so many of the small details were over-looked. Not good. You absolutely must read the disclosures, and the preliminary title report. Read it all! We know first-hand how many buyers and sellers over-look so many documents in an effort to just be done with the whole process, or be the winner in a multiple offer situation, but this is a striking example of why you shouldn’t do that.
Who’s to blame? Realtors? Buyer? Seller? Everyone?
“The restriction, according to the lawsuit, was indicated on the title report…” Ouch!
–S.F. condo rules snarl FBI agent’s plans [SF Examiner]
–A reader asks, we hopefully answer (888 Seventh Street, resale restrictions for BMR) [theFrontSteps]
At the risk of offending the larger community here I feel pretty strongly that this is an issue with Realtors. There are a lot of people in this business these days that are purely in it as a matchmaking business to find buyers and sellers; oh and here is my preferred lending agent! A Realtor that will take responsibility for helping me understand the disclosures, title process, find the best loan, guide me through closure, ensure that I avoid pitfalls, maybe recommend some contractors and slip me a tip about who are the best permit expediters, and then buys me a plant for the Front Steps of my new house is worth every cent of their earned commissions. OTOH, an agent that presses me to over-bid with no contingencies and super rushed close process isn’t ‘earning’ their money. Same goes for the sell side. An individual will only go through the buy/sell process a few times and can’t be expected to navigate the process alone. And that is what a lot of realtors do with their clients. They process the paperwork and push the clients through the process.
For all the grief people are throwing at Realtors these days (myself included to some extent) there is actually a small group of connected Realtors that are really dialed into the market and can help the buyers and sellers. This is a job and finding the right person to buy or sell you house is actually pretty critical.
Eddy
[editor’s note: Very well stated. Thank you.]
Points are all well taken. However the real estate lic. in many states prohibits, by vertue of the liability that a broker has, from doing many things that you would like. The issues that presented them selves in the title report however should have been flaged by the Agent. It is important for a buyer to understand and retain an agent as a “buyers agent” so that the buyer is represented. The sellers agent is not going to spend the time or dillagence with you.