Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Many American businesses have been put on hold as the country deals with the worst pandemic in over one hundred years. As the states are
Sellers Do Not Know What Sellers Do Not Know III
Dated: July 16 2015
In part III of this blog we will discuss how a seller can be put in a very bad situation if they are not aware or properly counselled. As real estate agents and members of The National Association of Realtors@ (NAR) we are always being challenged to learn more to help our clients navigate the pitfalls of a real estate transaction. With more and more states putting the burden of negotiating the deal and preparing the legal contract between the parties involved on the realtor@ we are constantly reminded that we are in effect, practicing law without a license.
If you think that is a scary proposition for the broker, you should think about what the implications are for a seller. For instance, depending on your state, if your home was built prior to 1978 you are required by law to know if your house has, or ever had lead paint. Not only must you know but you must disclose to any potential buyer that you either do know, or that you don't know and there could be a possibility that the condition exists in your home. What if your broker doesn't know this or is sloppy and forgets to inform you? What if you close on your home and a year later the new owners decide to have a baby and re-paint the nursery? What if, in that process they learn there was lead paint in the house? What if you didn't fill out that disclosure through no fault of your own? What if the new owners decide to sue you for damages? You, Mr. and Mrs. Seller, are in big trouble. Again, in most states ignorance of the law is no excuse. You may be saying to yourself, "Well I will just sue my realtor", and yes you can do this, you have many remedies under the law but you are still responsible to the buyer/plaintiff and you are still being sued! So why not avoid it all together? That is what you are really paying your broker to do, keep you out of court. So hire a good one.
This is simply one example of the numerous things that can happen when you pick the wrong realtor. Point of fact. Not all real estate agents are realtors@ and held to the same standard as members of NAR. So make sure your real estate agent is a realtor@. Every state has a real estate regulatory agency. They all have websites and every licensed real estate agent is listed along with any suits and/or complaints that have ever been brought against that individual. Do your homework. The best realtors are those that know the laws, and are able to steer you away from trouble before it happens. If you live in a condo community, ask any potential real estate agent you are interviewing how many condos they have ever sold. If you live in the county make sure the agent you choose has experience with water right, knows the laws regarding sub-dividing or any covenants that go with the property.
In short, don't be afraid to ask questions. You are putting one of your biggest assets in the hands of someone who can either make selling that asset a great experience or a nightmare. Remember, your friends are all well meaning and have opinions, some good some bad but they are not professionals. Listen to your broker once you have chosen him/her. They are the professionals!
The Steamboat Luxury Team -Vicki Jackson and Mike Shuttleworth Vicki Jackson has been a Realtor for 11 + years and comes from a long line of Realtors. She has specialized in luxury resort and ranc....