So you have found the house that fits your needs best, or so you think, and you are ready to buy. Do you have an agent representing your interests? Or are you relying on the good will of the listing agent to look after your needs? There is a big difference, and here is a story that makes for a frightening read… we hope you never experience anything like this could have been, and the best way to ensure that it does not, is to get yourself a quality buyer agent to represent your interests in your entire process of finding, offering to buy, and purchasing your next home!
These days, with foreclosures as they are, and bank owned properties on the market in near record numbers, always be sure to get an inspection done on your new purchase home. Whether it is new construction, or a pre-owned home, being sold by a private seller, or a bank, do not miss this opportunity to verify the condition of the home.
Banks will most often not make any allowance for faults found in the inspection report, but at least you know what you are getting into, and can back out if there are substantially material defects. This sounds obvious to most, but you would be surprised at how many people waive the inspection clause when a property is being sold AS IS.
But here is the sinister aspect of all of this: we have seen several homes in the last couple of months that, when the inspection was performed, the house was in relatively good condition, and while it may have had some defects, the buyers were still going ahead with the purchase, only to find upon a walk through of the property on the day of the closing, that someone had entered the property, and literally removed all traces of copper, such as wiring and pipes, removed the boiler units, and removed, of course, all of the appliances!
The seller’s agent, in the most recent instance of this, did not encourage the buyer (who was unrepresented by a buyer’s agent) to do the walk through. I am not saying that the seller’s agent had foul play in mind, and you can make your own judgments there, but it is certainly a standard practice to do a walk through on the morning of the closing, and for what ever reason, this agent did not advise it. Of course, they were the listing agent, and did not represent the buyer, what ever the buyer thought, so it is understandable that they did not have the buyer’s interests at heart. But the buyer read our website section on the process of buying homes, and insisted on doing the walk through. They later sent us a letter stating that our website had saved them great aggravation and trouble, and that in all future instances of their buying property, they would use our buyer services.
Not trying to toot our own horn here, but just imagine what would have happened if they had NOT done the walk through of the property that morning! We did not make any money on this transaction, but we are very pleased to have provided information to the buyer that saved them from serious trauma.
Be sure you have representation when you buy a home, and make sure you do your home work and understand what processes are best to ensure a quality purchase and a quality process.
