This FSBO – For Sale By Owner story should convince all you bargain hunters that foregoing the assistance of a real estate professional can be detrimental to your financial & healthy future.
A Licensed broker friend of mine from another state told me this tale this is not an urban legend it was in fact something that happened to him personally. While working the “FSBO” classified he spotted what appeared to be a great deal. Good enough to consider it as a buy and flip property…a busman’s holiday if you wish.
With the thought of buying it himself, he DISCLOSED his status as a New Jersey real estate broker to the seller. The initial visit looked promising, and a re-visit was scheduled with the potential buyer (a R.E. Broker) suggesting to the seller he should make a “list” of concerns that anyone looking would want to know about.
There were some cause for concerns in the basement a few neat round holes had been cemented over and no explanation was given upon the initial walk-through. The second visit, started cordial with the New Jersey Broker asking about “that list” he had asked the seller to compile…none was written or offered.
Suspicions on the veteran brokers part, suggested a metal detector be employed for this visit. Sure enough buried tanks set the detector pin in the direction of the strongest probability. Further investigating showed there to be at least two tanks, and other metal “object” in other parts of the “affordable –for sale by owner property”.
How does an agent from New Hampshire know the details of this Non-Disclosure story? This New Jersey broker uses me to buy and sell properties in New Hampshire, because I know what is required here and will protect my client whether he is buying or selling…no deal is a preferred solution to a bad deal every time.
Buyers: When sellers don’t hire a real estate professional it doesn’t mean you’ll get a better deal by saving the commission payment. It can mean they don’t want you seeking advice from someone who knows what to look for.
Sellers: Avoiding a commission can be a costly mistake…we know how to remedy every situation. Disclosing an issue can keep you from being sued later, or possibly result in finding a reasonable repair prior to the sale. We have seen it all and that is why our guidance and knowledge is affordable compared to the alternatives.
If no problems are readily apparent -that doesn't mean a hidden defect isn't lurking out of sight!!