The Motley Fool Discussion Boards
Personal Finances / Buying or Selling a Home
|Subject: Rant of my Own||Date: 3/12/2013 5:32 PM|
|Author: inparadise||Number: 124953 of 127714|
Tried to buy a house this weekend. Fortunately, our Realtor is pretty kick a$$ when it comes to doing her job, but the listing agent slapped this property on the market without doing any of his basic checks. Sellers can often be clueless when it comes to remembering things properly, and IMO it is the listing agent's responsibility to do some research on claims. It is in their best interest to do so, so that they don't spend time and money marketing the property just to have it fall though for some undisclosed problem. When I was listing properties I would have a quick title search done to see just how much was out in loans, who was on the deeds, and if there were any quirks that needed documentation or to be addressed before putting it on the market. It was impressive how many titles were still in a deceased name, how many had loans secured by the property that they didn't realize had to be included in the mortgage info, how many ex-spouses were still on the deed and would need to be wrestled with.
The property I wanted to buy was listed as "waterfront." Well, no, it's not. But supposedly there is deeded access to the river. Getting the deed from the county offices on Monday showed that deeded access did not transfer with sale of property however. And the septic system seemed to be for a two bedroom, not a three, though supposedly it was added on to. And there is a shared well, which fortunately has a strong written agreement with the neighbor. Unfortunately, that written agreement includes a right of first refusal on purchase contracts for the property of interest....which my agent found out about when she tracked down the owner of the property with the well and called them. Then we called the listing agent and let him know.
The property itself was great, but a hot mess legally. It should have been cleaned up before it got put on the market. And even then, disclose the right of first refusal so you don't waste my time and travel money.
Sellers, find your deed, and any documentation you may have for well, septic, plat/survey. Give copies to your listing agent. It can make the world of difference as to how fast a deal can move if all those documents are ready to give to an interested party.
who has learned not to waste money on things like inspection and appraisals before eyeballing those documents
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|