The process of buying a home is much different than purchasing most other products. There is no consumer magazine that gives one a ranking on the property, that shares consumer experiences on a specific property, lists and compares the features and benefits of similar product or indicates that it is the "best buy". When homes are concerned, the consumer MUST become his/her own advocate by doing a complete investigation. That is called Due Diligence.
Pacita Dimacali, Alain Pinel in Alameda County, CA presents a wonderful explanation of the need to do your homework before making it a done deal. Pacita has written about California real estate for several years, and has allowed me to repost this valuable information for my SoCal readers. Thanks Pacita.
Know that I have disabled comments on my blog so that you can click through to Pacita's post and leave a comment there for her reply.
Enjoy! Brad Rachielles
Buyer investigation
Just how much of the responsibility to conduct this buyer investigation rests on the buyer and his agent?With our California residential purchase agreement is a Buyer Inspection Advisory.
We supplement this with the Statewide Buyer and Seller Advisory, Buyer Inspections Selection, and the usual local disclosures. One would think that the buyer is duly informed of his rights and obligations.
But agent beware!Buyers may not read these advisories and disclosures carefully. The Buyer may think that all he needs to do, should he choose, is to get the inspections done. He may expect the agent to do the rest of the research about the property, such as delving into the permit history (any expired permits or unpermitted work?); checking out the neighborhood (loud and nosy neighbor?), and advising him accordingly.
Unpermitted workAn agent was taken to task because the property the buyer bought had unpermitted expansion. Although this was disclosed, the buyer may not have understood what the ramifications are should the Alameda CA Planning Deparment demand compliance.
When the Buyer approached the City to get permits to improve the expansion, he was shocked when the City demanded that the expansion is removed and not replaced because it did not conform to local ordinance.
The buyer immediately demanded relief (pain and suffering, recovery of expenses, equivalent of perceived loss of value), taking the position that the agent did not duly advise him of the consequences of unpermitted work.
How can the Agent protect himself?Brokerages sometimes develop their own Advisories to complement what is already there.
But if the Buyer doesn’t take care to read the standard advisories, what will make him read more?
The Agent should review with the Buyer the Buyer's rights and responsibility to do his own buyer investigation which includes in-depth research into the permit history. Some Buyers do not know or understand what they can or should do --- it is safe to assume that the Buyers need a guide to help them navigate the steps involved in buying real estate property.
Buyer investigation: how much of the responsibility rests on the buyer and/or his agent?
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Cell: 909-816-7333
Web Page: http://www.BradRachielles.com
e-Mail: bradrachielles@dslextreme.com
