Dear list members:
Each state can be a little different, but in most states the real-estate
broker is a representative of the seller and is paid by the owner, so the
buyer should beware. The realtor will likely not point out any defects and
problems, and in fact the commission is not earned in the absence of a sale, so
the financial incentives are there to persuade a realtor to overlook any
problems.
Some buyers hire their own realtor, in which case the realtor has an
obligation to represent the buyer's interest, but even then, no commission
unless a sale is consummated, so the dollars tell the realtor to overlook
issues.
If you do not have a sighted person who has experience with home
construction and maintenance who will help you, then by all means hire a
reputable home inspector. It is better to pay five hundred bucks or less to
find out that you don't want a dud, than to spend tens of thousands of
dollars, only to find that you are going to have to spend tens of thousands
more to bring the home up to standard, or to find out that the costs of repair
are more than the worth of the home.
Tennessee is a state where the individual must depend upon him or herself,
as the government does not inspect homes, other than the electrical system when
it is new, but the costs of a home are not 40 percent higher in order to meet
all the codes which are in effect in some states.
Having the title to the property checked out is also a must. There are
still some crooks out there who will sell you a home that has liens against it,
and the last thing you want is to pay cash for a home and once the buyer has
his money and has moved out of state, only to fine that there is a perfected
lien for eighty percent of the value, which you will have to pay or loose the
home. I have dealt with buyers who had the title checked out after the
closing, and there have been some sad folks, once the report came in.
Thankfully, most folks are honest and the horror stories are the exception,
but one should not take that chance, as some home owners are not aware of
problems with the title to their own property.
Yours Truly,
Clifford Wilson
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