Buying or selling real estate today is emotionally charged enough without the proverbial rumor mill adding to your discomfort.
It is amazing how many people have a brother, cousin, friend or know somebody that knows somebody that had an experience that is detrimental to the experience you are about to enter into as you venture into the market place. Yet without first-hand knowledge about the circumstances involved in that particular transaction, or if they even have the facts straight, they are willing to venture forth that person’s experience enhanced by their opinion of the matter.
Price is one of the most popular topics of discussion for the lay person when hearing about a potential real estate transaction. There are some wild stories out there these days and some of them are true. It doesn’t make every property or situation ripe for achieving a “pie in the sky” price, or for the buyer reaching for the sky in order to get a property that he wants in order to place a roof over his family’s head.
Market price is hard to establish these days because of the vast desperation that is out there, but there is a reasonable limit about what a property can sell for given savvy cash buyers or the appraised value that a buyer getting a loan can expect. These contribute to the end result of what a buyer and seller will agree on for a price.
Repair scares are another drama teaser. Stories of nightmare inspection findings resulting in high repair costs abound. In reality, those are relatively infrequent.
Inspections are for the protection of both parties, buyer and seller, as they provide an objective opinion of the condition of the home on a given date by a licensed, bonded inspector. If there is a problem decisions can be made on how to mitigate the problem, but everyone will deal with it eyes open. If the problem is too big for one or the other parties given the contractual terms they have agreed to they can both attempt to renegotiate, or either can rescind the transaction.
The property condition after the close of escrow is another thing these real estate “rail birds” like to crow about. The place was a mess, debris strewn about the property, old cars abandoned, etc. Yes, things can happen, but there are checks and balances along the way to the observant active buyer and their agent. If you have an “as is” transaction and you expect the cars to be removed, provide for that in the contract. Some contracts call out cleaning expectations.
In this competitive market, that might not serve the buyer well. You might be ahead to be the “winning” buyer and spend some money on a cleaning crew to have it shine to your expectations.
There are the tales of a seller not moving out of the property, or the fence being five feet over on your property, etc. While rare, they can occur.
Sellers, or tenants, not vacating is a complex situation involving eviction, COVID restrictions, and more these days. Get on that one early and make sure you aren’t backed into a corner with your money in the pot.
Fence lines aren’t property lines. They can be on the property line, but more often than not the person installing the fence will put it a touch on the inside of their property so as to maintain ownership and not have problems. Always check the boundaries when buying so you don’t inherit a problem.
Anything can happen at anytime, but for the most part the rumors that are passed along by their monitoring mongers are an exaggeration of the reality, or truly a one off that won’t happen again. Your agent is there to protect you along with the many professionals involved along the way, i.e., inspectors, title officers, escrow officers, lenders, underwriters, and more. Most will speak up when an anomaly arises so as to warn the parties. Listen to your “savior” informant and smile inside – you have your agent to protect you.
The world of real estate intrigues most people. Everyone needs a roof over their head and they enjoy stories about different properties and circumstances that occur along the way as people work to buy or sell their shelter. Don’t get caught up in the rumor mill … it is a fantasy land for people with too much time on their hands.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. firstname.lastname@example.org.