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Disclosure and Knowledge: Deal Killers – Objections -- Deal Breakers!

A Water Tower When showing homes there are certain negatives we cannot overcome. These are physical limitations that pulling up a listing on the Internet or the MLS cannot really tell you. Sometimes the listing photos can give us clues that a property is above or below street grade. As long as it is not a lot that you have to know how to rappel it to pick up the mail or mow the lawn we are still ok! Sometimes our MLS maps let us know we are near a train or a busy highway, and sometimes it is our hearing that gives us the heads up. If we are unaware of a major situation and we are with a client sometimes there is no place to hide from our own disappointment.

Other issues that arise that we may not overcome is the proximity to the street, or the fact that the home is under the power lines, or backing to a double yellow line, or that a water tower casts a giant shadow across the back of the home for most of the entire day. The only thing that is worse that seeing such an obtrusion is not being able to tell your client that zoning is going to place it next door shortly. It is one thing to sell a home, and quite another not to be able to tell a buyer there are certain zoning issues that are already on the books that may impact a property. Specifically their property. This is real estate 101, and it happens all the time.

So on first glance the property is perfect, and the yard looks so perfect! But, new construction that develops that beautiful field behind the home you are selling becomes a Wal-Mart, a school or a self storage are real possibilities also. They have not yet occured, but they are imment threats to the value and future enjoyment of that prooerty. These future developements of properties immediatly adjacent to the property gnaw at the bundle of rights the buyer assumes they are purchasing. Mentally they wil encroach on your clients mind if they move forward uninformed. Did you advise your clients about the probabilities, or remain silent to collect a commission? Real estate is all about service. There is a lot of closure in disclosing the facts for clients to make informed decisions. It is not all about what is visually at the property when we show it or contemplate writing an offer...it is also what may take place with zoning afterwards. Water towers, shopping centers, schools, road widening, apartment buildings, variances, power lines, easements, and even dams! How far do you research prior to selling a home? When I arrive at a property that I know there is a beautiful field in the back yard, the first thing to mention are the potentials the land behind may have.

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 03/02/2008 07:50 PM

Comments (17)

disclosure buyers agent zoning changes objections development buyer agency disclosing variance easements ethical selling ethics

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17 Comments on Disclosure and Knowledge: Deal Killers – Objections -- Deal Breakers!

I would also avoid showing properties that are in eye sight of cellular towers....too many health risks associated with that.... better to have bad cell phone reception then to live near a tower!

03/02/2008 07:56 PM

by Paul Kaplan, MidCentury Properties & Architectural homes in Palm Springs (Christies Great Estates/Pacific Union GMAC Real Estate)

Paul Kaplan, RepoCaravan.net and MidCentury homes in Palm Springs Thanks Paul I forgot about them!

03/02/2008 08:00 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Hi Jim,

You pose an interesting question.

I feel as agents we obviously have a duty to disclose what we know and beyond what we should have known. A responsibility of due dilligence, especially with a red flag. However further investigation may depend on the laws of your state. Some states (i.e. CA the sue happy capitol of the globe) also have buyer disclosures which also inform them of their responsibilites as a consumer.

As for trying to overcome objections, if someone opposes something we just move on. A good aspect of today's market, we have plenty of inventory.

03/02/2008 08:12 PM

by Orange Co. Real Estate~Lynda Eisenmann, Broker-Owner, Brea, CA (Preferred Home Brokers)

Paul,

Do you have a source for health risks associated with cell towers? I've never heard of that before.

Just curious, thanks.

03/02/2008 08:15 PM

by John LaBelle (RE/MAX Prestige)

I remember them teaching us this in Real Estate school ...disclosure!

03/02/2008 08:22 PM

by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates)

John LaBelle Sorry I do not, thge Internet may be a great source!

03/02/2008 08:26 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL Disclosure, disclosure and more disclosure.

03/02/2008 08:27 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Jim, I always think when as a buyers agent we need to review the zoning around the area and the Economic Development Commissions plans for road improvements, etc.

03/02/2008 09:03 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Gary Woltal - REALTOR® Dallas Ft. Worth If we are working real estate full time, we know a lot of the local knowledge. On other instances, we can drive down a street and notice that the homes on only one side of the street are all for sale. A statement is being made that we must listen to. Is the undeveloped land behind being developed ? Is the street being widened? Is there an assessment looming for a public project? We have to learn how to listen to our first instincts in real estate. When I have a buyer, my advice is simple "Next!"

03/02/2008 09:19 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

These are all good points to remember. Sometimes it is easy to forget for a moment.

03/02/2008 10:49 PM

by The Best Spot Realty/Norris Lake Real Estate/Ooltewah Real E

Soon we might have to disclose all our personal lives too:)

03/03/2008 06:12 AM

by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates)

Gayle Balaban/Norris Lake Tn. Real Estate Gayle, I do not dwell on them, I look for the most obvious, and if it say's Pass" we move on. There is no sense moving forward on something that your gut instinct says "NO!" NEXT! LOL

03/03/2008 07:43 AM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL Ouch! That would hurt!

03/03/2008 07:44 AM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

I always have my ear open to "gossip" about what is potentially coming to the area and where it may go. Better to be in the know than blind to progress.

03/06/2008 07:25 AM

by Sandra Workman ABR, CNHS, QSC, RCC (Speckman Realty Inc., GMAC)

Sandra Workman ABR, CNHS, QSC, RCC You are smart! I find the local community newpaper one of the best resources! It has been very beneficial over the years to do so!

03/06/2008 07:44 AM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

Liked your post. I'd like to think that most agents know this and practice it, but I rather doubt it. Thanks for posting.

03/06/2008 03:20 PM

by Katherine Anderson, Managing Broker (Coldwell Banker Hobin Realty, LLC - Hampton & Rye, NH, USA)

Katherine Anderson, Managing Broker I agree, some of the heat will eventually come back to the broker of record if there are ever problems. They won't sue the agent, they are only agents of the broker.

03/06/2008 03:59 PM

by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO (RE/MAX Greater Atlanta)

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