How could I ever forget my very first real estate transaction? It took money out of my pocket. Yes, that was a learning experience which I will always remember. Back in the spring of 2002, I had left my laboratory technology profession at Lab Corporation of America, and began my new career in real estate. I was absolutely thrilled and excited that two of my co-workers were looking to purchase their first home, and wanted me to assist them in the process by being their agent.
After looking at several homes, we finally found the perfect home for this couple. It had all the space they wanted for a growing family, and the yard was very large with lots of fruit trees. They loved the fact that is was on a corner lot, and the home had lots of potential that only needed some cosmetic repairs. However, the inspection report pointed out a lot of other issues with the property. But, the seller wasn’t able to make any of the requested repairs, so we negotiated to reduce the sales price, and my buyers were satisfied with the deal.
Shortly after moving into their new home, I got this phone call complaining that the water heater was leaking. No big deal I thought. Just call the residential home warranty company, which the seller had paid for in the contract. The plumber showed up to fix the water heater, but discovered some rust, and noted that it had a pre-existing problem, and it would not be covered under the residential home warranty. WOW! Now, What?
These were not just first time home buyers with very little money saved up for emergencies, but they were my very first clients from my old job, and I certainly didn’t want, or need any problems that would hinder any future referrals from them. Therefore, I offered to purchase a new hot water heater for them, and they had a family member who could install it to save on the labor charges from any plumber.
Yes, my first real estate transaction cost me money, but I had some very satisfied clients, and they did refer more business to me, and even bought another home 4 years later. Since that first transaction, I have learned some valuable lessons about pre-existing conditions. Some of the home warranties today do cover these conditions, but only if you purchase the upgraded residential home warranty. Finding out about them during the home inspections can save the buyers and their agents money.
If you are thinking about buying or selling a home anytime soon, Call Jerry Today at 210-789-4216. To quote my Active Rain friend, Karen Kruschka, “Experience Isn’t Expensive, It’s Priceless”. Let my real estate knowledge and experience work for you, and save you money. Search for homes on my website, Homes For Sale in San Antonio.
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