When a Buyer really should sue you…..
Having been in this business for many years, I never cease to be amazed at how cavalier some agents are with other people’s money and contract rights. It seems like another cycle of “sue-the-agent” for negligence and unprofessional conduct has begun with no less than four agents being successfully sued in the last six months in my market area.
Some agents, thankfully a minority, are more interested in closing the deal than preserving a buyer’s purchase considerations and in having a full understanding the condition of a property in which they are interested. Just like in the 2000-2005 market when certain agents counseled buyers to forego any home inspections to enhance their offer, in 2008 and 2009, we are seeing a resurgence of this approach in buying short sales and foreclosures – “since the foreclosing lender will only sell the property ‘in as-in condition’, if you make your offer contingent on any inspections, they will select another one, even for less money, when it does not include inspections.” Baloney.
Agents are being sued after the dream deal for a discounted property evolves into thousands of dollars of unexpected repairs before the property can be safely lived in. One recently sued agent received a call the day after closing to learn that water was pouring out of the living room ceiling from a burst pipe. Her response was – “Gee I’m really sorry, but you did sign the waiver acknowledging there could be problems….” $4,400 + attorney fees later and poorer, I think the agent may be wondering about her purchase advice.
When should you advise a purchaser to waive inspections? Never.
What advice do you provide to prospective purchasers about inspections? What if the buyer really wants the property and doesn’t want to do the inspections?
Dave Rosenmarkle
Broker Owner
Highland Realty
Arlington, VA
(703) 538-2566
davidrose@mris.com
www.HighlandAgents.com
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