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Old 12-14-2006, 07:52 PM
 
2,614 posts, read 2,228,767 times
Reputation: 4888

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Run away!!

Rent a house and then look for a place to buy.
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Old 12-14-2006, 08:03 PM
Status: "Celebrating 30 years as a Broker" (set 21 days ago)
 
Location: Just south of Denver since 1989
10,885 posts, read 29,317,265 times
Reputation: 7085
good news, house hunting is tax deductable.

http://www.irs.gov/publications/p521/ar02.html#d0e220
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Old 12-14-2006, 10:18 PM
 
Location: Highlands Ranch, CO
615 posts, read 2,762,051 times
Reputation: 163
First, run away from that deal as fast as you can.

One thing I regret about our move to Colorado is that we rushed to find a house. We wanted to keep from doing a double move, more upheaval for the kids, yada yada yada. However, if we would have taken our time, I think we would have gotten our "dream home" instead of settling for the best we could find at the time (which is still a great house).

It is better in the long run for your family to take some time, don't rush, rent for awhile if you have to, so you can find a house that will be the best fit for your family.
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Old 12-15-2006, 06:32 AM
Cin Cin started this thread
 
72 posts, read 278,151 times
Reputation: 29
gpraceman...thanks for your reply. that is my only real worry.....wanting to stableize our kids..especially the 5th grader that cries because he doesn't want to leave his friends. We agreed(hubby and I)...we didn't want to settle...we've done it before and it didn't feel good. It helps to hear that waiting is the right thing. Thx...by the way our agent was a buyers broker or an agent....I think the other side lied and made light of the problem when we made the offer. You know ....there was a little damage from water and this french drain and all was put in...when we got the original estimate from 1999..we freaked. We are kinda working w/2 realstate agents as ours was on vacation and the one was still trying to get us to do this deal...story is the house is better than ever yada yada. It is pretty upsetting to say the least. The people who own the house didn't even bother to pay a stupid 150.00 fee for a written sign off from an engineer when they bought....and are now going back to get one 4 yrs later. We are like...sorry no way. Cin
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Old 12-15-2006, 08:02 AM
 
Location: Monument/ Colorado Springs
137 posts, read 717,886 times
Reputation: 52
Well, attorneys have been advising us Realtors lately to not act as home inspectors. Their have been several cases where Realtors have been sued and lost because they pointed out some defects on a house, but missed others. The clients claim that since the Realtor noticed some things that they represented themselves as an expert in a home's condition and should have caught everything- and judges are agreeing. A specific case was where a Realtor pointed out a minor crack in the foundation while accompanying the home inspector and the buyer. The home inspector and the Realtor both missed that the chimney was cracked and beginning to pull away from the house. When the chimney later fell off of the house, the Realtor was help liable (the home inspectors liability is limited to a very low amount- I think it's under $100.) I used to point out everything I could find to buyers- cracks in the foundation, the smell of mold- but now attorneys are telling us to play dumb and just have the buyers hire a home inspector as soon as possible in the process. I still try and help my buyers notice things like that on their own without positioning myself as an expert (and sometimes doing that probably makes me look a little blond...) Instead of pointed out evidence that the foundation has shifted and saying "Wow, the foundation has shifted." Or, "the foundation has been repaired." I'll just say, "I wonder what that's from. We should have an inspector come out and give us his opinion." "I wonder what that smell is..." I feel stupid having to say "I wonder" when I know good and well what it is. But now our insurance policies won't even cover us on stating our opinion of a homes condition.
I used to tell people that they needed to be really careful of foundation problems in certain parts of town where we have LOTS of problems with foundations. Then my attorney advised me not to do that. What if someone didn't buy in one of those areas for that specific reason and then still had future foundation problems in the area they did buy in- I could be held liable. It's ironic how we (Realtors) have less and less rights to help protect consumers because of attorneys and judges who are protecting consumers.
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Old 12-15-2006, 08:18 AM
 
955 posts, read 3,317,912 times
Reputation: 607
How terrible for you!! glad you got the info when you did though!! I agree.. maybe start looking in Craigslist etc to find a home to rent for awhile or even a rent to own option... glad you didn't rush into it
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Old 12-15-2006, 08:18 AM
 
Location: Larkspur, Colorado
226 posts, read 1,265,576 times
Reputation: 77
Quote:
Originally Posted by Mike from back east View Post
Question for our realtor pals on this list....

Would a "Buyer's Broker" have saved CIN the trouble and anguish she has just gone through....

My understanding is that a Buyer's Broker, hired specifically to work FOR a buyer and NOT a seller, would've known of these defects, and any other issues that might be objectionable, whether required by disclosure or not, before CIN put any money into the deal.

Is this the case or just wishful thinking on my part....

s/Mike
It is impossible to guarantee that a Buyer's Agent would have been able to change the outcome, if the agent is unaware of the problem or unfamiliar with expansive soils they would not be able to advise the buyer of the problem. If they had been using a GOOD agent who is familiar with the expansive soils in this area and if the damage was as apparent as described in this post a good agent would have advised them to pass on the house before it went this far.

On several occasions I have had buyers look at homes that have excessive cracking in the foundation or apparent settling and I have always advised them to keep looking.

In my opinion every buyer should use a buyer's agent, it doesn't cost the buyer anything and they have an advocate looking out for them when they are spending a huge amount of money.
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Old 12-15-2006, 09:28 AM
 
Location: Larkspur, Colorado
226 posts, read 1,265,576 times
Reputation: 77
Quote:
Originally Posted by CSColorado View Post
Well, attorneys have been advising us Realtors lately to not act as home inspectors. Their have been several cases where Realtors have been sued and lost because they pointed out some defects on a house, but missed others. The clients claim that since the Realtor noticed some things that they represented themselves as an expert in a home's condition and should have caught everything- and judges are agreeing. A specific case was where a Realtor pointed out a minor crack in the foundation while accompanying the home inspector and the buyer. The home inspector and the Realtor both missed that the chimney was cracked and beginning to pull away from the house. When the chimney later fell off of the house, the Realtor was help liable (the home inspectors liability is limited to a very low amount- I think it's under $100.) I used to point out everything I could find to buyers- cracks in the foundation, the smell of mold- but now attorneys are telling us to play dumb and just have the buyers hire a home inspector as soon as possible in the process. I still try and help my buyers notice things like that on their own without positioning myself as an expert (and sometimes doing that probably makes me look a little blond...) Instead of pointed out evidence that the foundation has shifted and saying "Wow, the foundation has shifted." Or, "the foundation has been repaired." I'll just say, "I wonder what that's from. We should have an inspector come out and give us his opinion." "I wonder what that smell is..." I feel stupid having to say "I wonder" when I know good and well what it is. But now our insurance policies won't even cover us on stating our opinion of a homes condition.
I used to tell people that they needed to be really careful of foundation problems in certain parts of town where we have LOTS of problems with foundations. Then my attorney advised me not to do that. What if someone didn't buy in one of those areas for that specific reason and then still had future foundation problems in the area they did buy in- I could be held liable. It's ironic how we (Realtors) have less and less rights to help protect consumers because of attorneys and judges who are protecting consumers.
I must disagree with you and your attorney. Our job as realtors is to act as an advocate for our clients. As stated in the Contract to Buy and Sell Real Estate that includes disclosing "Known Material Defects." If you are so concerned about being sued you should just stay home and hide your head in the sand like an ostrich and hang up your license. The best way of avoiding a law suite is to act as so much of an advocate that your client trusts you and knows that you are looking out for their best interest NOT YOUR COMMISSION CHECK! The best way to encourage a law suit is to act blond every time you are asked a question and not disclose known defects.

Most of my clients are spending well over $300k, many are spending over $600k, that is a lot of money and they deserve expert representation. I have never been sued and I highly doubt any client will ever sue me because I give such an extremely high level of service and expert advise regardless of what a misguided attorney or my commission check tells me to do!
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Old 12-15-2006, 01:24 PM
Cin Cin started this thread
 
72 posts, read 278,151 times
Reputation: 29
BenWolfe,
It is nice to hear someone that is looking out for others. I do not trust one of the realtors working for us now because she really liked the owners of this house and was still trying to talk us into considering this house even though I was firmly against it. She is a wonderfully nice person....but I now don't feel so great about these realtors and whether they are looking out for us...Cin
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Old 12-15-2006, 05:40 PM
 
Location: Larkspur, Colorado
226 posts, read 1,265,576 times
Reputation: 77
Quote:
Originally Posted by Cin View Post
BenWolfe,
It is nice to hear someone that is looking out for others. I do not trust one of the realtors working for us now because she really liked the owners of this house and was still trying to talk us into considering this house even though I was firmly against it. She is a wonderfully nice person....but I now don't feel so great about these realtors and whether they are looking out for us...Cin
Buying a house is a major financial decision and the Realtor you choose is an extremely important decision. Your Realtor should be more than "a wonderfully nice person" if you hired them as your Buyer's Agent they should be an advocate for you regardless of their friendships. I can't speak for your Realtor, but personally if I had a client who did not feel that I was looking out for their best interest I would want them to fire me. With the strength of word of mouth advertising and how important my reputation is to my success I would rather have no client than a dissatisfied client.

Good Luck with your move. And as several other people said don't buy the wrong house because you feel rushed or are afraid of being homeless. If I were in your shoes, I would speak with the people buying your house and ask if they can delay closing by several weeks (they do not have to, but they may try to accommodate your needs) or put your stuff in storage and stay in an extended stay hotel for a few weeks while you resume the search. In the long run this will cost much less than buying the wrong house.
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