Susan Orick - Daniel Island, Mt. Pleasant, Charleston SC real estate

Charleston Real Estate News and more by Sue Orick

Disclosures, disclaimers, and representation OH MY!

Here is a crazy question for you. Would you represent yourself in court? I know that some of you have heard this line of thinking from a real estate agent and to prove me wrong you say, "Well, yes in some cases I would."

How about if you were being sued for

$200,000?

$400,000??

$750,000???

Hmm….Not so sure now?

In real estate transactions the stakes are that high. It's not equivalent to a speeding ticket or an unpaid $300 loan from an acquaintance. It is a transaction that deals with a lot of money, and many legal matters.

I know people buy and sell real estate everyday without representation, sometimes people just get lucky. But would you consider it lucky if you sold your home and a buyer later came back and sued you because they found out that you didn't have a disclosure that was required for your state and they are saying you were untruthful with them? Would it be lucky if you bought a house with no agent involved and you didn't get a home inspection and after you moved in you found out the plumbing was bad, the central air wasn't working, and the stove didn't work? Hmm….

A realtor's job is to protect your best interests. Realtors represent their clients and make sure the legalities of the transaction have been fulfilled. Those packets of forms you buy from your local office supply store may not have lead paint disclosures, property condition disclaimer or disclosure, a right to farm ordinance for your county if required, a septic system disclosure, the list could go on and on.

So how confident are you that you can go it alone? What if I told you that sellers who decide to do For Sale By Owner, on average actually net 10% less than sellers represented by agents according to studies completed by the National Association of Realtors. Hmm….

Psst, Buyers did you know that your representation by an agent costs you no money?

Posted - 08/04/2008

View By Category
Real Estate (18)
Community (17)

view all