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Answers (6)
- user353662
- Contributions:6
I want to THANK EVERYONE for their help on this.
The problem is that I live in a geographical area where decent properties come along in my price range, about as often as a solar eclipse. When I went to view this property, the listing agent was just bending over backwards, as if he was desperately trying to unload the property (which has been on the market for a year)...I know that can be the sign of a problem, but the truth is, I sincerely love the property. However, I started noticing possible electrical code violations and that was the only reason that I asked about the permits and got the response of "Uh, I don't really think it was required that we take them out"...well, I did some research and found out they were.
When we started negotiations, they were really "stuck" on full asking price (which according to two appraisers is $20K out of the ballpark on the best day)...so I'll admit, I'm furious that he made it sound like negotiations were possible, when in reality, they never were. This would not be my first house, as I have bought several before, but I never, ever would have went to view the house had I known he was one of the owners.
I originally come from a geographical area where you didn't have sellers that overprice properties...so this is a new experience for me and I have just never, ever ran into this before. Because the owner is also the agent, you don't have that objective ear telling them, "The property has been on the market a year...do you EVER want to sell it?"
I wish I just had the money to blow on it, but I don't. I just cannot in good faith purchase a property that I know I'll lose money on, but at the same time, it makes me sick because I have been looking for a year and this one was perfect :(
The problem is that I live in a geographical area where decent properties come along in my price range, about as often as a solar eclipse. When I went to view this property, the listing agent was just bending over backwards, as if he was desperately trying to unload the property (which has been on the market for a year)...I know that can be the sign of a problem, but the truth is, I sincerely love the property. However, I started noticing possible electrical code violations and that was the only reason that I asked about the permits and got the response of "Uh, I don't really think it was required that we take them out"...well, I did some research and found out they were.
When we started negotiations, they were really "stuck" on full asking price (which according to two appraisers is $20K out of the ballpark on the best day)...so I'll admit, I'm furious that he made it sound like negotiations were possible, when in reality, they never were. This would not be my first house, as I have bought several before, but I never, ever would have went to view the house had I known he was one of the owners.
I originally come from a geographical area where you didn't have sellers that overprice properties...so this is a new experience for me and I have just never, ever ran into this before. Because the owner is also the agent, you don't have that objective ear telling them, "The property has been on the market a year...do you EVER want to sell it?"
I wish I just had the money to blow on it, but I don't. I just cannot in good faith purchase a property that I know I'll lose money on, but at the same time, it makes me sick because I have been looking for a year and this one was perfect :(
- Tug of War
- Contributions:1947
It's not about did they violate the NAR Code of Ethics imo
...but did they violate the Law
Officially report the situation to the City/County, ask for an investigation/review..what your liabilities may be
Report it for investigation to the State..let them decide
"Consumers may report suspected misconduct or other violations of a respective profession to the appropriate licensing agency.These complaints are then reviewed to determine any necessary disciplinary action."
...but did they violate the Law
Officially report the situation to the City/County, ask for an investigation/review..what your liabilities may be
Report it for investigation to the State..let them decide
"Consumers may report suspected misconduct or other violations of a respective profession to the appropriate licensing agency.These complaints are then reviewed to determine any necessary disciplinary action."
Even if you pass you can perhaps help the next Consumer who considers buying that property or another one this person perhaps did the same thing with
*It costs the Buyer nothing to use an Agent...and Unicorns rule the World
- Michael Emery, "MikeEmery"
- Contributions:7296
How did he fill out the property disclosure. Specifically C 6 and 7.
If he falsely stated on the form that no work had been done without permits he would be in trouble.
I can't speak for TN, but on our MLS system the 'owner is agent' disclosure is generally on the agent side of MLS and is not visible to consumers. BUT he should've disclosed ownership or relational ownership of the property prior to any negotiation.
If he falsely stated on the form that no work had been done without permits he would be in trouble.
I can't speak for TN, but on our MLS system the 'owner is agent' disclosure is generally on the agent side of MLS and is not visible to consumers. BUT he should've disclosed ownership or relational ownership of the property prior to any negotiation.
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
In addition, in general it would be in your best interest to have a buyer's agent. I think a local, professional opinion would be beneficial and cost you, the buyer, nothing, as the seller usually offers a percentage to buyer's agents.
- wetdawgs
- Contributions:26804
You may find some information in NAR code of ethics article 5. As I (not lawyer, not Realtor) read the article it is quite notable that it doesn't mention when it has to be revealed. He did reveal this situation, but not by your preferred timing.
Does Tennessee have a disclosure form? We've purchased properties elsewhere where construction has been done without permits. We've simply been hard about it and forced the seller to retrospectively get the permits and inspections (at their cost). Of course, the seller always has the right to reject an offer like this.
What is your objective?
Does Tennessee have a disclosure form? We've purchased properties elsewhere where construction has been done without permits. We've simply been hard about it and forced the seller to retrospectively get the permits and inspections (at their cost). Of course, the seller always has the right to reject an offer like this.
What is your objective?
- user353662
- Contributions:6
:(
Could someone please help me with this? Thanks in advance.
Could someone please help me with this? Thanks in advance.
Does a Realtor have to disclose they are the owner in Tennesse of a property?
I found a property on Realtor.com in my area for sale, read the full description and on the local Realtor's website, but there was no indication that the Realtor was also the investor. We exchanged a few e-mails and he didn't bother to share this information with me until I actually drove out to view the property. Had I known they were one in the same person, I would have got my own agent. Was this a violation?
Problem #2
While engaging in the transaction, I also discovered that over $60,000 worth of work was completed without a building permit on the home by the Realtor's investment company. Yes, they are required in this area. He didn't admit to not having them until I asked for copies, which I feel was like a willful omission of a material fact. When I called the city to inquire about the permits, they confirmed none had been taken out...ever for the project. Am I right?
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