Just Blame the Appraiser
Posted by Hank Miller on
The art of persuasion, it’s a beautiful thing. Books have been written about it, master classes offered and expressions like “he could sell ice to an Eskimo” coined. Home buyers and home sellers dabble in the “persuasion” arena during the purchase process as they roll through the deal. The typical real estate agent doesn't dabble, they will do whatever necessary to secure their commission. Someone
certain to be on the radar of all is the appraiser; sometimes an ally, sometimes an enemy. More on Karen later...
Home Sellers & Appraisers
When an owner decides to list, their first move to solicit a real estate agent. Unfortunately, most sellers fail to properly vet an agent and many agents lack the ability/expertise/desire to speak candidly to…
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Fear sells. The speed at which surveillance devices became "the norm" after 9/11 is mind-boggling; from satellites to cell phones, cameras are rolling. Out shopping for a home, always assume that you are being recorded when you step onto that property. The idea that home surveillance devices are now essential is marketing gold, not to be fully ensconced in "protection" could easily result in your or your loved one's demise. The result? Continuous growth of home security systems, from Ring to full video/audio surveillance; inside and out. Homebuyers are being recorded and there's no obligation for anyone to disclose that.
are significant differences between an appraisal and a home inspection, it’s best for every home buyer to become familiar with the purpose of each. In fact, some real estate agents would also benefit from a reminder about their respective roles.
mean”? Well, the exact definition varies depending on the type of business, but in short a fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests. Typical examples of fiduciaries are trustees, executors, and guardians.
Well add this to the list of “No chit Sherlock” observations coming out of the last two years. Seems that just over 70% of recent homebuyers have buyer’s remorse. In Feb '21 we noted that 44% of homebuyers had buyer's remorse, these new stats are bonkers. This number is a bit of a surprise and the reasons have to do with price but also with just about every other aspect of the buyer's transactions. Put politely, these buyers are now in a position that no one wants to be in…and they have only themselves to blame. Sure, the market over ’21 and the first part of ’22 was bonkers, competition was fierce. But how many of these mournful buyers made the cardinal sin of not qualifying their agent? Most of them.
Attention media! Please stop; the greater Atlanta housing market was just fine in the 3rd Qtr of 2022. Stop the insentient blathering about impending real estate Armageddon, the data is not there. The Atlanta housing market in Q3 2022 did not melt down. In fact, the data is nothing like the media would love for everyone to believe. Best to pay attention to legitimate major issues, starting with the recession and inflation.
As we get back to a normal real estate market, contingencies that buyers waived during the covid crazy months will return. Due diligence periods are back and with them, the main contingencies of appraisal, finance, and inspection. It’s reasonable to say that everyone needs to get reacquainted with home inspection hysteria and the rule of making mountains out of moles hills. The inspection is a critical component of the purchase process and certainly one of the most contentious and misunderstood.
disclosure after contract? Standard real estate answer..."it depends". Issues with the seller's disclosure tend to be the most common thing buyers and sellers lock horns over. Contracts fall apart as buyers claim things were omitted, information wasn't accurate, something that was to remain was taken...the list is ever growing. Remember all of those buyers that waived the contingencies during the lunacy of '21 - early '22? Now some are having issues and looking to assign blame. A bit late for that, remember that while sellers in Georgia are obligated to disclose latent defects, they are not obligated by law to…
emanating from the media, time was given for patterns to develop? What if the Atlanta real estate market isn’t going to crash? What if this is a period of adjustment and a return to normal? How effective is anticipating stock performance by watching the ticker and reacting every few minutes? What if we back out, let the situation develop and look for past patterns to anticipate future trends? Yeah, what ifs are risky and there are many variables. However when time is taken to consider the data, real estate falls into pretty consistent patterns.