Ah yes, the golden rule. Did you know real estate agents and brokers have an even higher ethical standard in which to live by if they are going to conduct real estate transactions? That is, to put the client's interest before their own. Think about what that means for a moment. It means every concern and every issue that is important to the real estate client should be of utmost importance to the real estate agent! Over and above anything else, including whether or not the purchase or the sale of the property will be in jeopardy.
Real estate agents are required to conduct a visual inspection of each and every property that he/she is involved with, whether or not they are representing the buyer, the seller or both the buyer and the seller (we'll get into dual agency in a separate blog). As a result of this inspection, issues that may materially affect the property's desirability are often discovered during the agent's initial inspection. It is the duty and responsibility of the real estate agent to memorialize and notify all parties involved about potential red flag issues that have been discovered. Sellers also have a legal responsibility to disclose all issues that materially affect the desirability of the property. This likely includes informing all parties involved about issues such as roof leaks and repairs or replacement, plumbing leaks and repairs, termite infestation, mold infestation, to name just a few. This disclosure requirement pertains to bank owned properties as well. Many people, as well as some real estate agents, mistakenly believe that banks can sell properties "as is" and that "as is" means that banks do not have a duty to disclose. This is not true!
The next time you are out with your real estate agent shopping for a home and you notice something like a water stain on the ceiling, but your real estate agent did not mention or list it on his/her inspection report, find out why. It could be that your agent didn't notice it, or it could mean that your agent was hoping that you wouldn't. Either way, your agent may not be as diligent as he/she should be.
Have a great day today :-)
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