Real Estate Facts

Real Estate Facts

Following on from my post last week on Property Investments I thought that it would be appropriate to speak on something different, so I hope you take something from this and heed the moral of the story. Here goes enjoy.

With all Real Estate transactions there comes a time that things just do not go right. By this I mean you have bought your dream home and property you have been excited for days and cannot wait for the settlement date to come. “Can you see where I’m going with this?” I bet you can.

Facts Time

I had  a property that I was dealing with and on every contract we put a clause into the contract for a white ant inspection. Now with a White Ant (Termite) inspection the buyer is responsible for getting the inspection carried by a due date and by a licensed inspector generally this comes from a Pest Control Company. Anyhow the situation came about, that the buyer could not arrange the inspection or organize a company to carry out the work for the report, which was needed to fulfill the contract agreement. By the way, the buyer is responsible for the payment of this inspection, if there is any structural damage or White Ant’s (Termites) present then the seller is responsible to get the matter seen to at there cost.

The time I said I would help

Now where do I come in all this, well let me start and tell you. The buyer of the property who was very keen to get the Real Estate Transaction completed on time, asked me if I would arrange the Pest Control people to do the  inspection and complete a report. I said that I would  do this for them to help them out so that they could have their property on time and without any delay. I met the contractor on site and showed him the house, all was completed and the report was forwarded back to the property owner along with a copy, which went to the settlement agents. All was good UNTIL that phone call.

That Phone Call

Yes that phone call was not something every Real Estate representative like’s to hear.  The conversation went like this “could you meet me on site I have a White Ant (Termite) problem”, with this I went out to the property, to be present at a meeting with the now new owner. the meeting was tense and could have be quite nasty, the problem had occurred in a timber shed that was a good 100 meters from the house, the damage was in the timber wall section it was not a serious problem but could have been a lot worse.

Own Up and be Honest

I openly said well I’m at fault, I did not have the shed inspected. So there was not much more than that, that could be said. The buyer illustrated his right at saying that I could loose my license and be in big trouble. Do you know what else he was right about and he new it. I was in the wrong, so from point of view, the best way to solve the problem was simply just to own up to it and melt down the conflict.

Because the damage was not enough to be overly concerned about, and although the situation left the both of us in  a awkward position, we were still able to agree on having the shed fixed. We  parted company and being satisfied but not 100% happy about the situation. In Real Estate it is best to look for a resolution rather than get into a conflict.

This incident did affect my position as a Real Estate Representative,  there is a saying “loose lips sink ships”. Well  the now new owner had spoken to people about what I had done, which in turn gave me a bad name that I don’t do my job correctly. Any type of advertising like this does nobody any good.

The facts in this story is that I arranged the Pest Control people to do the report, I also showed the contractor where to inspect. I did not think for one minute about the shed, it was a costly mistake on my behalf, however the cost could have been a lot worse.

The Moral

The moral to this story is, if you are going to do a favor for people make sure you do it right, dot the I’s and cross the T”s, because at the end of the day they will not take any of the blame. You the agent will be because you have organized the contractor to inspect the property.

So you know what I do now don’t you, the buyer has the report done themselves by a contractor of there own choice. This is a lesson I learn’t well.

You maybe a Real Estate representative that has a comment please let me know about yourself. Until next week see you later.

Regards

Richard Colum

Real Estate In Western Australia

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One Response to “Real Estate Facts”

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  1. Ange Recchia says:

    I’m glad it worked out okay for you Richard. It seems to have been a very fine line there with the white ant inspection. I bet there are many stories you could tell us about your profession and the tips we can look out for when buying property. I look forward to reading more of your posts.

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