Melissa,
I feel that your blog needed a re-blog so that hopefully most of my agents will see it. I agree with you. Thanks for the blog.
I have had 5 transactions this month that had BIG TROUBLE because the listing agent didn't ask their seller some hard questions. The files blew up a few days before closing because the title reports revealed tax liens, encroachments and judgements against the SELLER.
We are seeing more and more of this because of the rash of short sales and foreclosures, not to mention the incredibly lacks lending guidlines between 2004 and 2007. Basically anyone could get approved for a loan and any property was eligible.
BUYERS, REALTORS, LENDERS...Don't let this happen to you. As a Listing Agent you can have a frank conversation with your seller and you could even order a Pre-liminary Title Search to be sure of clear title BEFORE spending your time and money marketing a property that may not even be eligible to be sold. BE INQUISITIVE...ASK QUESTIONS. Of course...a ba-zillionair could pay cash for the home, cross their fingers and hope for the best. Ya, that's a good investment strategy.
LISTING AGENTS -SOME QUESTIONS TO ASK YOUR SELLERS:
- IS ANYONE SUING YOU RIGHT NOW?
- HAVE YOU ADDED ON ANY ROOMS THAT MAY ENCROACH ON A UTILITY EASEMENT? NO ONE WANTS THEIR EXTRA BEDROOM BULL DOZED BECAUSE THE WATER COMPANY NEEDS ACCESS TO A PIPE.
- DO YOU HAVE 2, 3 OR 4 MORTGAGE ON THIS HOME CURRENTLY?
- HAVE YOU KEPT CURRENT ON YOUR REGIME FEES/ HOME OWNER DUES?
SELLING AGENTS- SOME QUESTIONS TO ASK THE LISTING AGENTS BEFORE SUBMITTING AN OFFER
- CAN WE REVIEW TITLE BEFORE MAKING A COMMITMENT?
- HAVE YOU ASKED YOUR SELLER THOSE 4 QUESTIONS LISTED ABOVE?
LENDERS - SOME QUESTIONS TO ASK LISTING AGENTS WHEN YOU GET A CONTRACT AND BEFORE YOU LOCK IN A RATE!
- ALL OF THE ABOVE
To sum all this up...order title early and review it carefully.
Liz - Those are some great questions to ask sellers. Thanks for sharing! :)
Debi --- I thought so, too --- thanks for coming by.