Would this be a deal breaker for you?
Here’s the story.
A couple was two weeks away from closing on a property when they learned about the previous termite damage.
The termites attacked two areas of the home and at a minimum damaged some hardwood flooring. The planks were replaced, but they do not know what other repairs were made to correct the problem.
The buyers were concerned about potential structural damage and future infestations. They were also upset that the damage was not disclosed by the seller. By chance, their appraiser mentioned it to them.
My first thought would have been, what else are they failing to disclose?
When you take a closer look, you find that the owner of the home is a “flipper” who made the repairs and has owned the home for just a few months. The listing agent for this property is also representing the buyer. And the termite inspector was also the same person who performed the termite treatment and failed to mention it on his report.
These incestuous business relationships benefit no one on the outside and can cause real harm to others in the transaction.
When one party represents both the buyer and the seller, it is called dual agency and it’s 100% legal in Tennessee.
I’ve never practiced this type of real estate and I have no plans to do it in the future because
I believe that it is impossible to advocate for the best interests of two parties who are competing with each other.
And one of the reasons that I joined Benchmark Realty is because they refuse to let their agents practice it.
It’s not just a problem for buyers. Many times sellers pick an agent to list their home because the agent said they already had buyers lined up. This could be a huge mistake.
If you want an agent that has your back only, then give me a call today at 615-519-0983.
I’m looking forward to talking with you.
The Daily Deal in Nashville is a 4 bedroom tri-level in Hendersonville that is being sold to settle an estate and is listed for less than $185,000.
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