Looking Out From the Garage

An unfortunate stereotype, part II

I was talking with a lawyer friend of mine, and the previous blog came up.  He relayed an experience to me that he was involved with. 

In another state (thankfully) there was a case with a Broker that sold a house he owned.  It seems that he lied on the property disclosure, wrote both sides of the sale, fought against the buyers having their own representation... and even against an inspection, and had plenty to hide.  

The buyers are not blameless, but this should never have happened.  

It seems there was a wonderful pond on the rear of the property.  It was totally on the subject property, and had only been created a couple of years before.  The broker had owned this property for a number of years.  So, time passes after the sale and there is an issue with the pond.  There is also an issue with the foundation of the house... and the roof... and the driveway.  The buyers have to have the pond drained for an aeration system.  They have to bring in a structural company to look at the foundation (part of the house is having a major settlement issue), and a portion of the recent roof has a severe problem.  

This isn't good.  This $300,000 property needs another $200,000 worth of work to be livable.  When the pond is drained, there are barrels.  Barrels of used motor oil and other hazardous materials have been dumped.  The pond was created (without the required liner) to cover the problem.  There were also chunks of concrete from the previous driveway, and other construction materials.  The contaminants were seeping into the groundwater... that feeds the well.

The roof was found to not be as new as the disclosure stated.  It had actually been painted to look like a new roof.  It was smooth, but the wood beneath had serious issues, andin order to actually fix it, the roof and the deck needed to be replaced. 

The structural company comes out and (shocker) it wasn't their first visit.  Our hero had actually ordered an inspection a couple of years prior, and received a report about the problem.  It was the same problem that the driveway was having.  My source didn't have all of the details, but it appeared to have been buried materials from the construction of the house, combined with poor grading.

Nothing had been disclosed.  Actually, there were items that the seller/broker knew about that were specifically falsified.  

He lost his license, his business, and the lawsuit.   

If you are an agent or a broker, I know that you are disgusted by the actions of this individual.  I know that all of us, and especially REALTORS stand for better conduct. 

If you are a buyer or seller, please take heart that people like this lose, and leave the business.  Also, NEVER go into the sale unrepresented, and ALWAYS get independent inspections.  And disclose what is required.  Dealing honestly protects everyone.

Find YOUR Dream HomeWhat's YOUR Home Worth?How's the Market?

Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2012 Lane Bailey. 

I'd love to hear from you...

DeliciousDiggRSSOn TwitterFaceBook

Email Me

Comment balloon 1 commentLane Bailey • July 03 2007 07:16PM
An unfortunate stereotype, part II
share
I was talking with a lawyer friend of mine, and the previous blog came up. He relayed an experience to me that he was involved with. In another state (thankfully) there was a case with a Broker that sold a house he owned. It seems that he… more
An unfortunate stereotype
share
I had an interesting experience yesterday, and I'll get to it in just a moment. On TV, or in the movies, I often see derogatory stereotypes of real estate agents. I see us portrayed as less than intelligent, greedy, and not very scrupled. … more
House Stalking, revisited
share
I received an interesting call today. When I first came here, one of my first blog posts was about a phenomenon I called "House Stalking. " Original post may be found here http://ActiveRain. com/blogsview/123630/House-stalking. Well,… more
Back from New Orleans
share
The family just got back from a visit to New Orleans. We stayed in a rental condo just outside of the French Quarter, near Decatur and Frenchmen streets. It was a great place to stay. We spent the majority of our time in the French Quarter. We… more
I still think it's still a bad idea.
share
Every time I see one, it reminds me of one of those hospital gowns that your butt hangs out of. Three sides are fine, but that fourth side just isn't making it. What am I talking about? Three sides brick homes. I like brick. My house is… more
A garage is a garage is a garage… NOT!
share
Garages are a specialty. Oddly, after deciding that I really wanted to focus on fellow gear heads, I find that there is more of a need than I thought. Personally, the garage has always been one of the first places I went to when looking at a house… more
One Improvement too many?
share
I was out showing a house to a contractor for a buyer today. As they toured the house and sized it up for renovations, we spent a lot of time chatting about the market, strategies for prospering, and building wealth through real estate. While I'm… more
To HOA or not to HOA? That is the question!
share
That is the question! HOA, or Home Owner's Associations are the subject of some debate. They are either a useful body to help maintain the value of homes within the subjected neighborhood, or they are a bunch of nosy, busy-bodies that need to… more
How did it get this far?
share
I had a new experience today. Not that I am new to real estate, but I just hadn't had the occasion to hang out for one of these. I attended an eviction. The clean-out crew, locksmith and Sheriff's Deputy we all scheduled to arrive at 1:00. I got… more
FSBO Math
share
As promised, I wanted to delve a little deeper into this subject. The first thing we need to get out of the way is the "Myth of 6%". Since the VAST majority of sellers that are going unrepresented (FSBOs) offer to pay 3% to a… more