"The SECRET" .....Part 8 Understanding Consumer Issues

"The SECRET"    ......to efficiently working with Buyers.  Part 8 Understanding Consumer Issues
By Greg Perry, Eastside realtor

Part 7 - The real estate process
Part 6 - My expectations of my clients.
Part 5 - Buyer's expectations of thier agent.
Part 4 -  What to look for in an agent.
Part 3 - Discover Buyer desires and needs
Part 2 - The real estate market
Overview

Protecting the Buyer is one of the most important duties for a Buyer's Agent.  Many Buyers, particularly first time Buyers, aren't aware of the many consumer issues involved in a house.  Here is on outline of the important issues that I cover:

FORM 17, SELLER'S DISCLOSURE FORM:  The Seller is required to fill out a Form 17 Seller's Disclosure statement. This is the form where the Seller disclose all know material defects about the property.  I also point out as their Buyer's agent, I must disclose any defect that I am aware of, and the Listing Agent, even though he represents the Seller, must also disclose all known material defects.   Our goal is that between the Buyer's professional inspection, and full disclosure from Seller and Agents, the Buyer will know everything there is to know about the property to be able to make good decisions.  A recent Washington State Supreme Court decision has change our disclosure law.  See my article "Buyer Beware".

LEAD PAINT DISCLOSURES:  For houses built prior to 1978, the Federal Government requires us to give Buyers a pamphlet that outlines the risks of lead paint.  A lead paint addendum also accompanies a purchase and sale for pre 1978 houses.

OIL TANKS:  Many Puget Sound area homes were originally heated with oil and converted to natural gas.  The oil tanks were buried underground.  For safety, all underground tanks must be removed or decommissioned.  Decommissioning consists of an environmentally safe rinse and then the tank is filled with foam or a slurry of cement.  Surrounding ground should be checked for contamination that may be required to be removed.

ASBESTOS:  Many building materials, particularly materials used before the late 1970's contain asbestos.  Some of these materials include popcorn ceilings, floor tile, sheet flooring and drywall.  Left undisturbed, these materials are safe in the home, but if disturbed will throw off asbestos fibers that are hazardous to lung health.  The homeowner needs to know that before doing any remodeling, materials should be checked, and if they contain asbestos must be removed using proper abatement procedures.

SIDING ISSUES:  Siding issues are huge in the Pacific Northwest.  In the mid 1990's oriented strand board, touted as an environmentally friendly product found it's way on houses.  The early OSB (oriented strand board) products were disastrous.  The rain and dampness in this region caused the siding to swell and mold to the point it was not only unsightly, but not performing it's intended function of protecting the house.  A typical 2 story can cost up to $20,000 give or take.  This problem needs to belong to the Seller.......and it needs to be addressed before closing.  EIFS, a synthetic stucco product has also proved to be problematic because of bad installations.

ROOFING ISSUES:  We need to make sure that the roof has adequate life left in it and that it is clean and in good repair.  There is also products that have proven to be defective that have been used to roof houses.  We want to make sure that the roof over our Buyer's head is sound.

ELECTRIC WALL HEATERS:  Some electric heaters, especially in-wall fan forced models, had design flaws that led to a national recall.  The design allowed dust to accumulate that would ignite.  When wall heaters are present, the serial numbers should be checked against the national recall list. 

SEPTIC SYSTEMS:  Septic systems need to be in good working order.  All septic systems can fail if not cared for.  The technology of older systems is not as good as today's standards and are subject to higher failure rates.  During the closing process, we pull septic "as builts" to determine that the system was built for the proper bedroom count and it gives us a map of where the tank is and drain-field is located.  We will ask for the tank to be pumped and inspected along with a system inspection.  If new sewer lines are coming in to an area, we negotiate costs with the Seller to have the sewer hooked up to the house.  See Septic Tank Care for Eastside Homes and Poop Happens!  (or all you wanted to know about Kirkland's Emergency Sewer Program"

SEWER LINES:  Older sewer lines are subject to failure by decayed pipes and tree roots.  In older homes, it is wise to have a sewer line inspection to avoid costly replacement after closing.

OTHER ISSUES:  There are dozens and dozens of property specific issues that regularly come up in the course of a real estate purchase.  I've hired geo-tech companies, surveyors, structural engineers, architects, attorneys and other professionals to assist Buyers with making good decisions.   I have the experience to help a Buyer ask the right questions.

Comments

[Rhonda Porter]

Greg, just about each one of these issues could be a full post on their own!

[Greg Perry]

Rhonda, Great idea. I'll be breaking them down ----down the road!