Quote:
Originally Posted by Hondaracer
I've only worked with a few different real estate agents, but for the most part I kind of doubt they have the adequate knowledge to look at a depreciation report and interpret what type of condition things like building envelope etc are in/in need of.
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A young guy I work with was looking at finally moving away from home and buying a condo, he made an offer. His realtor was useless, he already had a mortgage broker but the realtor kept pushing that they use his broker (we all know why). They were being difficult about giving his broker the info needed to check the minutes, issues with the building ect...... After a few days and phone calls they finally get the info and find out that this condo he's looking at purchasing has a bunch of red flags, some serious issues and repairs that they've been putting off and the contingency was no where near where it should have been he should probably walk away.
He goes back to his realtor, the same one who failed to point out the red flags and there response is don't worry about it we'll get you approved with our broker. No concern about the problems, potential money he's going to have to pay down the road for repairs that are long past due nothing. There only concern was getting the sale done and screwing the kid I work with in the process on his first purchase.
He backs out of the deal, that realtor never called him back after that which is for the better. There might be some quality realtors out there but there is some garbage ones as well, cover your own ass. He's young and not really educated about what to look for, he's lucky his broker was looking out for him because his realtor wasn't.