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Posted about 6 years ago

What's that on the title/inspection rpt? Realtors just want to close.

When I bought my first property, (a duplex) as a single woman, I did my best to pay attention to the details.  I trusted my real estate agent but guess what?  She was looking out for herself first, then me.  What I mean by that is, that her priority was closing the sale.  This was my first home purchase and my plan was to live in one side and rent the other side out.  It was a great learning experience (also in terms of the numbers, although that's not what this post is about).  Here are two things that came up.  I caught them both but didn't push the issues.  

1. The really thorough and terrific inspection report identified issues with a wall. (This inspector put hoses on to map out drainage patterns.  It was amazing and detailed. I finally threw out that report in spite of the fact that I haven't had that property for years.  A work of art.)   What he said was, the rear wall is leaning and (due to liability for one) will need to be replaced.  My agent "said" she spoke to the neighbor and that they agreed to pay half, but "couldn't do it right now."  She suggested we close and deal with it later.  I'd have to pay half so I'd need to have the money for it etc. (don't you love how she's doing my thinking for me on the money stuff?) I asked for it in writing.  She said she'd get it to me.  You know how many times I asked for that letter before and yes, even after we closed escrow.  Well such conversation never took place.  The shock and horror.  Funny thing though, As long as I had that property, I never replaced the wall.  That was a hope and a prayer kind of thing.  It was also in the back where it wasn't likely to fall on anyone.  Still leaves a bitter taste in my mouth.

2. You're going to love this one.  The second thing I caught in the title report was old oil rights.  I asked about that too.  I want those!  The oil company who owned them (snookered or I at least hope, paid someone back in the day for them, wasn't going to give them up easily.)  Why would they?  I didn't push it.  My agent said there was nothing I could do about it.  I said, yeah but the property is changing hands (to moi) shouldn't those rights be renegotiated?  I don't remember her answer however I later learned I could have gotten them back for a small sum. Now those rights weren't worth anything then (again so the agent said and actually she may have been correct, THEN). Thing is we don't know what may or may not happen in the future.  Those rights might some day be meaningful.  Like that one parcel that needs to be purchased to finish a project.  Waiving my rights (which is what happened by default) meant I couldn't go back later and exercise an option on those rights.  The option needed to be exercised at the time of the purchase.

Here's the thing, I saw these things but was thwarted.  Yeah they really didn't amount to anything (monetarily) though they could have.  I will never let something like these examples go again.  Of course it depends.  We have to pick our battles too right?  It's silly to be stubborn about something small in the grater scheme of things (fighting to fight isn't wise). Having said that, being told to roll over and accept something is wrong.  I maintain the right to choose, not someone else by default or pressure.  

Last thought, for those of you who may feel daunted by reading all the documents pertaining to a purchase, if you feel something is amiss (and I mean really being honest with yourself not operating out of, ore reacting to fear about doing the deal to begin with because that happens to), it very likely is.  Have a trusted friend or lawyer have a look at the deal.  You might be very glad you did.  


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