All Forum Posts by: William Donnelly

Wow! what a nightmare! I'm in the process of getting a few parcels combined now. Then, if I want to build more units on the land, i'll have to go to court in order to get the zoning changed to multi-family. Apparently this "duplex" is a non-conforming, non-expandable property. Anyone have experience with expanding on something like this?

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I have also ran into a lot of inaccurate property descriptions. This tends to happen more with foreclosures, Fannie Mae and HUD properties...

One Foreclosure property actually turned out to be 8 PARCELS!!!

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Greetings Bigger Pockets,

While under contract, a recent purchase of mine that fell through at the last moment due to improper zoning (no one, myself included, double checked this until the appraisal). I have received tons of useful replies to my previous posts on this. Feel free to check them out.

Along with checking the property zoning, what are some other "Deal Killers" that may arise along the way (especially while under contract), that are not typically checked by real estate agents, brokers or lenders? Does anyone have a list they feel like sharing?

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Thanks again everyone. I'm just a United States Marine from the South. I hold myself and everyone around me to a very high standard...I'm quite often disappointed, but I am learning to adapt!

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Just for the record, I was represented by a buyers agent and broker. I do understand that the buyer is ultimately responsible for due diligence, as the buyer will be the one screwed out of money. If this is a "cost of doing business" then so be it. I just feel like one of the "professionals" other than myself, should've caught this problem sooner. That's all.

Please feel free to check out my post "Deal Breakers" and maybe we can compile a comprehensive list.

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I think this is a great opportunity to create a new discussion, "Deal Killers"...

Feel free to check it out in my new post.

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Greetings Bigger Pockets,

Upon a recent contract of mine that fell through at the last moment, I have received tons of useful replies to my previous posts. Feel free to check them out.

Along with checking zoning of a property, what are some other "Deal Killers" that may arise along the way, that are not typically checked by real estate agents or brokers? Does anyone have a list they feel like sharing?

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Thanks for the reply Joel.

I understand your point. I'm not claiming that any law was broken or that there was any legal infraction. My point is, it should not be up to the buyer to discover a mistake of this magnitude. Especially when there are so many real estate professionals working on this deal, buyer and sellers side. This deal was never thoroughly checked by anyone, until obviously the appraiser came. It is simply a sub-par way of doing a deal.

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Originally posted by @Joel Owens:

William I think at best maybe you ask for a discount on your next house inspection. Sometimes inspectors will cut a deal because they know you lost money on the first property that didn't workout.

Generally in any listing agreement or the MLS it usually says " Information deemed to be reliable but not guaranteed ".

This means whatever it says may be factual but do your own research to discover for yourself. Courts have upheld that a " buyer has a right to their own inquiry ". Upon discovery by the appraiser you found out this isn't a duplex at the last second. You should have checked that immediately once the property went under contract. You always check for what we call in the business "deal killers" right away. When I am doing 10 million dollar deals the attorneys and I look at big issues upfront and make sure they can be overcome before spending any money. The small items can be worked through before closing.

Were you represented by a buyers broker?? If not were you represented by the listing broker? A listing broker can fill out a contract generally where they are transactional and do not represent either side, dual agency ( representing both sides but not allowed in all states ), representing one side as a client and then the other side as just a customer performing ministerial acts only. It varies by state and what document was signed.

The real estate commission oversees license law infractions and I do not see anything here approaching that. If they are a REALTOR then they are bound by a code of ethics. You might try to claim and ethics breach but it's a long shot.

"The listing agent obviously did not do her due diligence before listing this property."

The listing brokers are relaying information from the seller. They are not experts relative to the history of the property or it's zoning. I am sure if you read the paperwork you signed or disclosures in fine print it will say that.

If you did not have a buyers broker representing your side that was mistake number one. If zoning was not checked right away that was mistake number 2 among many others. You can't assume things in real estate as you know what they say about that.

Sounds like you really came out well losing only that amount. I know people that have gotten a real estate education much more expensive than that. Based on what you have said so far it does not appear you have a basis for compensation in this transaction. You could always run by an attorney and see what they say. Sometimes they will meet for free.

No legal advice given.

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That's what I was lookin for Joe! I may not get reimbursed, but someone should be held accountable in any sense!

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All Forum Posts by: William Donnelly

William Donnelly has started 16 posts and replied 50 times.

Post: Deal Killers

Post: Deal Killers

Post: Deal Killers

Post: I got screwed. Can I do anything about it??

Post: I got screwed. Can I do anything about it??

Post: I got screwed. Can I do anything about it??

Post: Deal Killers

Post: I got screwed. Can I do anything about it??

Post: I got screwed. Can I do anything about it??

Post: I got screwed. Can I do anything about it??