Duane’s Real Estate Video June 3
| “It’s a great day to be in real estate! Duane Beisner here… sales manager and a sales representative for ERA real estate. |
Duane’s Quote of the Day
When a proud man hears another praised, he feels himself injured. English Proverb
Duane’s Joke of the Day
Three buddies die in a car crash, and they find themselves at the pearly gates. They are all asked, "When you are in your casket and friends and
family are mourning upon you, what would you like to hear them say
about you? The first guy says, "I would like to hear them say that I was the
greatest doctor of my time, and a great family man." The second guy says, "I would like to hear that I was a wonderful
husband and school teacher who made a huge difference in our
children of tomorrow." The last guy replies,
"I would like to hear them say... LOOK!!! HE'S MOVING!!!!!"
Duane’s Business Tip of the Day
There is a time for work, a time for play, and a time for reflection. Make sure you have all three in balance.
Think about it.
Duane’s Social Commentary
Ford Halting Mercury Production!
By Dee-Ann Durbin and Tom Krisher, Associated Press
Ford Motor Co. will cease production of its 72-year-old Mercury brand by the end of 2010 after years of declining sales.
Mercury's death is the latest in a string of casualties as Detroit carmakers try to cut costs and invest more heavily in fewer offerings. By shedding a mid-range brand that was more and more irrelevant to buyers, the automaker can focus on accelerating sales of Ford and beefing up its luxury Lincoln brand.
Ford shares rose nearly 4 percent to close at $11.85.
The story is a familiar one in Detroit. General Motors Co. recently shed the Saab, Saturn, Pontiac and Hummer brands. In 2004, GM spent more than $1 billion to kill Oldsmobile. Chrysler Group LLC dumped its Plymouth brand in 2001 after a sales decline similar to Mercury's.
Mercury got its start in 1935, when Henry Ford's son Edsel Ford began designing a more upscale car he planned to call the Ford Falcon. But he didn't think it fit with the brand's other offerings, so he created a new brand named for the winged Roman god.
The first Mercury, the 1939 Mercury 8, went into production in 1938. It sold for $916 and boasted a 95-horsepower V-8 engine. More than 65,800 were sold the first year.
Mercury's sales peaked in 1978 at more than 580,000 vehicles. Just over 92,000 Mercurys were sold last year.
Duane’s Real Estate News…
Real Estate Disclosures. Sellers, If You Don't Tell The Buyer Everything... Your Neighbors Will Part II
- Tell the buyer everything you know about the house, especially if you are the typical DIY (Do It Yourself) type of guy/gal. The rule is simple: "If in doubt, disclose it." A disclosure should be written in a clear and specific way: "... In 1997 there was a leak under the kitchen. We called ABC Plumbing and they fixed it" or "... around 2002 during El Nino rains, the basement flooded, a sump pump was installed by a plumber"
- If you did not take permits for any additions or structural modifications you made to the house, disclose that very clearly. These types of additions or modifications without permits is what puts the new occupants of the house at risk if they do not know.
- I always suggest to my sellers/clients to order a home and a pest control inspection before we put the house on the market. These reports, when provided to the buyer do not only offer a professional opinion, but also act as additional disclosures that you, the seller, provided to the buyer.
- When it comes to disclosing neighborhood noise problems or other nuisances, don't be shy, if you don't disclose that the area has problems with airport noises, or garbage odors from a nearby dump for example, not only would the new owners of the house will find that out within days of moving in, your friendly neighbors will spill the beans just as they greet the new owners with a courtesy visit to welcome them into the area.
- Always make sure that you get a copy of your disclosures signed and dated by the buyers BEFORE ESCROW CLOSES. These signed documents are YOUR protection against future liability.
Buyers do not like to be surprised by material facts that they did not know. In my office, every transaction has at the end a file that contains at least 30 different documents of disclosures. One realtor told of having to accompany one of his clients, a home seller to a lawsuit regarding the answers he gave to a question in the Disclosures that read: Are you aware of any problems with the house before or during your ownership? He answered: NO. The key word here was: before
The previous owners had disclosed to him that the house has had a problem with the foundation when it was being built... 35 years before! The result of that problem was that the foundation was reinforced better than any other home in the area, and neither the previous owner nor my client ever had a problem while they lived there. The buyer, however, sued him for non disclosure.
After 2 years of depositions, thousands of dollars in lawyer’s fees, and countless sleepless nights, the arbitrator awarded the buyers $120,000. Which they used to upgrade the entire house, because there was nothing wrong with the foundation. The legal fees for both parties were paid by the home seller.
But how did the new owner knew? The neighbor across the street come to greet the new owners, and as they unloaded their belongings, she told them the history of the house, and how the foundation gave way, and how it was fixed. The new buyers felt they should have been told, consulted an attorney who made a case and got some money from the seller.
As you can see, you do not have to necessarily do anything wrong, all you have to do to get into legal trouble is to not pay attention when filling out The Real Estate Transfer Disclosure Statements. If you are in the middle of a transaction and escrow has not closed yet, go back and do an amended document if you found out that you missed something. Even if you have to renegotiate something with the buyer, it is a lot cheaper than facing him in court. Good Luck
This is Duane signing off. Happy Trails to you! As always, I am proud to be an American. You can email me at duane.beisner@era.com Or visit my website at www.rejedi.com
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