There is nothing wrong with working with Realtor friends, as long as they are full time experienced real estate agents. And if they aren’t you are getting very short changed.
Last year I sold a La Canada home. The buyer came to two of the open houses without his Realtor and then the buyer’s mother called me to tell me they were writing an offer. I think the agent may have called to see the home before writing the purchase contract. I have never heard of this agent and I suspect he had another (real) job. He never answered his cell phone during the day.
After closing the buyer’s parents had an issue with termites on the detached patio. Even though they had an inspection, including a termite inspection, they never “blamed” their agent, just me and the seller. They felt their Realtor friend had no responsibility for anything other than to get paid. It was a very interesting escrow. Their agent didn’t even bother to come to the final walk through.
I recently sold another home, again representing the seller. The seller purchased the home with an out of area agent (another friend). According to the tax assessor the lot is 7,000 square feet. The first time I viewed the home, I was puzzled because the lot seemed much larger than the 7,000 square feet. After a little investigation I discovered that this corner lot was gated onto part of the city’s property. It had been like this for years, long before my client’s purchase. And surprisingly this is not uncommon for many of the corner lots in La Crescenta.
The fence was an encroachment and the encroachment greatly impacted my client’s value. At the time of their purchase both their agent and the listing agent should have known. Experienced real estate agents have been in enough homes to have a sense for lot size and square footage.
I contacted the title company believing my clients had a claim. According to the title company they did not because the home was worth more than their initial purchase price. Of course appreciation can take credit for that. So who’s at fault? The listing agent and their friend, the buyer’s agent.
If you are friends with your real estate agent and they are full time Realtors, you are fortunate. But if they don’t have the experience to guide you in one of the biggest financial decisions you will make, you should find a professional.
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