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By JONI HERNDON
Published January 28, 2005
Property appraiser Joni Herndon answers your questions about real estate every Friday in this new weekly feature.
Q. How do I know if my broker is doing a good job?
A. First, let's assume you are a qualified buyer. You have, at the very least, given credit and work history information to a lender (bank, credit union or mortgage company) and have been pre-approved for a home loan. Second, you have met with a real estate agent regarding the price range, neighborhood and "wish list" of homes you would like to view. Maybe you've already visited a few properties with the agent and have a couple of questions.
Response time is crucial for real estate agents or anyone in business. Are your phone calls returned quickly or are you left with unanswered questions until the end of the day? Technology has helped the real estate industry get information to potential purchasers at the click of a button. Realtors can e-mail the Multiple Listing Service information about a particular property to anyone, anywhere, anytime.
Also, you should feel confident that the information you are getting from your real estate agent is timely and accurate. I hate to use the word "feel," but you should have a comfort level with your agent so that you can discuss openly the issues about a property.
What you will know for sure is if your real estate agent is not doing a good job. There are no rules about "firing" your agent. If you think you have been abandoned by your real estate agent, let them know and then find someone else.
Q. What is a seller's disclosure? How does it affect me?
A. The Seller's Disclosure Statement is a disclosure of the seller's knowledge of the condition of the property.
In Florida, a seller is obligated to disclose to a buyer all known facts that materially and adversely affect the value of the property being sold that are not readily observable. The "property disclosure statement" form is designed to assist the seller in complying with disclosure requirements under Florida law. It also helps the buyer in evaluating the property under consideration for purchase.
Your real estate agent and the seller's agent will rely on the information in the disclosure when they market the property to you or other potential buyers. It is not a substitute for any inspections or warranties the buyer may wish to obtain.
The statement is typically two to three pages containing 10-20 questions about the property. The questions cover ownership, boundary disputes or encroachments, structural or addition disclosures, roof information, plumbing and electrical system information and termites.
The statement also may have questions about mandatory homeowners associations, condominiums and town home associations. There should be information provided by the seller about any pending claim or condition that may lead to a special assessment or fee that affects the property value or desirability.
If you are thinking about purchasing a property, it is best to have your agent get a copy of the Seller's Disclosure statement prior to signing on the dotted line. Read it carefully because you will be signing an acknowledgement of receiving it and that it represents the condition of the property.
Again, the disclosure statement is not a substitute for a home inspection. It is the seller's opinion and knowledge of the property's condition.
[Last modified January 27, 2005, 11:19:07]
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