In Research Mode...Holding Ourselves to the Higher Standard

By
Real Estate Broker Owner with MoonDancer Realty, Dillsboro,NC NC# 218097



Private Eye microsoftBuyers may not realize it, but Sellers do not have a duty to disclose material facts about their property…however, REALTORS do. At least they have a duty to disclose material facts that they know about or might be expected to know about.

That means research. There is probably a huge segment of the population who believe that REALTORS write up Listing Agreements all willy-nilly, take a few lousy photographs, put a sign in the yard and wait for the phone to ring. Sure, we all know there are some REALTORS who do business that way, but not at MoonDancer Realty. For one, the Office Manager would never stand for it and for the other…we just aren’t built that way.

Again, I say…that means research. We’re getting ready to list a couple of properties that the Sellers honestly don’t know much about and that happens a lot. The North Carolina Real Estate Commission however, is of the opinion that the public has a reasonable expectation that licensed agents should make an attempt to research things having to do with zoning, water sources, sewage sources, rough idea of property lines and general condition issues among other things.

So, today we are in research mode. Since our fiduciary responsibilities are to our sellers and possibly our buyers that means that in order to do the best job possible for them, we’d better learn as much about the property as possible. I’ll be visiting Jackson County’s Department of Environmental Health to learn as much about the septic system and shared well as I can, the Jackson County Planning Department to see if the property can be divided and sold as two parcels and the Jackson County Clerk of Court and Register of Deeds to fill in as many blank spaces in the history as possible.

No willy-nilly here. Real estate should be a very intentional business and much as I’d enjoy attending today’s AR webinar about social media…or walking about the Town of Dillsboro with camera in hand…or reading blogs …or enjoying a three martini lunch (okay, maybe not so much that one), we’ll be doing our utmost to have the best information possible about a listing we’ll be taking the responsibility for marketing and selling…and that means research and lots of it.

We learned early on…do your research upfront, disclose EVERYTHING you can and you eliminate a lot of hassle, headaches and heartaches later.

REALTORS are held to a higher standard than their Sellers and should be. They have a duty to disclose all material facts that they know or can be reasonably expected to know…it’s a public service we take seriously.

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Topic:
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North Carolina Jackson County Sylva
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ETHICS and the REALTOR
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Rainmaker
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Michael Setunsky
Your Commercial Real Estate Link to Northern VA
Michael's Commercial LLC

Mona, this is the way it should be when taking a listing. When in doubt disclose.

April 20, 2012 06:25 AM
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Carla Muss-Jacobs, Principal Broker/Owner
Buyer Focused ~ Buyer Results
BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time

Sellers are requires to disclose "known" material facts, but hard to prove knowledge of what the seller should know.  So we do our due diligene as the buyers agents and recomment the inspections, etc.  If you are listing you are certainly working for your sellers in that regard, Mona

April 20, 2012 10:13 AM
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574,429
Mona Gersky
GRI,IMSD-Taking the mystery out of real estate.
MoonDancer Realty, Dillsboro,NC

Michael, with your specialty in commercial real estate, I guess you've really gotten comfortable with disclosure.

Carla, like you I really enjoy being a buyer's agent but when I am a seller's agent...I'm 100% advocating for them.

April 20, 2012 07:50 PM
Rainmaker
606,391
Ron Marshall
Birdhouse Builder Extraordinaire
Marshall Enterprises

In our state, Sellers must disclose, and even the banks have to sign a disclosure statement which I think is weird.

April 21, 2012 05:24 AM
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Mona Gersky
GRI,IMSD-Taking the mystery out of real estate.
MoonDancer Realty, Dillsboro,NC

Ron, what happens if it is an absentee seller?  Someone who may never have lived in the house?  Is there an opportunity for them to sign "no representation" on your disclosure?  Wonder what kind of disclosure the lender is signing?  Some sort of good faith estimate type thing?  Yes, if they are disclosing something about the house...that is weird.

April 21, 2012 06:13 AM
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Mona Gersky

GRI,IMSD-Taking the mystery out of real estate.
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Additional Information

What job could possibly be better than bringing people together by sharing our common interests and learning new ones? Here's my opportunity to introduce conversations and photos of the area I feel so passionate about...the beautiful mountains of Western North Carolina. This is one way to give you some background about me and our MoonDancer Realty company to help you make an informed decision about hiring us as your next REALTOR. I hope you enjoy the content as much I enjoy sharing it. I'm looking forward to reading your comments and hope to meet you soon.