In A Buyer’s Market, Buyers should be especially wary

In a piece on this morning’s Today Show, Barbara Cocoran, NBC’s Real Estate Pundit described the “5 Lies Agents Tell to Sell”. As many of Today’s stories go, there is a lot of drama to display the obvious.
There are lots of other items the home buyer, usually driven by emotion needs to be aware of. Corcoran did mention the number one item – Get A Home Inspection.
The Tennessee Association of Realtors provides a Disclaimer Notice but does it is not required by Tennessee Code. it gives a good blue print of the “buyer beware” items in the real estate transaction. As a home buyer, no matter what an agent (Listing agent or your own Buyer Representative) tells you, be sure you are comfortable with these issues and you will avoid problems down the road:
1. Structural or other conditions of the property.
2. Condition of roofing
3. Home Inspection
4. Wood Destroying Organisms, pests and infestations
5. Environmental Hazards
6. Square footage
7. Current value, investment potential, or resale value of the property
8. Boundary lines, easements, encroachments, and acreage
9. Zoning, codes covenants, restrictions, and related issues
10. Utility connections, septic system capability, and related services
11. Flooding, drainage, flood insurance and related items
12. School districts and other school information
13. Information about crimes or sex offenders
14. Legal and Tax advice
15. Recommended inspectors, service providers, or vendors.
The reason for the Disclaimer, which you can download here, is to make the consumer aware that a real estate agent is not licensed to provide the above information, and to advise the consumer to seek out the proper licensed professional for assessment of the conditions described.

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Joe Spake is a Memphis-based Real Estate Broker and Consultant. He blogs at Joe Spake's Weblog and Memphis Real Estate Buzz. Joe's Social Network.