We’ve all made decisions that changed the course of our lives, cost us money or saved us money. Did you ever think about what your realtor may bring to the table? We have stories, just ask us.
The California purchase agreement allows a standard 17 days for buyers to review disclosures, preform inspections/discoveries and review their reports. The discovery time can be shorter or longer depending on the offer and inspection results. During the agreed upon discovery period, a buyer’s realtor can get them out of the contract with no penalty to the buyers.
Here are a couple of examples where my team potentially saved one seller $20,000 to $30,000 because of the area relationships we’ve formed over the years with other realtors and professionals. As your realtors, we have a fiduciary responsibility to act in your best interest.
During the 17 day buyer’s inspection/discovery, our seller hired a professional to pump and inspect their thirty year old septic system. Though somewhat rare, the septic inspector failed the system. The inspector felt the leach lines failed as water was coming back when it should have been going into the leach field. He did have a recommendation for another professional to put in new leach lines. The estimated cost was $20,000, possibly more.
Again, realtors have relationships and we called an “old-timer.” He looked at the drawings and thought there had to be something else going on. He went out and discovered the pipe between the leach field and septic tank was pushed down, buried and crushed. He said that even though the system was thirty years old, it had never been used.
This was a second home for the sellers, so they didn’t have an issue with the septic system. His cost, $800, a substantial savings to our seller from the estimated $20,000.
The same seller had three water well tests came back with fecal contamination. A local well inspector recommended installing a UV light to kill the bacteria, although he didn’t know if the county would approve that.
It didn’t matter, as our buyers said even if it was dead bacteria, the thought of showering in fecal matter was not an option for their family. Besides, what if there was a malfunction in the system…
Our seller was faced with the cost of drilling a new well but, as realtors, we are negotiators and will look for options so everyone wins. A relationship with a retired well driller gave us an option on how to reseal the well and not cut off the water source during the reseal. He acted as a mentor to the professional doing the work because of their relationship. The new seal worked and the seller saved the price of drilling a new well.
This is just one example of how local relationships saved money and the real estate transaction. At closing, our clients and every member of the team won. It takes a team. Hire a local realtor that knows your area properties and has local relationships.