San Francisco Real Estate Properties

Guess what…I just heard that many MLS’s across the country and in the Bay Area are now allowing Buyers to search for sold properties through the MLS.  I have not checked if that is in the works with my own San Francisco MLS, although I have been told that Realtor.com will now allow the public to search by sold properties.

 My opinion: I think it is about time….what’s good for the goose is good for the gander. 

The public needs to get more accurate information and if the MLS can provide it all the better than checking www.zillow.com using the most recent tax information and less conclusive information by checking www.trulia.com from sales information provided by larger brokerage firms recent sold information.

It is my experience that Buyers will purchase almost anything, if issues, defects, and/or problems are disclosed up front.  What no one likes, however, is learning about problems after the property is under contract.   

I knew the deal was in trouble when the Homeowner’s Association (HOA) “Common Interest Development Disclosure Statement” in the Seller’s ”Pre-Sale Disclosure Package” (provided to my Buyer prior to writing his offer) stated that the HOA was not anticipating an increase in HOA dues and/or any special assessments, when in fact my Buyer’s lender request for the HOA to complete their ”HOA Condominium Certification” (after acceptance of my Buyer’s offer) stated the contrary. 

This can happen several ways and in most cases, be avoided with an observant, inquisitive, and experienced fiduciary for the Seller’s agent. 

(1).  Neither the Seller nor the Seller’s agent were monitoring the current (closed door) HOA Board of Directors’ meetings or discussions regarding budget concerns and/or possible special assessment activities.

(2).   Neither the Seller nor the Seller’s agent had provided the Buyer the most recent HOA disclosures, HOA minutes, and/or updated/current “Common Interest Development Disclosure Statement” that reflected the “anticipated” change in HOA dues.

(3).   Neither the Seller nor the Seller’s Agent had disclosed to the Buyer any potential unresolved or contemplated HOA budgetary increases, as they became known or available.

My question to the Seller’s agent:  Why weren’t these issues either disclosed and investigated  prior to putting this property on the market and at the very least, made known to a Buyer first rather than by a 3rd party?

Now, my Buyer, with this newly discovered information, will either re-negotiate the terms of the sale (in his favor) or walk away from the property.  

Sellers are able to sell almost anything (without giving away their money), if they understand their duty to disclose and their task is to chose their agent wisely.