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Rules of Real Estate

michigansherlockYou have probably heard what is sometimes called the “#1 Real Estate Rule” : “Location, Location, Location”. That may be important, but I would like to toss out a couple of mine. A wise old real estate broker find of mine would always suggest, “You have to go and look for yourself.”

That would seem simple enough, what’s the big deal? I cannot begin to tell you how many times over the last thirty years that the description of the property given to me has been incorrect.

I would not suggest that people are trying to deceive. That would be foolish. You may as well do your best to describe the property the best you can, because people will find out on their own. I would suggest to you that many people just don’t have the facts. They haven’t taken the time to investigate for themselves.

I have had two instances recently that it was very evident that the listing salesperson really had no idea what they were listing. I was told about a property and after asking a few questions, I thought this may have some merit. I received the directions and off I went and drove for a hour and half drive to view the property. After locating the property, I determined that 99.5% was underwater. The property was literally all wetlands and no building site whatsoever. I will leave to your imagination what my response was.

Another instance of this happened a few years ago, before the real estate meltdown, I received a call from the executor of an estate looking to dispose of an older home in the city. She was calling several builders looking to move the property to finalize the estate. Her comments about the property included comments like, “trashed”, “nothing done to it in several years”, “needing lots of work”, “poor condition”, and “major work needed”. She did not want to drive into the city from the burbs and told me where the key was hidden.

I arrived at the home. I found the home to have a newer roof, updated siding, aluminum storms and screens. I wondered if I was at the right place. The key was hidden in the place she said. The inside was clean and neat, like a grandmother’s house. Yes, it needed a fresh coat of paint and someone to carry out the single bag of trash in the corner of the kitchen, but the home was nothing like she described.

Waterland Living’s real estate rule: You have to go and look for yourself.

Written by Dave.