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Real Estate Magic!

Reminder - The Internet Is Not A Real Estate Professional

By: Candice A Donofrio
Tuesday, February 12, 2008 7:40 AM

I read the following in a newsletter issue from a real estate listings (mostly land) site:


<<CORRECTIONS AND CLARIFICATIONS
  In the last issue, we stated that it was not necessary to have a survey if a property was located within a platted subdivision or town.>>

Platted subdivisions need resurveying on many occasions. People encroach and surveyors make mistakes. And it's not all that rare that bad surveys have been recorded. On entire subdivisions. A client of mine lost 18 ACRES when a new survey was done on his land. Not his fault, just more accurate surveying tools exist now than the last time it was surveyed. And still they can be wrong.

I don't believe a seasoned agent would/should arbitrarily state 'a survey is not necessary' to a client unless perhaps the client was buying a condo! The potential liabilities for selling land are more numerous than with improved properties. If the client can't use the land as intended because of undiscovered material facts prior to ownership, they--and the broker--may be in for a world of hurting!

And on many occasions, improved properties may need a 'stake and flag' to mark the boundaries. 'Specially when the next door neighbor's putting up a new fence or repouring their driveway! :)

I think that with regard to inspections in general, you need it until you determine (via advice by a specialist in that area) that you don't. An experienced agent can help locate the specialists that will help a client discover what is necessary, starting broadly (such as home inspection), then pinpointing areas of concern (such as soil test, environmental studies, roof, radon, mold etc.)

But wow, does bad information get around on the internet! I'm sure the editors of the portal didn't intend for the info to be incorrect. But I'd lay odds that the original writer was not a real estate professional. Probably someone who found the info somewhere else and perpetuated it.

How many times do you think that 'burned buyers' were lulled into a false sense of security by the internet, ignored their broker's advice to further investigate -  and later, attempted to blame the broker for the buyer's own negligence? Are you, the agent, documenting those times you advised a client to heed your suggestions, not the nameless, faceless internet?

How many times have you seen completely erroneous information on listing portals?

This past week?  :)

Even after it's been corrected, the damage is done.

It's like pee in a pool, you can't get it out. :)

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Comments

Nate Covington
Member Since '07

Nate Covington said:

Candace, that is why I have my own pool.

But seriously, people need to talk with a Real Estate Professional in these matters.  The internet is so broad and buying a home is very finite.

I pretty much always ask for a survey, when I represent a buyer(as the listing agent may not have asked the seller for an up to date one).

When I list a property, I ask the seller for a survey, if they don't know or don't want to know.  I tell them it may hold up closing when we do get an offer.  Most sellers take my advice and get it early on to sell the home sooner rather than later.

However, I do have people fight the idea and when we can't close soon enough(it takes 4-6 weeks here, for a survey) they are kicking themselves.  By the way when they buy a new place, these people are always the first to ask for a survey.

Candace, you have to drain the pool.

February 12, 2008 11:27 AM
Troy Silvester
Member Since '06

Troy Silvester said:

The only problem that I have with the original statement would be "Most of the time" it [is] not necessary to have a survey if a property was located within a platted subdivision or town.  

Nate, my nieghbor up there in American Falls, I take it that you sell a lot of larger parcels.  Since starting in business, 1992, I have been involved in one survey.  It was a home on acreage and my own investment. The county said it was 14 acres and one border of the property was the mid point of the Weber River. We though we should know what we were getting.  The surveyors promised 4 weeks and took 3 months and charged 3 times what they quoted.  What an ordeal, but it turned out to 29 acres!  Interestingly the known boundaries was not the issue, it was clearly fenced and the fences were not off by much at all.

Because of the ordeal of waiting and waitng and increased costs, I would be very hesitant to order another survey.  The one turned out OK, but it might have gone the other way, plus the cost.

In established subdivisons where fences have existed forever, surveys could cause way more issues than they resolve!

February 12, 2008 11:42 AM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

Out here along the mighty Colorado, even a few feet deviation from a boundary can be literally thousands of dollars in value. I've seen owners throw down over a few feet of water frontage. At 7k per linear foot it's a battle they feel worth choosing.

I have some good horror stories about boundary disputes. Fortunately, knocking on wood (my head, lol) I was not on the business end.

February 12, 2008 12:56 PM
Nate Covington
Member Since '07

Nate Covington said:

Troy, I do sell large parcels up here to out of state buyers, but I also sell homes in the Original Townsite of American Falls(this town was moved to make way for the A.F. Reservoir) and when the Bureau of Reclamation laid out the town it wasn't exactly square.

When I redeveloped a block in 1999, it was determined that the block was not a rectangle. (approx. six(6') off on one side/end).

The city re- serveyed the whole town and found that nothing was equal.

Since that time, with the help of GPS, many parts of this side of the State have been resurveyed.

This is problably why I recommend surveys here.

February 12, 2008 2:13 PM
Tommy Fergeson
Member Since '03

Tommy Fergeson said:

I would never not advise that a survey is not needed. Surveys find encorchments and other problems.  We sell a lot of waterfront in our area.  Some of the property extends into the lake. Some does not.  In times past seems that developers would keep the land next to the waterfront so that the person does not own to the water.  What a nightmare to find some of the developers or their decendents to get the small areas deeded to buyers.  Some property goes to a certain sea level IE: the 825 line which is full on Lake LBJ.  If the home owner wants a retaining wall they do not build it at the 825 line.  They go out into the water, build concrete walls and backfill the area.  They do not own the fill area.  

Knowing this, can an agent advertise this as waterfront property?  Been a question around here a long time.  As a buyers agent you better prepare your client for these situations.  A survey is a must weather platted subdivision or not.

I'm going to quit now, but could go on and on in favor of survey.

February 12, 2008 3:03 PM
Troy Silvester
Member Since '06

Troy Silvester said:

Tommy, I think that is a triple negative there, but I get the gist.  Where are all the, in town, urban agents.  I can't imagine that surveys are done (or even should be) on anything like 10% of the total transactions in this country.

I am saying transactions here. Of course, on the total dollar amount of Real Estate Sold, the percentage is probably much higher.  By the way, I don't think I would advise anyone that thinks it wise, not to do one.  I would just get them facts about cost, time frames, etc. and let them decide.  

February 13, 2008 12:06 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

[Troy sez: get them facts about cost, time frames, etc. and let them decide.]

Exactly. Informed choices.

February 13, 2008 3:31 PM
Gregory Bain
Member Since '03

Gregory Bain said:

Candice, it's only 500 links to where the old oak tree use to stand and then right until you get to the edge of Lake Mead. Just follow the waters edge until you get to Alma's Dock and back the way the crow flys. What ya gonna do? Make old Ferguson move his barn? Geez, can't we all just get along?

February 13, 2008 10:08 PM
Candice A Donofrio
Member Since '07

Candice A Donofrio said:

LOL Greg and you and I both know that was how the whole system started . . .

February 14, 2008 8:35 AM
Alice  Moore
Member Since '07

Alice Moore said:

I have heard this over and over in our area.  The area I sell and live in is a platted resort.  I still recommend a survey.   Lots here can be deceiving by shrub, tree, weed growth and markers can be hard to locate.    If they want to buy vacant land without a survey, they will find out they have to get one anyways when they build.    It is only smart to do it up front.  I forwarn them at the time of purchase and keep several survey business cards handy.

February 21, 2008 11:18 PM

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Candice A Donofrio
Next Wave Real Estate Investments LLC

Candice A Donofrio
Member Since '07

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