When the sellers’ presell inspection error costs time and money
Nov 06, 2022Marketwise column
By Pat Kapowich | Published:November 4, 2022 | For the Bay Area News Group and its flagships The Mercury News and East Bay Times
Question: We recently sold our parents’ house after three price reductions. It is a Silicon Valley home in a good neighborhood connected to two sought-after schools. Homes in our area in original condition were selling in hours throughout the pandemic. We understand we missed the hot seller’s market with low interest rates, yet homes were still selling quickly in our neighborhood. A haphazard termite report claiming our subfloor was infested with carpenter beetles stigmatized our parents’ property.
The homebuyers hired a termite inspector who trains new structural pest-control operators. This veteran of the termite control industry identified a faulty report item on our presale termite report. The homebuyers’ veteran termite inspector noted the tracings on the subflooring were from the lumber yard. The homebuyers’ termite inspector said we do not have evidence of carpenter beetles at our property. The homebuyers’ veteran Silicon Valley termite inspector proclaimed he had never seen carpenter beetles in Silicon Valley.
Upon further investigation, we learned that our presale termite inspector was a substitute. He works on the outskirts of the Bay Area near the Delta. Additionally, our termite inspector is new to the industry.
Homes in similar condition sold in our parents’ neighborhood came on the market and sold during our listing period. Not one seller reduced their price. All sold for over $100,000 more than our parents’ house. The main difference is the other homes did not have an erroneous report about widespread carpenter beetle infestation on the home’s floorboards.
Our mother is in private skilled care and can use all the proceeds from her home. Who do we seek the $100,000 loss from due to this error, and how?
Answer: You start by creating a documented storyline for a consultation with a real estate attorney. Real estate agents and our affiliates make costly mistakes. All the more reason that industry professionals exhaust all due diligence.
In Silicon Valley and parts of the Bay Area, it’s common for sellers to obtain presell inspections. It staves off roadblocks to a successful home sale. Conversely, home sellers rely on homebuyers to hire inspectors in the rest of the state and country. Unfortunately, the sellers — your family — hired an unskilled rookie inspector, stigmatizing your property. You will need a skilled real estate attorney to prove a financial loss for your mother’s sake.
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Kapowich offers invaluable insights and trends on his website. He is adept at instilling confidence in clients, whether they are buying, selling, relocating or resizing homes.
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Realtor® Pat Kapowich
Certified Residential Real Estate Brokerage Manager | Certified Trust and Probate Specialist
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