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Take a digital camera with you

 

Take a digital camera with you

As you visit potential investment properties and later go through them with a home inspector, keep a digital camera in hand, and keep snapping as you go.

Digital cameras are terrific tools for real estate investors who are screening properties. They offer a quick way to document problems. And the pictures provide a way to remember many details about a property that you would otherwise forget. Just what was the condition of the bathroom tiles? What kind of floor was in the entry hall? A digital camera captures it all.

Also: Carry a pencil and paper with you to record room dimension and other details. Low-tech tools are important, too!

 

What you can learn from this story  . . .

• First, do not hire an attorney who has been recommended to you by your real estate broker or salesperson.  To be sure you are getting a lawyer with no strings attached, find one who is experienced in real estate and who has, if possible, satisfactorily represented people you know.

• Second, do not utilize a home inspector who has been recommended by your real estate broker or salesperson. Granted, Patricia’s inspector was probably honest and may not have been influenced by the realtor who was trying to complete a sale. But he might also have been acting in collusion with the realtor, or the seller, to make sure the deal happened. Perhaps that is why he omitted the words “structural defect” from his report. Patricia will never know, but the fact is that she ended up unprotected.

• Third, amend a sales contact to meet your needs before signing it. Patricia’s attorney should have asked her about the age of the house she was considering and anticipated that she needed the option to terminate the contract based on considerations other than “structural defects.”  Your attorney needs to protect you. In order to understand how to do that, he or she needs to ask questions to assess your needs rather than present you with an off-the-shelf contract, saying “Sign here.”

 

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