Something to think about

[Rudolf Reusse]

For over a century Realtors have been successful in keeping the idea alive that their services are essential when selling or buying real estate. Consequently very little skill is required to collect commissions from selling other peoples properties.

Any storekeeper has to purchase merchandise before he or she can sell it. Realtors in contrast have to invest virtually nothing to collect thousands of dollars on commissions for their virtually risk-free services.

Having carried out about 9,000 home inspections - I had the opportunity to scrutinize several thousands of listing information which had been issued to promote the sale of properties I inspected. Very few were actually correct - but emphasis had always been given to highlight irrelevant cosmetic features. Not once was it voluntarily revealed that the roofing was in worn-out condition - or that water was seeping into the basement occasionally. However - illegal basement apartments have often been featured as potential income source. Even lot sizes have been found incorrectly described more than once.

But listing brokers have never forgotten to add their self-serving disclaimers - which always read in fine print that they do not assume any responsibility for the accuracy of the information provided about properties they are trying to sell. Many of them even suggest that it is the obligation of the purchaser to satisfy themselves that the provided property description is correct. But by suggesting to have a pre-purchase home inspection performed gets them technically even of the hook all together.

The irony is that Realtors and their agents splitting these days at least $20.000 of commission from each sale in Toronto with little or no exposure to risk. But home inspectors who can hardly charge $450.00 per inspection are expected not to have any disclaimer - and to carry $1 million dollar of Error & Omission Insurance for each prospective claim. The odds are certainly not in favour of home inspectors.

RUDOLF REUSSE - Home Inspector since 1976 - Retired



　

[Roy D. Cooke, Sr]

Very Nice thanks Rudolf Much appreciated ... Roy

A good eye opener

[James H. Bushart]

As homes continue a downward spiral in value ... I think that those who are selling them for up to 50% less than what they were valued at three years ago are having a very difficult time justifying an additional loss of 6% of the gross selling price going to the housewife who puts the sign in his yard.

I think that the new industry that will arise from the ashes will look much different than it did before the crash.

[Nick Gromicko]

That's good for us.

[James H. Bushart]

Originally Posted by gromicko

That's good for us.

I agree ... as long as we do not bend over and grab our ankles, as we have done for so many years, and allow associations formed by those who sell used houses to write the future agenda.

[James E. Braun, CMI]

There has always been a line of home inspectors willing to prostitute themselves and I guess there always will. Until the bar is set considerably higher, things will remain the same. Sad but true.

[Douglas Cossar]

Well James

The senario you posted does exist here in my neck of the woods.

Home values are growing and there are numerous mulitple offer (bidding war) situations happening every day.

But Rudolf is right!! There is something very wrong with the way things are.

Cheers