Seller and Buyer beware. If you are already a home owner you have been inundated with Open Door, Offer Pad, and other large corporations with TV ads, emails, text messages and snail mails. They appear to buy outside the MLS and with county records taking months to become public it’s hard to see what they paid for it. Then you see the home on the market in the MLS for top dollar. So, did the home owner get the highest offer they could get? One important part of a sale is the Seller Property Disclosure Statement, known here in Arizona as the SPDS. Looking at those SPDS’s the answers have been standard and generic. So, as a Buyer are you getting all the information on the home you would have gotten from the home owner? Is there something lurking in the future that could be a costly repair that you would have known about from the home owner themself? Another thing I have noticed, the homes marketed in the MLS by these companies are Brokered out of Phoenix, 120 miles away. What does that Broker know about the local market? Especially concerning for home owners who sold to the corporation. Tucson has unique historical communities that hold a higher value. Some master communities have subdivisions that have different values. A local Agent would know those areas. I also noticed these corporations routinely offer a lower commission to a Buyer’s Agent. Are they pocketing the difference? It is one thing to pay top dollar and the proceeds go to the home owner, it’s another for a corporation to take advantage and pocket the money. Think about it next time you see an ad on TV, receive that email, or go through your mail.
Seller and Buyer Beware
Jul 16, 2021