I once did an inspection that went very well. That something was off rang like a bell.
The urban environment external to a home can affect its desirability. The clients’ tolerance of that is what counts. It’s the other side of the coin. So what are the ‘masked’ issues or factors and what is your clients’ tolerance level, real or perceived. You can’t see them by just looking at the property.
I once did an inspection that went very well. The duplex was in good shape. The potential buyer, my client, kept asking me what could be wrong. There was nothing really wrong with the building so I asked him why he was wondering this. He said he could not figure out why the price was so low.
And it was low for its comparables. But the building was OK. So I asked him was there anything odd or unexpected in dealing with the seller or their agent. He said no, other than the time changes.
I said what time changes. He’d call for a viewing appointment and hours after they would call back and change the time, but by only an hour or two. He said they even did that for the inspection appointment. He was told not to come early as there would be no one there, but the neighbours’ dog would get up set.
I thought about that for a minute. Hmm… I did not hear a dog…hmm…. but I did hear…A ha! I’d arrived about 15 minutes early, like I often do and not only did I hear it but I saw it too. I just didn’t think of the significance at the time.
The house was right under the approach flight path leading in from over the lake to the airport runway. So when I got there 15 minutes early I was able to look up and read the call numbers off the bottom of the plane that was passing then.
I told my client this and he was relieved. He said that was worth the price of the inspection just for that.
Apparently at certain regular time periods there would be streams of planes coming in one after another. This was on a set schedule, but could vary depending on the wind direction, when another approach would be used.
This explained the appointment and inspection schedule changes. So nothing was wrong with the house and my client didn’t care about the planes. He just wanted to know why it was under valued.
So you not only do you have to look at the property, you have to look at the environment around the property and what is routinely going on there. But the clients’ tolerance is the deciding factor.
Trying to hide why the property was under valued caused an artificial problem in this case. Full disclosure is the way to go. Would this issue be a hidden defect? Hmm….
N.B.: This blog was inspired as a response to the following post by Valerie Zinger; http://actvra.in/4JN
Original blog post on ActiveRain: Link to Blog Post