Lessons Learned

Some of the lessons I’ve learned about life in general. And not just about Carolina real estate.

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I came across an article in last week’s Charlotte Observer by Christina Bolling that illustrates the amount of care and precaution you need to have when buying a new home.  For many new home buyers, they figure “I’m buying a brand new home so everything should be a-okay”.  Unfortunately, that’s not always the case.

Ms. Bolling’s article shares the story of Julie and Andrew Weiss and the problems they had with their new $200,000 home built by Scenic Homes.  Due to some faulty wiring, they had roughly $3,200 dollars worth of electronic equipment and appliances that were destroyed as a result of several shorts to the electrical system.

“The Weisses say the builder, Scenic Homes, initially refused to pay for new appliances. They wanted to go after the company in court. But they couldn’t.

At closing, the Weisses signed an agreement not to sue Scenic Homes if any dispute arose. Instead, they would have to go through binding arbitration with a specific arbitrator chosen by Scenic Homes – and pay the arbitration fees themselves, regardless of whether the builder was found at fault.Weiss says she and her husband, a lawyer, were dumbfounded when they learned a one-day arbitration session would cost $5,000 – more than the damages she was seeking.”

Unfortunately, you must be VERY careful when purchasing any type of home, even new construction.  That’s why it does pay to have a real estate expert on your side.  And it today’s tight real estate market, buyers are typically in a position of power so use that to your advantage!

Some of the comments that accompanied the article were very insightful as well.  For example, Megan722 wrote:

“Whenever you build, you need to get what is called a “phase by phase” building inspection. You have to hire your own inspection company to do this but they act on your behalf in making sure that everything is on the up and up throughout the build. If you mention it to a builder, they will try to dissuade you from doing this, but you must if you want to ensure quality workmanship. I believe it was around $1200 dollars when I hired one a few years ago.”

As much as you’d think you could trust the county inspectors to do a thorough job of inspecting new construction homes, that’s not always the case.  Especially in South Carolina according to tnenger.

“If you buy a spec home in York County, SC do not rely on county permit inspections to insure quality work! Based on my experience these inspections are almost useless. The building inspection department needs a complete overhaul. I suggest you get a electrical engineer to inspect wiring from the crawl space to attic. Inspect footings for proper size and have soil test done. Inspect shower construction to insure they used a membrane, etc. The builders in York county don’t have to prove that they used licensed contractors. You have no way of finding out who did the work. The builders themselves may not have a license but can still get a permit! Check with SC to see if they have a license. Do not rely on a 3 hour inspection by home inspector. A inspection will take a couple of days. Many half million dollar homes in York County may have major defects because of lax building code enforcement. Realtors will tell you anything to sell a home.”

The only thing I’d disagree with is the last statement.  Yes, SOME realtors will tell you anything to sell a home, but a quality agent will ALWAYS have your best interest in mind.  That’s why it’s always a good idea to have an agent represent you, even when you’re buying a spec home.  A good agent can be the bad guy and make sure EVERYTHING is being done correctly so you can avoid all the headaches and hassles the Weiss family, and many others, have experienced.

If you’d like to work with an experienced agent that knows the ins and outs of the Rock Hill SC, Fort Mill SC, and all of York County real estate markets, contact me today and let’s get you into your dream home!

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If you’ve been paying attention to the news at all then you know about the Federal Government stepping in to help out trouble mortgage giants Freddi Mac and Fannie Mae.  Unfortunately, this is just another sign of the challenging economic times we live in.  At least compared to the unprecedented prosperity we’ve enjoyed recently.

However, in spite of all the ‘doom and gloom’ news we read about on a daily basis, it doesn’t mean life as we know it is coming to an end.  It just means it’s time for us to be a little wiser with the resources we do have.

Here’s a great clip I found on NBC’s website that talks about what we can do to not just survive, but THRIVE in the face of all this economic uncertainty:

And for all of us in the Rock Hill SC, Fort Mill SC areas, even though things are rough, we’re still enjoying a thriving real estate market in comparison other parts of the country. So, if you’re thinking about buying or selling your dream home in the Rock Hill or Fort Mill area, let me help you navigate the turbulent real estate waters!

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Filed under Lessons Learned, Market Trends, Opinions, Videos by  #

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If you think foreclosures only happen in the middle class, $100-250K housing market, think again.

There’s a $19.5 million dollar home located in the very well known Hampton’s that’s gone into foreclosure.  The home which sits on 4 acres of land features 18,000 square feet, a 5-person elevator, a ‘flower cutting’ room, 8 bedrooms and 9 1/2 bathrooms.

My favorite line from the story is by Jacob Benaroya, president and managing partner of Biltmore Capital Group, a New York-based firm that purchases problem loans from mortgage lenders.  He said, “These high-end areas were thought to be immune to foreclosures…but we’ve now seen that being wealthy doesn’t preclude you from being stupid with your money.”

Check out this video tour of the absolutely amazing property:

Read the full story HERE.

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