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Real Estate Information |
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Dead Deals and Recycled Reports
Everyone knows that at the end of a home inspection, a report is generated that outlines the findings of the home inspector. But did you know that this is not intended to be a "hit list" of negatives? Us home inspectors do what we do in order to objectively describe the home. This is not the place for emotion, rather a simple stating of the facts. Homes do not pass or fail inspections, they merely describe the strengths or weakness. Inspections are also not intended to favor buyer or seller. In fact, the greatest flattery an inspector can receive is for the seller of a recently inspected home to call the same inspector to inspect their next home. This action tells all that the inspector discovered every defect known to the seller, discussed and documented those defects in a fair and objective manner. Furthermore, any unknowns discovered were likewise handled with objective fairness. This outcome should be the inspector's goal for every inspection. Sometimes situations do arise where the person who contracted for the home inspection chooses not to or is unable to complete the transaction. When a new buyer is found, it is a common thought to use the previous report as a decision tool for this new buyer. This is an extremely dangerous practice! This is among the prime reasons that nearly all inspectors stipulate in their inspection agreement that the home inspection is considered a confidential communication between buyer and inspector. Why do inspectors feel so strongly about this particular piece of the issue? Primarily because? The written inspection document is not the complete home inspection experience! What? How can this be? Because, the written document only supports the observations and dialogs exchanged by all parties at the inspection. While it is certainly correct that all that is written in the report and all that is said at the inspection should be consistent, the total understanding by the buyer of the inspection comes from blending the observed with the spoken and with the written. A new buyer viewing only the written portion of the inspection is missing much in the understanding, perspective, and context of the total inspection experience. This is a high-risk practice and should always be avoided. Old Reports for New Buyers. When the original buyer leaves the transaction, generally the inspection report goes with that buyer. Because of the issues of confidentiality and, just as importantly, the completeness of understanding by the new buyer, a new inspection should be ordered. However, in some cases, the original buyer, being the kind and decent souls that they are, will sometimes give the now "useless" report to the agent, who now has another party interested in the home. How wonderful! More often, however, the original buyer of the home inspection does not know of the report handoff. The agent and the new buyer can now use the old report as a decision tool, and all without expense. The agent is a hero to the new buyer! Yikes! No one told the new buyer about confidentiality, or about completeness of the inspection report and experience. But, even more importantly, no one told the new buyer that there is another key reason not to engage in such a practice - things change! An inspection report is a snapshot in time of the observable conditions of the home. That picture can change in an instant! Things do happen to homes. Should the roof now leak or the air-conditioning now not cool, this would be an unknown to the buyer. Whether or not the seller knew is a whole other issue. The buyer, after taking possession of the home and discovering the failure and expense to repair of failing systems, has been harmed by the lack of documentation of defect in the written inspection report. When people feel harmed, they seek relief. When such is the case, most buyers will initially seek relief from the home inspector. Several problems exist is seeking relief from this source. Among the problems is the fact that the home inspector did not miss the failed systems, they were functioning as intended and correctly described at the time of inspection of the written report. Next among the problems for the new buyer in seeking relief from the original inspector is that the new buyer is not the customer with whom the inspector had the complete inspection experience and confidential agreement. Nope, there is no relief forthcoming from this inspector. Advice For Agents. So now, where does the harmed, and getting hotter all the time, homeowner go for relief? The agent of course! That seems rotten and unreasonable; the agent did their buyer a favor! But, it was usually the real estate agent who improperly provided the previous inspection report. Worse yet, in many cases, it turns out that the complete written report was not provided, only a summary. This always goes badly for the agent! Not only is the homeowner mad at the agent, but also the potential exists for the original buyer to discover that their report has been shared with a new buyer. If there was no permission to do this, that original buyer is typically very upset with the agent. This original buyer paid for the report and now feels betrayed by the agent. More bad news for the agent! In the situation where the agent is still working with the original buyer for a different home than inspected, I have seen the buyer so upset with the agent that they have terminated that relationship. Strangely enough, they stayed with the same home inspector. Relationships in real estate are about trust, and giving away someone's report is a great way to lose that trust. So now, the agent has on one hand an aggravated homeowner that wants to be compensated, and on the other hand has just lost a potential buyer. That looks like money going out and nothing coming in! This is not a good business situation. Ultimately, sharing home inspection reports with multiple customers is not a good business practice. This subject and more about the interactions and relationships in real estate are discussed in Wally Conway's book, "Secrets of the Happy Home Inspector", available at GoHomePro.com or Amazon.com. As a speaker, writer, instructor, and host of The Happy Home Inspector radio show every Saturday at 3 PM on WOKV 690, Wally blends the right amount of up-to-date information with just the right amount of humor, insight, motivation, and real-world application. Visit WallyConway.com or GoHomePro.com for more information!
MORE RESOURCES: Experts predicted Minnesota real estate agents would quit, 5 INVESTIGATES found a different reality 5 EYEWITNESS NEWS Altadena’s rough real estate market: Slower sales, lower prices, lottery winner plucking up properties Los Angeles Times Real estate magazine reports Les Wexner as Blue Heron buyer The Martha's Vineyard Times Real estate expert warns socialist mayoral candidate could trigger massive NYC exodus - Fox Business Canadian psychologist Jordan Peterson sets up shop in the Valley, records show The Business Journals Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem - Crain's Detroit Business Bedrock flexes its real estate portfolio to grow Detroit's tech ecosystem Crain's Detroit Business Office real estate wide open in Denver as vacancy rate hits 36 percent Colorado Public Radio Vail Valley real estate inventory is on the rise VailDaily.com NAR Real Estate Forecast Summit National Association of REALTORS® Real Estate Partners Dollar Tree Let's Talk Business: June residential real estate sales lagging, heritage grants and more Pueblo Chieftain A New Perspective: Here Comes the Groom | Real Estate Insights Piedmont Exedra Boston Real Estate Times Unveils 2025 Excellence Award Winners: Honoring the Visionaries Shaping New England’s Future Boston Real Estate Times Dawson County weekly real estate transactions, July 18 Central Nebraska Today State lawmaker joins Westport commercial real estate brokerage as vice president Hartford Business Journal Bard College hires real estate advisor and broker to sell Simon’s Rock campus - The Berkshire Edge Private Credit Surges in 2025 as Real Estate Developers Bypass Banks The World Property Journal Real estate news: Senior apartments in Tustin sell for $83M; Fullerton Metrocenter snares $118M Orange County Register 5 Essential Tech Tools for Real Estate Agents National Association of REALTORS® New York Housing Market Trends 2025: Is the Tide Turning for Buyers? Norada Real Estate Investments Los Angeles Water & Power commits $100 to real estate debt Pensions & Investments Today’s Mortgage Rates: The States Offering Lowest Rates – July 18, 2025 Norada Real Estate Investments Property management with an owner’s mindset J.P. Morgan Corcoran McEnearney Announces Evan Lacopo to Lead the Number One Real Estate Office in Alexandria, Virginia Alexandria Living Magazine SRS Real Estate Partners Arranges $4.53 Million Ground Lease Sale of Walmart Property in Deltona, FL citybiz Real Estate Market Report (June) highlandscurrent.org Licking County real estate transfers for June 30-July 4 range from $200,000-$14.6 million The Newark Advocate Banner Real Estate Group Breaks Ground on 334-Unit The Faywell Multifamily Development in The Heart MultifamilyBiz Bridgemarq Real Estate Services® Declares Dividend Yahoo Finance Moon Becomes Next Real Estate Frontier, NAR Reports Higher Foreign Investment In US Huntsville Business Journal CBRE Announces Strategic Leadership Appointments Across U.S. & Canada Advisory Business Boston Real Estate Times Gravelle advises on current real estate market in Grant County Columbia Basin Herald Frederick Ford, real estate executive and first Black Union League Club president, dies at 98 Chicago Tribune Mapletree Sells Sun Belt Warehouse Portfolio to EQT Real Estate for $241M Commercial Observer Operation Pawssible: Greenbrier Humane Society gets a boost from local real estate company Mountain Messenger GenesisM Breaks Ground on 154,000-Square-Foot Biomanufacturing Facility in Bedford, MA Boston Real Estate Times AGC MA Announces 5th Annual Building Advancement Externship to Bridge Educators with STEM Construction Careers Boston Real Estate Times What's the most expensive property sold in Rhode Island? July 18 real estate transactions The Providence Journal The Pipeline: Commercial real estate roundup for 7.18.25 Richmond BizSense LOCAL REAL ESTATE TODAY 7.18.25 KQEN News Radio Home Buyers: Stop Freaking Out After the Home Inspection National Association of REALTORS® Home Buyers May Have Accepted a New Norm on Rates National Association of REALTORS® Tips on spotting real estate investment opportunities and avoiding risks, from experts at GR Property Group Community Impact SRS Real Estate Negotiates $4.5 Million Sale of Walmart-Anchored Property in Metro Orlando Shopping Center Business Miami-Dade’s self-storage surge a boom for real estate IslanderNews.com Stage Point Europe Launches Its RWA Token $SPET, Setting it up as a Bridge Between Crypto and Real Estate Morningstar Hunt Companies Acquires Controlling Interest in Carter, Strengthening Real Estate Development Platform Business Wire Top Stocks for Real Estate Investment Elite AI Stock Forecasts - Massive wealth growth Jammu Links News New plans unveiled for Water Street’s second phase Tampa Bay Times July Economist Snapshot: What Will the Big Beautiful Bill Mean for Commercial Real Estate and Housing? Urban Land Magazine Vend Leans Into Verticalisation As Real Estate Revenue Grows 11% In Q2 onlinemarketplaces.com Is Apollo Commercial Real Estate Finance Inc. a good long term investment - Explosive market performance Jammu Links News Wood County Recorder reports on second quarter real estate activity BG Independent News Vendor & Real Estate Partners Dollar Tree Development Services Offers Online Early Assistance for Commercial Real Estate Projects Prince William County Government (.gov) Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 - The Courier-Journal Real estate sales in Jefferson, Bullitt and Oldham counties for Jan. 2-5, 2025 The Courier-Journal Drake Real Estate Partners closes largest fund yet after pivoting to institutions Private Equity Real Estate | PERE Real Estate Transfers ~ June 25, 2025 The Bedford Citizen Choice Properties Real Estate Investment Trust 2025 Q2 - Results - Earnings Call Presentation (OTCMKTS:PPRQF) Seeking Alpha Real estate transfers: Lake Township condominium complex sells for $5.61 million - Canton Repository Manitowoc's real estate transfers include a sale of nearly $1 million to Riverside Dairy Herald Times Reporter Real estate office transforms into collection center for donations being transported to Kerr County kens5.com Stonelake Capital sells dozens of industrial buildings across US for $920 million The Business Journals |
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