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John MacVean

Foreclosure Properties: Don't Let Service over-ride Sensibility

10-18-08
John MacVean

With the current market conditions, many professionals who otherwise would avoid foreclosures; find themselves showing potential clients a multitude of foreclosure opportunities in the market area. Lets be fair, everyone loves the idea of a great deal and in many cases the foreclosure market offers just such an opportunity. Conversely, the foreclosure market is also full of potential pitfalls for the home buyer and real estate professional alike.

I was contacted by a Realtor a few months back. This agent has been known to me for years and I can attest to his high level of service and ethics. His extremely high level of service often leads him to religiously preview properties for clients, assist in coordinating utilities, and in general go that extra mile. We all are guilty of this with present market conditions as it is often the difference between a sale with happy clients and a no-sale. On this particular day, the agent rang my cellphone and advised that in turning on the main disconnect breaker at a unit that his client had shown interest in; he had noticed a "mushy" feel - not the crisp feel and force usually required to reset and/or turn on breakers. It is at this moment in the conversation which I offered to check the panel and further encouraged my referring Realtor to let me handle it from here as there was a potential safety issue at the root of this conundrum. Upon arriving at the unit and verifying that the service panel was not energized; I removed the panel and observed some adverse conditions to say the least and certainly the cause of an aforementioned "mushy breaker". In the photo the black soot indicates a panel flash/fire and required a full review and repairs by a licensed Electrician. The potential ramifications to the health of my referring Realtor as well as the potential liability shall go without description herein. The attempt to provide that higher level of service comes with risk. As we say in the Home Inspection industry, and which is often met by groans of real estate professionals when I advise that I will not be lighting the pilot light on that pool heater or furnace, "It is not worth dying for". The same holds true for my you, my Realtor colleagues. Do not let your sense of service over-ride your sense of self-preservation. While our society places an inordinate level of importance on career, in the grander scheme of things - our primary goal must and should always be - getting back home to our loved ones; safe and sound, and ready to meet the demands of the next day. Evidence of Panel Fire - Unsafe Panel Conditions