Test your knowledge of modern residential real estate practice, and answer the following multiple choice question:
Q: Who should the listing agent (representing the Seller) meet at the home?
A. The appraiser working for the Buyer’s lender;
B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection;
C. The photographer;
D. The Buyer’s home inspector.
Correct answer(s): “A.” and “C.”
Here are the explanations:
A. Yes. Especially if the home sold in multiples above the asking price, it’s imperative that the listing agent support the sales price for the subsequent appraisal.
The Realtor does that by documenting the existence of multiples; explaining why Buyers found the “subject” home so attractive; and sharing any relevant details about nearby Comp’s, Pending’s, and Active’s.
B. No. City inspectors do have some discretion, but in general their scope is limited and well-defined (Note: depending on whether the inspector is a city employee or a third-party contractor, the homeowner may have to meet the inspector, to let them in).
C. Yes. Like chicken soup, “it can’t hurt, might help.” That’s especially the case when the listing agent has particular shots or even specific angles in mind (like for virtual staging).
D. Nope — that would be the Buyer agent’s job. And yup, they absolutely should be there, to see first-hand any inspection issues that the Buyer intends to raise with the Seller.
As a courtesy, the owner and their agent should be nowhere in sight while the Buyer and their inspector (and any family members 🙂 ) are checking out the house.
See also, “Realtor Job Description.”