I am REALTOR that works primarily in residential, but occasionally I handle a small commercial transaction. Nothing huge…a warehouse every now and then or 5 acres of land…so I don’t venture too deeply into the realm of commercial transactions. However, I do know the basic rules of commercial versus residential.
Fast forward: I recently listed a small warehouse and a contract was submitted by another REALTOR. Price was agreed upon and they proceeded to complete their due diligence phase of 10 days. So the other REALTOR says (after the due diligence phase) that the compressor, for the A/C that was supposed to be on the roof, was missing. Side Note: That compressor had been stolen 2 years ago as attested to by the Owner but he replaced it. So I ask the Owner, is there a compressor on the roof as the Buyer reports that it is missing? Owner goes out, goes on the roof and says yes it is STILL there. I relay that to the Buyer’s agent and she says no it is not. Now during the due diligence period, my son, who is a REALTOR with our company, opened the warehouse and stayed until the buyers and their inspection company completed their inspections and he said…no one that came to inspect the warehouse went on the roof!
Interesting dilemma. The Buyer’s agent then asks me for the Seller’s Disclosure! I then proceed to tell her that this is a commercial transaction and there is no Seller’s Disclosure. Where upon she tells me I am unprofessional. I ask for the inspector’s name and phone number, which I receive and call him. But each time I call, he has to call me back. When I ask if he went on the roof, he doesn’t say yes or no but doesn’t have time to speak to me. Isn’t it amazing what some people will do, say or what they know? The last word was that if my Seller credits the Buyer with $800 this will all go away. Remember, the due diligence period is over long before the A/C issue came up and it is an AS-IS transaction. So I am still banging my head on my desk, and yes…I have a indelible dent on my forehead as of this transaction.
So my Fellow REALTORS…until next Monday…be good to each other!