Event Details
Using inspections to move your inventory and limit your liability. - Event Over
2/7/2008 (9:00 AM - 12:00 PM)This event is open to everyone.
Using Inspections to Move Your Inventory and Limit Your Liability
A three hour continuing education course for real estate professionals
Course Summary:
The real estate agent/student will go through the entire inspection process from
writing an inspection addendum to handling post-closing complaints, covering nearly
every inspection-related scenario, all with an emphasis on limiting agent liability.
Course Instructor:
Nick Gromicko, veteran REALTOR, inspector, home builder, real estate author, and
Founder of the International Association of Certified Home Inspectors (InterNACHI).
CE Approval for REAL Estate Agents:
This course has been approved for 3 continuing education credit by the Mountain Metro Association of REALTORs.
Course Outline:
1. Introduction to inspections.
2. How to write an inspection addendum to the real estate sales contract.
3. How to find a competent inspector:
Your fiduciary duty to refer the best inspectors.
Licensing...a minimum standard.
Local regulations regarding inspections.
Ancillary inspection regulation in your area.
Certification...who's?
Standards of Practice of the inspection industry.
Code of Ethics of the inspection industry.
Known no-entrance requirement inspection diploma mill trade associations.
Why a professional engineer can't really do a home inspection, typically.
How to avoid home inspectors who also offer repair services.
Reviewing sample inspection reports with your client.
Continuing education for inspectors.
References.
InterNACHI.
Professional designations for inspectors.
IAC2
4. How to use pre-listing inspections to move your inventory
As listing tools.
As marketing tools.
To minimize liability.
To increase closing percentage.
5. “Move-In-Certified”
What it means
Who certifies
How it works
Public inspection report
Benefits to the agent
Benefits to the seller
Benefits to a buyer
6. How an agent can limit liability:
What to do when your client waives the inspection.
What to do when your client can't be present for the inspection.
To refer particular home inspectors or not to...that is the question?
Negligent referral claims.
Hold harmless agreements.
E&O and GL insurance.
Post inspection client surveys.
Preferred vendor lists, avoid inspectors that participate.
Home warranties.
Breaching the inspection rider of the sales agreement.
Disclosing past findings to new potential buyers, right or wrong?
What you should do when you know of or notice a defect.
What to do when a seller's property is damaged during an inspection.
What to do when an injury occurs during an inspection.
Avoiding conflicts of interest.
Keep your yap shut, sometimes.
Surprise, you've been sued.
Reputation damage control.
Who left the cat out during the inspection?
Sharing a confidential report.
Three rules of inspections: disclose, disclose, disclose.
7. What ancillary inspections to consider for a “Move-In-Certified” home:
General home inspections
Wood destroying organisms
Radon gas
Water quality
Asbestos
Lead
Private wells
Mold and mildew
Septic systems
Meth Residue
Out-buildings
Pools
8. How to prepare for a home inspection:
Instructions to give to the seller.
Instructions to give the inspector.
Procuring access.
9. What an agent's role is during the home inspection:
When to intervene.
When to keep quiet.
When the inspector finds a defect that doesn't exist.
When the inspector misses a defect that does exist.
Special issues for vacant homes.
Special issues for out-of-town sellers or buyers.
When you are a buyer's agent.
When you are a listing agent.
When you are a dual agent.
Should recommend the seller be present.
When the buyer brings an additional non-professional advisor.
10. How to protect your client's safety during an inspection:
While the electrical panel has been removed for the inspection.
Client's children.
Clients who want to climb the roof or in the attic.
Your duty to the seller when the inspector discovers an immediate safety concern.
Dogs.
11. What to do when an inspection can't be performed:
Weather or seasonal restrictions.
Closed or covered pools.
Obstructed areas.
Safety restrictions.
Seller's restrictions to certain areas of the home.
The utilities have been turned off.
12. What to do after the inspection report is generated:
Analyzing the report.
Pictures.
Summary pages.
Laboratory reports.
Getting permission to share.
Responding to the seller about defects discovered.
Responding to a buyer about credits or repairs requested.
Defects, estimates, repairs.
Negotiating for your side.
Repair – Re-inspect
13. How to handle re-inspections
After a repair is made.
What to do when a defect is discovered after the inspection.
What to do when inspection reports conflict.
What to do when a defect is discovered during the final walk-through.
14. What additional information is out there:
Appraisal.
Insurance loss history reports.
Building permits.
Seller's disclosure.
Agent disclosure.
Local zoning.
Local codes.
Survey.
Occupancy permits.
Public information.
InterNACHI's Citizen Information Center.
15. Holding it all together.