Unbiased, Independent and Yours

Never ask the barber if you need a haircut.
-- Warren Buffett

Warren Buffet's point -- that self-interested experts rarely render unbiased opinions -- forms the bedrock of the Balch Buyer's Realty credo. At Balch, we work for you, the buyer, and only you. Unlike traditional real estate agents, we're not under contract to the seller and not affiliated with a mortgage broker or title insurance and escrow company. As exclusive buyer's agents, we take no listings and never represent sellers.

The importance of unbiased opinions is becoming clear, in the aftermath of the subprime mortgage debacle, at least in regard to appraisers. In October 2007, the state of California made it illegal for licensed appraisers to "engage in any appraisal activity that is connected to the purchase, sale, transfer, financing or development of property if their compensation is impacted by the final price generated by the appraisal." (San Jose Business Journal, "Measures to protect homeowners, expand affordable options," 10/03/07) And in New York, Attorney General Andrew Cuomo is close to an agreement with lenders Fannie Mae and Freddie Mac that would require them to have independent appraisals -- "from assessors who don't have formal ties with a lender or mortgage broker." (Reuters News, "NY attorney general near Fannie, Freddie deal," 02/26/08).

We think real estate brokers should be similarly independent and unbiased. Several years ago, when a local real estate brokerage announced plans to have Chase Home Finance loan officers on site in each of its offices, we spoke out against the practice. In an interview with Noreen Seebacher of the Journal News, I said "I like separation between the real estate agent and the mortgage lender, and don't like the idea of the two sharing the same office. Even though the real estate and mortgage information is supposed to be kept separate, there is a human factor to consider. With representatives from two companies in the same office, there is always the chance some information will be shared." (In "Another real estate brokerage joins forces with mortgage lender," May 21, 2005)

At Balch Buyer's Realty, the only people in our office are buyers and brokers. You and your exclusive buyer's broker. We promise you won't get clipped!

For Your Protection: Home Inspection

At Balch Buyer's Realty, we're not afraid to "blow a sale."  If we spot a problem or defect in a house we're showing you, we'll tell you -- before it costs you any money or robs you of sleep.

But you shouldn't rely on us to determine if a house is sound, has structural defects, or will need major repairs in the near future.  That's a job for a Home Inspector.

Home Inspectors, who are required to be licensed and insured in NY and CT, are not appraisers -- who determine the market value of a house -- and not home improvement contractors, who renovate, repair, and remodel.  They are independent examiners trained to evaluate the heating, cooling, plumbing, and electrical systems of a house, and to examine its structure, including the foundation, roof, masonry, siding and other interior and exterior components.

We suggest you make any offer to buy contingent on a home inspection by a qualified inspector. His report -- which you will pay for -- will identify items that should be repaired or replaced, and will estimate the useful life of the major systems. The report will let you buy with confidence, negotiate a better deal, or walk away from a headache.

You can find an independent Home Inspector in the Yellow Pages or on the Internet under Home Inspection.  Many belong to professional organizations, such as The American Society of Home Inspectors, which hold their members to high ethical and educational standards.  In our area, we recommend:

John Polgreen dba JPG Home Evaluation Services
81 Hamilton Dr, Carmel, NY 10512
914-906-8933
jpginspect@yahoo.com

CTNY Home Inspections LLC
206 S King St, Danbury, CT 06811
203-791-8383

ProChek Home Inspection Services
100 Mill Plain Rd, Danbury, CT 06811
800-338-5050
info@prochek.com

P.S. You can look up NY Licensed Inspectors and CT Licensed Inspectors online.