September 29, 2023
September 29, 2023

Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

Every Deal Is a Learning Experience

I have been working in the field of real estate for over 30 years. I thought I heard and saw it all. Two problems recently came to my attention that I would like to share with anyone who owns a home, is looking to buy or sell a home, and/or anyone who rents a home.

During a home inspection at a condominium, the inspector checked out the heating system. He did a carbon monoxide test, and, to everyone’s surprise, the level was significant enough to create concern. This condo had all the proper fire, smoke and carbon monoxide (CO) detector kits installed. The CO levels were not high enough to set off the CO detector. However, they were high enough to possibly cause the occupants to feel ill. The cumulative effect of the CO leak could adversely effect any health concerns for the occupants. The inspector ultimately found a leak in a pipe from the hot water heater that was discharging the carbon monoxide.

If you have the time, you should call in PSE&G to check for this unusual condition. Don’t just rely on the detection kits.

The second incident had to do with a client who had a contract for the sale of his home in a nearby state. He wanted to coordinate the sale of his home with the purchase of a new one. He told me that the contract for the sale had no mortgage contingency and the buyer was going to tear down the house, so there would be no inspection problems.

The buyer came to me as a personal referral so there didn’t seem to be any reason to doubt his situation. Here is where the problem arose. I found him a house to buy, with no mortgage contingency. The seller’s attorney wanted him to show proof of funds. The buyer could not show anything because the house he was selling was in his brother-in-law’s name. This was done for some tax situation. In order for him to buy anything, the purchase contract had to be redone in the name of his brother-in-law.

The buyer’s attorney went on vacation and there was a two week delay. During that time the house he wanted went under contract with another buyer.

In the future, you can be sure that I will ask questions that I never asked before. You should check your own deeds and records to make sure that everything is as it should be before you pursue your move.

By Martha (Malkie) Aaron

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