The old saying “you learn something new every day” seems to ring true in our line of work. Real Estate is an ever changing industry and every day we are faced with new challenges and new information.
This past week I experienced a “new” issue; an issue with plumbing. I always thought lead or galvanized plumbing was the only plumbing that we needed to worry about in a transaciton. That everything else was insurable. Until recently.
I learned about a type of plumbing used in the 1996-2007 range called Kitec plumbing. It looks very similar to what we would call “plastic” plumbing except inside the plastic is alumimum. There is an ongoing class action law suit with the company who manufactured it after pipes were bursting due to various reasons.
The home inspector noticed it, we called a plumber for more details and an insurance company to insure it. The insurance company denied it outright! After about an hour and half of searching we did find an insurance company who would insure it for 60 days.
So why am I telling you this story? First, to make you aware of this issue if you weren’t already and second to talk about how important it is that we REALTORS® communicate and work together.
The listing agent knew that this plumbing was an issue in the neighbourhood. It was not disclosed. We were told only hours before the home inspection that the home “likely” had this plumbing. Thank god I got a little bit of notice, because I knew nothing about it. Enough time to do a quick google search. But would my clients have negotiated differently if we knew this was not insurable…by all means. (We did try to renegotiate after but Sellers were not willing).
Since learning of this new issue, or new to me, I have contacted several other local REALTORS® to discuss it and plan to bring it to our real estate board to make all members aware. Those I did speak with had never heard of it and were glad I brought it to their attention.
As industry experts, its important that we share information with each other. Help protect our colleagues. Who are we helping but not sharing this sort of information? No one…we are actually hurting our clients.
Working together to share our knowledge will help make all transactions smoother and more enjoyable. It will make clients comfortable and confident in working with a REALTOR®. We know we are not the most well liked “salesmen” out there, so why wouldn’t we want to improve that reputation and provide buyers and sellers with all the information they need to help them make an informed decision?
Written by Amie Ferris, YPN member and guest blogger