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Ethics?, or mind your own business.

Lately I’ve been hearing a lot of mis-information about the Governments tax incentives to buy a home here in Wichita Kansas. Everything from “how long will it take to the check to get here” to “I heard I don’t really have to live there”.

I was showing a home to a woman and her son when she posed this question to me, “if we write a contract on this house, how long will it take the check to arrive.”  Of course I asked what check, and she said the government check.  I explained to her the reality and sent her to the official website. (I don’t think she believed me.)

Apparantly she had been talking to a real estate agent who let her know that if she bought a house from him the Government was going to send her a check. A check she could cash, deposit in an account or whatever she wanted. A check for $8000.

She was shocked when I told her that wasn’t the case and looked at me like I didn’t know what I was talking about. True story. She ended up not buying as she was counting on that money to help. Or maybe she just was upset with me and went somewhere else. I’ll never know.

Another one was an honest mistake that could have been a disaster.

Sitting in a seminar  not purposely eavesdropping  I overheard someone tell someone else that you had to live in the home when you buy it to get the tax credit.  True enough. What followed was you can move out right away and turn it into a rental as long  as you own it for three years.  Not true.

The someone doing the telling was a Realtor. Maybe it wasn’t my business. Maybe it was, being a Realtor myself. I interjected and set the facts out. No, you have to live there for three years and if you move out before then the money has to be paid back.

Imagine if this person had gone through with a deal thinking that the case. That he could move out right away and make the home a rental.

Whether  by purposeful dishonesty or honest mistake either situation could have had grave consequences for the buyer. It is imperative that a professional, in whatever field, know the facts.

Another misconception I run into all the time is that people are being told that there is an $8000 tax credit for first time home buyers. While this is true somewhat, the other factor is “or 10% of the purchase price up to $8000″” which often gets left out. Several times I’ve been approached by first time buyers wanting to buy a fixer upper for, say $30,000, figuring on an extra $8000 around tax time to help in the restoration.

What do suppose happens when these types of deals go through and the client finds out after the fact. The Realtor is long gone, he doesn’t care. There’s generally nothing in writing saying the realtor made these statements. There’s  no one to sue. The buyer is just left with a bad taste in the mouth and a bad attitude towards real estate people.

What it does is give us a bad name, a bad reputation. So yes, it is my business, and I will continue to make it my business to set the record straight when ever I get the chance. Our reputation, our ethics and morality and our sense of right  is the most important thing we have.

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January 24, 2010 - Posted by | buy, house, kansas, KS, real estate, Realtor, Wichita | , , , , , , , , , ,

3 Comments »

  1. I agree that reputation, ethics, morality and sense of right are important qualities when running a business. We try to educate our clients and honestly answer all their questions so they will come back to us and refer others. Being “long gone” is not an option!

    Comment by Awareness Home Funding | February 2, 2010 | Reply

  2. I agree that reputation, ethics, morality and sense of right are important qualities when running a business.
    ====================
    john
    Mortgage Rates

    Comment by johnmclrn0 | February 18, 2010 | Reply

  3. Thank you for this blog, keep up the informative posting. I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

    Comment by System Built Housing | March 17, 2010 | Reply


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