Tips on Buying Real Estate in Uptown Charlotte. Buyer Beware!

Posted On: August 19, 2009 By: admin

When buying real estate in any area, it is very important to use an agent who knows the area well.  There are many different buildings in Uptown Charlotte to choose from, and you need to make sure each building is a good fit for you and your life style.

If a friend of mine wanted to buy a condo/house on Lake Norman or Lake Wylie I wouldn’t want to be his agent.  I would simply refer my friend to an agent who knows that area well.  Uptown Charlotte is very complex and I encourage you to use an Uptown agent if you are in the market to buy or sell.

 Scenario A:

I recently received a call from an agent who just helped her client purchase a foreclosed unit at XYZ.   She started asking questions and I started giving her answers.  She was unaware of the HOA dues that were going to be going to increase due to a recent lawsuit with the developer.  If she was an Uptown agent she would have known of the recent problems with the building and advised her clients before making an offer to purchase.

Scenario B:

There are a few condos in Uptown Charlotte which have high levels of Radon gas.  I’m not going to name them as I don’t want them contacting me complaining or trying to sue me.  Radon gas is the 2nd leading cause of lung cancer in the US.  Radon gas kills more people than drunk driving every year.  Radon Gas is a serious issue and its presence substantially diminishes the value of each property. 

As a buyer, would you want to know about Radon Gas being in the building before purchasing it?  Before selling their property owners must fill out a Residential Property Disclosure form.  They must fill this out honestly or face a legal action by the new owners after closing.

I have checked some of the Residential Property Disclosure forms in these buildings and they mention nothing about Radon Gas.  Frequently, the owners don’t tell the agent about the radon gas; an uninformed agent can’t disclose the information before an offer is made.  Sadly, some agents don’t reveal the problems until after an offer is made.  I recently talked to an agent who had a listing in one of these buildings and he said “It’s an easy fix, and we will worry about it while under contract.”

Obviously this agent was not well informed about how long it can take to get the unit repaired and made safe.  The seller or buyer has to gain approval of the HOA Board, pull city permits, and then have some ugly piping run throughout your unit.

In closing, be careful who you choose to represent you in buying property.  Make sure that the agent is familiar with the area in which you want to buy.

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