Friday, February 20, 2009
Real Estate Mediation
A California family purchased a mobile with land, 3 years ago. The mobile was pre-1976, the mobile was owner financed and the seller was willing to carry the paper for 4 years. The buyer has now discovered that conventional financing is unavailable do to the age, the note is due and payable. There is potential non-disclosure issues by the seller&broker.
A Oakland broker represented the buyer of a home and after close of escrow, the sewer system was in need of $12,000 in repairs. Did the seller disclose these facts?
Disputes do come up and in the past years one of the first calls was to a local attorney and often a suit was filed.
In California and including many states there is an alternative to disputes and it is Mediation.
Mediation is a voluntary process where the parties first meet and in a open dialog with a "Neutral" mediator.
The process is confidential and the value is that the parties can draft there own settlement vs a third party such as the courts.
Mediation is incouraged over litigation, it can be real time saver and the value is the dispute can be often settled.
Jim W Hildreth