I am considering buying a TIC home; is it important / valuable to use an agent who is experienced in TICs?

Asked by cheryl, Berkeley, CA Mon Oct 29, 2012

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Marge Bennett, Agent, Fort Myers, FL
Mon Oct 29, 2012
absolutely. And as important, you need to educate yourself on them. Remember hearing at a seminar several years ago that TIC properties were only for sophisticated buyers and I think the phrase "could afford to lose the investment" was in there too, but I'm not positive on that one.
Be careful.
0 votes
Scott Godzyk, Agent, Manchester, NH
Mon Oct 29, 2012
It is not only important but a must. You want someone who will gove you advice, assistance and guidance that actually means something, you dont want guesses. You need concrete info and estimates to fix to be able to make a good offer and educated decision to buy or not to buy
0 votes
Tim Q. Cannon, Agent, Berkeley, CA
Mon Oct 29, 2012
There are many aspects of buying TIC's that are different than a condo or single family home. The financing is different, the management of the common area is different. You are just as much "buying into a relationship with others" as you are buying a space in a building. In Berkeley, they were popular in the '80's when the City imposed a moratorium on conversion of buildings to condominiums. Many lawsuits ensued (pun intended) due to the lack of info on the front end. Personally, I'm not a fan of them, but they have their place, depending on the circumstance.
0 votes
Lance King, Agent, San Francisco, CA
Mon Oct 29, 2012
It's not only important, it's crucial. There are many issues with TICs that don't exist with any other kind of property, and using an agent who doesn't know TICs to buy is about as smart as seeing a podiatrist for a toothache.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes
I thought that was the role of a TIC lawyer- to help draw up TIC terms and provide advice for TIC ownership. An agent would be needed to put in a bid and facilitate the sale as any other (regular) sale, no?
Flag Mon Oct 29, 2012
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