Answers - Real Estate

When selling your home in California most real estate professionals rely on a property profile provided by a local title company which lists your property information taken from public records. T

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

his is common practice. In most cases the information from the city records provided in these reports is accurate, however in some instances it is not. It's these instances that can come back to

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

bite you in the pocketbook or worse yet place you in a courtroom. Some of these cases are a direct result of differences in living area between the home and what is reported in public records

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

Some, not all agents rarely verify this information stating a "Don't ask, don't tell" mentality. Here are a few reasons given to me from those that don't verify this information.

•· "This

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

is a tract area all the homes are the same"
•· "We have a disclaimer that states" information deemed accurate, but not guaranteed"
•· The buyer should do their own due dil

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

igence when buying a home"
•· I've been doing this for years and have never had a problem before"
•· "That is what E & O insurance is for

Major lenders throughout the

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

country do not rely on public records when lending on a home they rely on Appraisers to verify this information (Even in tract areas) The trend however unfortunately for the public, is to try to

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

rely more on automated valuation models to "speed up" the process and eliminate the additional costs associated with appraising property .

Some agents however recognize the increasing potential

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

liability and have seeked and partnered with Real Estate Appraiser' on their listings to verify that there is not any significant difference between what the city shows and what the Appraiser came

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

up with. If there is a small variation between the two measurements then it is not likely a cause for concern and the agent can have the piece of mind that they did their "Due diligence". The f

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

oor plan can double as a marketing tool for the agent who uses virtual tours or similar on line marketing.

When appraising a home the difference in some cases between what the city shows and what

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

an Appraiser measures could be significant. Let's say for this example that the home reflects less than what is truly there in terms of living area size... A room addition that is not reflected

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

and not readily apparent. Based on city records the agent relied upon smaller homes to determine the asking price and eventual sale. The seller could have sold the home for much more as a result

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

of this footage variance. The Appraisal in this instance will reflect that the home sold below market as the Appraiser will use homes similar in size to the home they measured which are larger.

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

The buyer is thrilled to learn they got a deal (if they ask for a copy of the report) the lender is also happy because they have more equity as a result. Unfortunately for the seller they will ne

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ver learn of this as they do not, nor can, get a copy of the Appraisal. The cost to the Realtor could be thousands as their commission is based on the sales price. One costly mistake like this c

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ould amount to far and above the cost of home measurements for years. The selling agent did not intend to undersell the property, but unknowingly did so.

How often does this scenario play out thr

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

oughout the country we will likely not know as most buyers think it was their negotiating skills that got them the great deal. Lenders are not required to notify the seller that they sold under m

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

arket. Appraisers report the property sold under market but are not required to notify the seller either. As a seller it may be good idea to have a pre-listing Appraisal completed or have an App

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

raiser measure prior to listing with a seasoned real estate pro, or ask your agent if part of their marketing package includes the verification of living area. What you don't know, could cost you

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Grab your magnifying glass and come along with me to take a closer look at this type of letter.

Many people think directories have become obsolete. The truth however is that while their SEO importance has decreased in the last few years, they should still be an integral part of link building for new sites.

Learn what few people know about shopping lenders and how it can kill your deal.

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Answers - Did You Sell Your Home Below Market And Not Even Know It

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