Abe Lincoln once said “Honesty is the best policy” and if Abe were
a real estate agent he would have said Be honest and disclose any problems
you have in your house upfront to your real estate agent.
Let’s say that you just listed your
beautiful home in Fortune Bay for sale, and you withheld a few “little”
problems from your real estate agent – the roof leaks, but only when
it rains; the outlet in the back bedroom won’t spark unless something
is plugged in; and there is a stain on the oak floor in the living room
that is covered up by a rug. Will it be all right if you simply
don’t mention these defects? Definitely not!
is a mistake to think that your home will sell more quickly by concealing
its little (or not so little) imperfections. I have seen these
seemingly insignificant items escalate into major issues that
have ruined sales.
Buyers have a right and must be informed not only about any structural
problems, but also about any limitations imposed by a homeowner’s
association. These could range from the obligation to join the
homeowner’s association to a restriction on parking a truck overnight
in your driveway! Homeowner’s associations can impose restrictive
covenants governing use and occupancy that can include prohibitions
against guesthouses or multi-family residences or the right to rent.
You can see why failure to disclose could have disastrous consequences
and even end up in court.
in mind that any home has its quirks. If something in your home
is not working properly or needs to be repaired, fix it or make sure
that your agent discloses it to the prospective buyers. Be absolutely
candid with your agent and buyers about the condition of the property.
It is unlikely that such defects will go undetected because more and
more buyers are getting structural inspections and after the hurricanes
are paying more attention themselves on the structural and mechanical
aspects of your home. If they don’t see what you are trying
to hide on the first visit they may pick it up on the second visit and
when buyers remorse sets in that spells trouble with a capital T.
So instead of having sleepless nights
before or after the sale its better to disclose the major and minor
problems upfront to save problems later.
As we near the end of the 3rd
quarter we can look back on a very slow period in Real Estate in Freeport
and around the world. Is there light at the end of the tunnel?
Our local economy is suffering with very high unemployment but
the US market is experiencing a slow come back in Real Estate and as
I always say when the US sneezes we catch a cold as we are inextricably
tied to the US. Based a survey of local realtors there is renewed interest
in our real estate market and property is slowly selling again. Prices
have been adjusted for the most part so buyers know that in this Buyers
market sellers are very willing to make a deal. If you are a seller
you must be aware that there are a lot of homes on the market and it
is important that you do not do anything that can hurt your house from
Contact James at
Coldwell Banker - James Sarles Realty