What Do I Say?
For anyone who has stepped into the dating pool and taken a risk to fall in love, it is that initial period of getting to know someone that is the most awkward part of the relationship. After all, both parties want to remain somewhat mysterious and exciting, yet they also want to share personal details that will help that other person become even more attracted to them.
For the seller of a short sale or standard sale property, selling a home is very similar to that initial stage of starting a relationship -- it might be awkward and you don't know what to say. The awkward period of time comes either when making the decision to sell a home as there may be an emotional tie to the property or when an offer has been received and escrow has been opened. Then there is the other part of this budding relationship -- what to disclose.
In real estate transactions, sellers must disclose material facts of the property. This includes knowing that the roof has a leak, there are problems with the plumbing and most importantly, if someone has passed away on the property. The easiest way to think about what a seller should disclose during a transaction is to put yourself in the buyer's shoes and think about what you would want to know about the property if you were buying it. For instance, is it important to know that a non-permitted addition was made to the property? Most definitely! Is it important to know that the seller's kids spilled grape juice on carpet that has been replaced? Probably not.
At the end of the day though, it is much better to disclose the material facts of a property than hold back.
What I see as the advantage of the real estate relationship over the dating relationship is that even if you do disclose something that might be a bit scary, a buyer may look beyond what you have told them and continue to purchase the property. Whereas in dating, well, you may not get a second date.
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Posted at 09:43AM Jun 08, 2011 by Lara Boyko in General | Comments[0]