Lynn B. Friedman - Atlanta Homes ODAT Realty: Protect Yourself When Selling

Protect Yourself When Selling

Dear Readers,

David Baker of Laveen, AZ  offers excellent advice in his post about Seller Disclosures and Seller Liabilities.

 

Saying "I DON'T KNOW" creates issues for everyone - BEWARE!

Have a successful day -
Lynn

PS  If I haven’t thanked you personally, please accept my appreciation for your reading and/or commenting on my posts! Lynn

Why anyone would not protect themselves from future liability is beyond me.  Here in the state of Arizona, it is the law that a seller must disclose material (important) facts about the property.

 

Every day I do searches for clients in our local MLS.  There are generally several homes I come across that are investor homes that are being sold.  Generally an investor home is one that has likely either been picked up at a foreclosure auction or maybe through a distress sale.  Of course, maybe they also came across a hell of a deal.  Many investors will look to make repairs on the home and then place them on the market for top dollar.

Many of these investors do not appear to want to protect themselves when selling.  The have their agent place in the private remarks comments such as:

"seller never lived in home - waive SPDS and CLue"

"Seller will not provide disclosures"

 

Not sure why their agent may not inform them, but it is a STATE LAW to disclose material facts about home.  While the investor many times HAS NOT lived in the home, I'm sure they can at the very least fill in the address.  If they made repairs to home, don't they also know what repairs have been done?

 

In Arizona, waiving the SPDS (seller disclosures) does not waive the sellers responsibility to inform the buyer of material facts.  Translation = NO disclosure can leave you open to future liability for lack of disclosure.

In short, disclose, disclose and then DISCLOSE again.  Even if you are an investor. The few minutes it can take you to fill out a form can save you TONS of time and money in the future.

 

 

 PhoenixLaveenHomes.com

www.LaveenRealEstate.co

HomeSmart Realty

Phoenix, Az 85018

dabaker21@msn.com

602-373-6345 (cell)

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Comment balloon 3 commentsLynn B. Friedman • November 27 2015 07:27PM

Comments

Lynn just wanted to stop in and hope you had a fantastic Thanksgiving, enjoy your weekend, on a side note California is the most Litigious state so I always advise my sellers to take the approach "well your Honor the reason I did not disclose is...." and if you are fine with it then you have nothing to worry, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) about 3 years ago

Good morning, Lynn... I read this earlier today and thought it was a great post and topic. There's a reason we tell our sellers to disclose, disclose, disclose. It's to protect them as much as the buyer.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) about 3 years ago

Hi Lynn B. Friedman 

Great article and so true that buyers and their agents expect disclosures filed out. I used to sell REO homes and the banks would put it right in their contract plus they would sign almost anything I sent them. Now CA has an advisal form for people who have never lived there and may never have seen the house. 

Posted by Kristin Hamilton CA Realtor, (909) 557-6966- Specialize 55+ Communties Banning (Sun Lakes Realt) about 3 years ago

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