Lydia Maria's Blog
When you’re selling a home, remember that honesty is the best policy. If you do decide to be dishonest as a seller, there can be some major legal consequences heading your way at a later date. As a general rule, if you think you should disclose something then you probably need to tell the buyer about it. There are a few things that are major concerns for sellers. If you know about any of the events mentioned below, you need to include it in your seller’s disclosure.
Lead paint is a major concern especially for families with children. If your home was built before 1978, you’ll need to sign a disclosure stating whether or not you know of any lead paint on the property. If you are unaware of any issues with the paint, then you are not legally obligated to provide information, since you don’t know any better. If you did know that the home was de-leaded or have had lead paint testing done, you’ll need to disclose this info for the buyer’s knowledge.
If there was ever a death on the property that you knew about, you’ll need to disclose this to your buyers. Murders, suicides, and violent crimes all need to be revealed if they happened on your property. While it’s an unpleasant thing to think about, buyers have a right to know. Deaths that have occurred before a certain time span may not need to be disclosed. You can check with the specific rules in your own state.
When it comes to selling your home, there are certain things that you may find silly but others find that they need to know. This includes any kind of paranormal activity like ghosts. Some states require that you release any information you may have about ghosts on a property in order to sell your home. If you believe the house is haunted, you have an obligation to tell buyers about it. If an exorcism or other strange activity has occurred on the property, you’ll need to tell buyers about that as well. There’s no issue too small when it comes to disclosing things about your home.
If your home has any kind of flooding problems or drainage issues, you should tell your buyers about it. Everything from a basement that floods to standing water in the backyard can be an issue. If you know about it as a seller and do not tell your buyers, you could face some serious consequences from it. If you have fixed these issues in the past, it’s also worth adding to your disclosure as buyers will know that you have been proactive in taking care of any problems on the property.
For home sellers, it may be easy to fall into the trap of overpricing your property. And if you're not careful, you may encounter a number of price-related problems, including:
1. Homebuyers will shy away from your house.
Homebuyers want to find high-quality and affordable residences that they can enjoy for years to come. However, if you overprice your house, you risk alienating large groups of homebuyers instantly.
Price represents a key factor for homebuyers, and as such, you'll want to offer a price that matches homebuyers' expectations and budgets. If you assess the real estate market closely, you should have no trouble establishing a fair price for your home.
For example, home sellers can compare and contrast their houses with residences that currently are listed on the housing market. By doing so, home sellers can evaluate the prices of comparable houses and set prices for their houses based on the current real estate market's conditions.
2. Your home may remain on the real estate market for an extended period of time.
Overpriced homes frequently take longer to sell than other residences. This means your house may linger on the real estate market for months, weeks or years if you fail to price it appropriately.
When it comes to pricing your home, you'll want to make a great first impression on homebuyers. Ultimately, if you establish a fair price from the get-go, you can accelerate the home selling process.
It also is important to note that homebuyers frequently can sense desperation. And the longer your home remains on the market, the more likely it becomes that a homebuyer may assume that a home seller is desperate to get rid of a property. Thus, you might wind up receiving offers far below your initial expectations if you overprice your house.
On the other hand, if you price your house aggressively, you can boost your chances of generating plenty of interest in your residence and receiving multiple offers that meet or exceed your expectations.
3. Your home will be difficult to promote.
There are many great features that help you home stand apart from others. Conversely, an above-average price will hurt your chances to differentiate your home in any real estate market and detract from your real estate agent's ability to promote your house.
For home sellers, it is crucial to listen to your real estate agent. This professional understands what it takes to promote a house and will be able to offer pricing recommendations based on the current housing market. Furthermore, your real estate agent has your best interests in mind and will do everything possible to help you optimize the value of your house.
Work with an experienced real estate agent to ensure you can determine the ideal price for your home – you'll be glad you did. With a real estate agent at your side, you can set a fair price for your residence and move one step closer to selling your residence.
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