Seller Beware

We have all heard the phrase "Buyer Beware" and this is true in real estate transactions. However, in these real estate transactions the "Seller Beware" phrase is also important. Why?



1. Fair Housing Laws. Sometimes "for sale by owners" (FSBO) think they can discriminate since they are selling real estate on their own. If you are a FSBO and advertise your property for sale (yard sign, newspaper, internet, etc.) then you are must adhere to Fair Housing Laws just as if it was listed with a real estate company. The FHA is serious about this issue and will investigate any complaints. In fact, they have shoppers that also go out and look for instances of discrimination. Besides just being wrong to discriminate, it can really cost you too. On a non advertised private sale, of course you can sell it to anyone you wish.



2. Disclosure Laws. Property condition disclosure laws vary from state to state. Again, these laws apply to listed properties as well as FSBO. Failure to disclose known property flaws or defects can lead to problems, law suits after the sale. So tell everything you know about the property. If you're honest with your buyer, then you should have no issues to deal with after the sale.