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.
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26 comments:
This is useful information in this time of difference in the housing market! Thanks Steff
Those are good points to remember. Like your t-shirt! -Sherry
Your right John, don't discriminate and always be honest. Good words to live by.
Kurt Mitchell
"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?" This is a great heads up!
"Disclosure Laws. Property condition disclosure laws vary from state to state." Because they vary so between States, sometimes they can get confusing, Thanks!
This is a crazy housing market right now. We appreciate your expertise.
Thanks,
Miss Julia
Having someone sell your home may cost a little but it's worth every penny just to protect yourself.Does St.Louis still have a baseball team HAHA lol
These comments are just in time.
With this housing market, I don't know if everyone is aware of the restrictions. I wouldn't be.
Thanks! Carole
It's good to know they have laws out there to protect people from discrimination. Thanks for the information John.
I can appreciate your information. One thing I wanted to do was real estate and haven't. My real estate lady turned out to be one of my best friends. You never know who you'll meet and where it might end up. Just like FWU, look how we started and where we are, Wow!! FWU ROCKS! Thank you, John! You ROCK, too!
I would think a person needs an EXPERT like you John before he buys land or a house.
There are so many ways to get screwed in the market place today and someone like you, would be of GREAT benefit to the customer.
Hank Dunckel & Spot Dunckel
Why Not Google Me Soon
Hi John,
Thanks for this informations about real estate and this market. All over the world the same.
Gerhard Kaiser Google me!
It is amazing how many details...
Wonder how many purchase Real Estate without a clue at what they are doing and get into trouble?
Great Information John and keep posting more for the people.
Hank Dunckel
Google Me Soon LoL
These are great things to know John, thanks!
The real estate market and some reasons why it is slow is a great blog topic
Good timing John ,with the housing market so crazy.Thanks for the info.
Michael Jackson
Disclosure laws and seller beware, great real estate advice!
Ohio, now leads the nation in foreclosures. Something is not right. Thanks for the info
Seller be ware is a good way to be in anything you sell as long as you do things the right way we will all be leaders...
Michael Curry - google me
http://www.learnmarketingsuccess.com
Interesting info, didn't realize FSBO's were under same obligations. Guess I always assume people are honest and don't descriminate. You'd think I would've learned by now:)
Thank You so much for listening in on our show last night, you made my whole day!
Hi John! Thanks again!
I am going to get my daughter to read this She's looking down This great stuff to know
The old Chinese curse comes to mind: "May you live in interesting times!" Well, times are certainly interesting in the real estate industry. As others have mentioned, foreclosures are at record levels (as I'm sure you're fully aware, John).
It is indeed a buyers market right now, and as your post points out, in more ways than one!
Having "flipped" a couple of properties over the years, I've learned the hard way about the subject matter. FSBO is a risky business with the disclosure laws these days.
Better to hire a professional when selling, in my opinion - laws often change in the middle of the night when they think nobody's paying attention!
Boy... in todays market, everyone should beware!
Thanks,
Scott OBrien - Google Me
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