Saturday, March 8, 2008

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.

26 comments:

Wavecritter said...

This is useful information in this time of difference in the housing market! Thanks Steff

Anonymous said...

Those are good points to remember. Like your t-shirt! -Sherry

Kurt Mitchell said...

Your right John, don't discriminate and always be honest. Good words to live by.

Kurt Mitchell

Wyverex said...

"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!

Anonymous said...

"Disclosure Laws. Property condition disclosure laws vary from state to state." Because they vary so between States, sometimes they can get confusing, Thanks!

Unknown said...

This is a crazy housing market right now. We appreciate your expertise.

Thanks,
Miss Julia

Anonymous said...

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

Ask Carole Percifield said...

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

GFranklin said...

It's good to know they have laws out there to protect people from discrimination. Thanks for the information John.

Tess Anderson said...

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!

Hank Dunckel said...

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

askGerhard-Kaiser said...

Hi John,
Thanks for this informations about real estate and this market. All over the world the same.
Gerhard Kaiser Google me!

Wyverex said...

It is amazing how many details...

Hank Dunckel said...

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

Unknown said...

These are great things to know John, thanks!

Muddog357 said...

The real estate market and some reasons why it is slow is a great blog topic

mike jackson said...

Good timing John ,with the housing market so crazy.Thanks for the info.

Michael Jackson

Scubadoggy said...

Disclosure laws and seller beware, great real estate advice!

Ask Jim Lucier said...

Ohio, now leads the nation in foreclosures. Something is not right. Thanks for the info

michael curry said...

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

KannDoGirl said...

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:)

Wyverex said...

Thank You so much for listening in on our show last night, you made my whole day!

Wyverex said...

Hi John! Thanks again!

Anonymous said...

I am going to get my daughter to read this She's looking down This great stuff to know

Anonymous said...

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!

Unknown said...

Boy... in todays market, everyone should beware!

Thanks,
Scott OBrien - Google Me