In-spite of us as Listing agent requesting our sellers to leave the home alone to the buyers we constantly have to struggle with unwanted situation where seller said something.
WHY IS THE OWNER SELLING?? BECAUSE THEY WANT TO.
Inspired by Scott Godzyk's post about buyers making low ball offers and the information buyers seek.
5. If it is Owner Occupied, why is the seller selling?
I always found this question amusing and always wondered what the prospective buyer or buyer's agent really expects to hear.
One never knows and below are some of the experiences I've had over the years
1. Listing Agent: "The husband's employer has relocated them to the other side of the country and they're desperate to sell. The wife has already relocated." (House in Lovettsville VA).
We made a very low offer on this one. Needless to say the seller was not happy, but the buyer was very happy but nervous about making a low offer. However, they listened and, as I told them, let's see where it goes. You can always offer more. with an irate seller, I arranged separate signing appts. so the buyers didn't have to be subjected to the seller's anger.
2. Listing Agent: "The wife won't give the husband a divorce and he moved out. She hasn't shown the house for a year. She's ready to go now." (House in Bowie, MD)
Another low offer and an uncomfortable closing with the sellers not speaking to each other. In the 3rd example, after previewing the house for sale, I couldn't understand why the house had been on the market for a year. I called the listing agent and he told me of the problem with the wife not wanting to give the house up. We jumped on it.
3. Listing Agent: "We know that some of the bricks are cracked and there are foundation cracks and the wondows and doors are not quite right. But, the owners have spent $40,000 making repairs to a failed footer. One corner of the house was sinking but the neighbor that did the work says it's O.K. now." (House in Lanham, MD)
I advised against this property due to the many problems observed when we toured the property. Some of the problems observed were doors and windows that didn't operate easily, serious cracks in the back foundation, multiple cracked bricks, etc. However, the buyer loved the house and made an offer contingent on inspections. The home inspector cited numerous foundation problems and an engineering report was obtained. The inspections cost the buyer almost $1,000. The engineering report said that the repairs had not been effective and that serious ground water would continue to cause problems. The buyer wisely voided on the home inspection report.
Notice that the information came from the listing agent in all cases, which is usually where we get negative information.
Maryland has a comprehensive 4 page property condition disclosure form. I have rarely seen one that has been filled out completely or accurately. Also, there is no place for the seller to disclose divorce, job relocation. In the case of the foundation defect which was very serious, the seller did not disclose it, the home inspector identified the defects.
In Virginia, the property disclosure simply "discloses" to the buyer that they have the right to inspections. You gotta love it.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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Lenn Harley, Broker, Homefinders.com, 800-711-7988
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