Permit Us...To Teach a History Lesson....

By
Real Estate Agent with Keller Williams 414-525-0563 57026-90 Broker

   In  Wisconsin,  each Seller is required to complete a document called a Real Estate Condition Report....(RECR in agent lingo) and it is basically a questionnaire asking about Homethe "physical fitness" of the house...has there ever been an issue with.....the roof, foundation, electrical system, plumbing etc.   IF there has been an issue how and when was it remedied.  Common examples might be...during the storm in 2012...the power went out and there was some water in the basement because the sump pump was not functioning. The roof was replaced in 2015 due to age, etc. 

        When the Seller is not the first owner of the inspecthouse...things may have happened or been done that were done or happened to a previous owner. Agents that do their homework....dig deeper into the history of the house whether they are representing the Seller or the Buyer.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
2,449,625
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

We have something similar Sally K. & David L. Hanson and I like to go back and look into old MLS listings. Most sellers do not know unless it affected them while they were living there. 

Dec 07, 2017 05:35 AM #9
Rainmaker
1,729,167
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Ours is called the Seller's Property Disclosure Statement (SPDS), so a lot of people pronounce it as spuds and I have even seen agents (not so smart ones, obviously) actually write it as spuds, rather than SPDS, haha.

Dec 07, 2017 05:49 AM #10
Rainmaker
3,202,457
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Sally K. & David L. Hanson ,

We have the seller's disclosure that is eith 4 or 5 pages depending on which one the sellers use (there are 2 promogulated forms acceptable). As a listing agent we cannot fill this out, only try and jog the memory of the sellers about things that happened..they need to fill it out. If the house has transferred hands a number of times you can often find the old seller's disclosure on line as an attachment to a previous listing. If the house hasn't transferred in hands in 10 years and the seller didn't keep the sellers disclosure when they purchased the home..most likely won't find it.

Dec 07, 2017 05:50 AM #11
Rainmaker
2,736,742
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Sally and David. I am not sure I agree. I think there is a point in time when people should rely upon their own inspectors and such. Agents in my view should not be investigators.

Dec 07, 2017 06:29 AM #12
Rainmaker
2,779,850
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

Hi Sally and David -- local representation matters...a lot....you make the difference for buyers and sellers in your Wisconsin real estate market place -- your clients ar well-represented.  

Dec 07, 2017 07:06 AM #13
Rainmaker
4,271,978
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Honesty and full disclosure is the best policy for home sellers.

Dec 07, 2017 07:17 AM #14
Rainmaker
2,661,554
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

We don't have these reports, but we go to the towns to dig up whatever we can... 

Dec 07, 2017 07:18 AM #15
Ambassador
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David it is important to accurately disclose everything, or risk finding yourself in court later.

Dec 07, 2017 08:18 AM #16
Rainmaker
1,730,272
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I've never seen a Maryland report, so my information came from Lenn Harley.  Her word was "worthless."

In Virginia, since we don't have disclosure, the home inspection is super important.  But aside from the inspection I am not sure what homework I would do!  I look the house up before I go there, but don't investigate things like permits as that is not my scope.  The information is on line though, so buyers can always check.

Dec 07, 2017 08:44 AM #17
Rainmaker
66,709
Eugene Kanciar
EKAN Home Inspection - West Vancouver, BC
Our Experience, Your Peace-of-Mind

Sally and David, this blog led me to post an article on the value of a Property Disclosure Statement, from a home inspector's perspective. Thank you for the topic!

Dec 07, 2017 09:25 AM #18
Rainmaker
743,750
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

The tough part is when a home goes to foreclosure and the bank or investor takes over.  Buyers have to do thier due diligence no matter what. 

Just had an attorney review a case where the seller failed to disclose that termite repair had been done and the buyer found a report and invoice in a drawer.  The owner was liable for all costs the buyer incurred for inspections and all other legal costs and of course the buyer would get back their earnest money if they wanted to recind the contract. 

Dec 07, 2017 10:07 AM #19
Rainmaker
1,331,227
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

I remember when these disclosure forms first came to Idaho. My broker at the time was dead set against them - saying they would do nothing but lead to lawsuits.

Dec 07, 2017 01:21 PM #20
Rainmaker
3,227,041
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, they may be called something different in every state, but disclosure from the Seller is an important factor.

Dec 07, 2017 02:07 PM #21
Ambassador
2,518,537
Paul S. Henderson, REALTOR®,CRS,
RE/MAX Professionals. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

I encourage all my buyers get a home inspection and review our equivalent to your real estate condition report; before going forward Sally K. & David L. Hanson 

Dec 07, 2017 10:02 PM #22
Rainmaker
2,484,567
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

We have similar disclosures and when in doubt disclose has been my motto, I have met only a handful of sellers who did not prescribe to this theory... they were into Lying , Cheating and when in doubt repeat....Endre

Dec 07, 2017 11:08 PM #23
Rainmaker
3,223,176
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Sally and David

That's a detailed report on the home being sold.

Good luck and success.

Lou Ludwig

Dec 08, 2017 08:16 PM #24
Ambassador
3,366,663
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

We have a similar document and I encourage every seller to put every little detail on their report. It is about disclosure and most buyers are fine with it once they know.

Dec 09, 2017 02:14 PM #25
Rainmaker
15,700
Delphine Nguyen
Baird & Warner - Northbrook, IL

Due diligence is a key responsibility of real estate agents. We need to get to the bottom of a home's history. And, you are rght that many sellers do not know what might have been changed in their own residence over time. Thanks for sharing!

Dec 09, 2017 04:24 PM #26
Rainmaker
2,472,858
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

If we don’t remember history, we’re doomed to repeat it pretty much always.

Dec 09, 2017 11:39 PM #27
Rainmaker
2,472,858
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Due diligence is an understatement but accurate overall. Be careful, everybody. Delphine Nguyen

Dec 09, 2017 11:40 PM #28
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce - Short Sale
For All Things Wisconsin Real Estate...Call the Hansons
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