Home Buyers Don't Care What You Tell Them as Long as You Tell Them

Reblogger Teddy Lim
Real Estate Agent with John L. Scott Real Estate KMS

My friends here is an awesome blog from one of our dear community members Elizabeth! When I was just starting out in the business I had a lot of the same fears and concerns that she just mentioned in her blog below! How I wish ActiveRain played a bigger role in my life back then haha! I hope you are all having a pleasant Hallows Eve - I'm staying in this year as you can see but shall be resuming the festivities and going all out next year! Be Safe ya'll!!!

Original content by Elizabeth Weintraub Sacramento Realtor Top 1% DRE #00697006

land park seller disclosuresBuyers don't care what you tell them as long as you tell them. That's my opening statement when I hand home sellers a package of disclosures to complete. It's the things you don't tell a buyer that can come back to haunt you, not what you do say.

You take a neighborhood where I live and work like Land Park. Because I live in Land Park, I have intimate knowledge about the neighborhood, which agents who live outside of Land Park probably don't know. If they don't know, they can't disclose those facts to a buyer. Although, it could probably be argued that they should know or should at least have asked questions of the seller. On the front end of my marketing, I sell the delights of living in Land Park -- the friendly neighbors, tree-canopied streets, fabulous restaurants and our special attractions such as William Land Park, the Sacramento Zoo, Fairy Tale Town, the Rock Garden, and Vic's ice cream.

But there is also a downside -- as there is with any neighborhood, I don't care where you live. For example, I know which areas in Land Park routinely flood during a hard rain. I know where the feral cats, skunks, opossums and raccoons roam. Which streets get foot traffic and the origination of that traffic. When noise factors such as trains or freeways can be present. Parking ordinances. Which trees are protected. Selling homes in Land Park means more than what we used to call selling real estate in the old days: selling carpets and drapes. That used to be the definition of residential real estate sales in the 1970s. Except nowadays it's more like selling hardwood flooring and plantation shutters.

The thing is after escrow closes, odds are something in that buyer's new home will probably malfunction. And the minute it does, the buyer is likely to immediately jump to the conclusion that the seller knew about it and purposely withheld that information or concealed that defect. It's human nature. We're a suspicious bunch of people.

So, how do you bump up the odds that you won't get sued after escrow closes? You hire an agent who can explain the inherent problems with some types of seller disclosures and can give you the right documents. You find a Land Park agent who knows the nuances of your neighborhood. I tell my sellers to disclose all material facts. If I know a material fact, I disclose it. I go into great detail about what a material fact is and why it's important. I help sellers to recollect and disclose. We talk about the Transfer Disclosure Statement.

The other day a seller objected to a point I made in a disclosure. She wanted me to remove a sentence about the possibility that a neighbor's dog might bark. No can do. The tenant told me the dog next door barked. I don't know if the dog barks. The dog wasn't barking in my presence. I noted that I did not hear the dog barking but the tenant said the dog barks. This disclosure doesn't appear in my marketing materials. It appears on the agent visual inspection, on which I obtain the buyer's signature, along with a pile of other documents after offer acceptance. I'm always thinking one step ahead of ways to protect my sellers yet conform to the law. That's my job, and I take my job seriously.

The point is it's not what you say, it's how you say it. I don't want my sellers ever ending up in court. Not if I can help it. And I can.

Photo: Big Stock Photo

sacramento short sale agent

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Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available through bookstores everywhere and at Amazon.com.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

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Rainmaker
456,556
Stanley Stepak
Howard Hanna - Avon Lake, OH - Avon Lake, OH
Realtor - Avon Lake, Avon, Bay Village, Westlake,

When in doubt, disclose.   You are protecting yourself and your seller.  That is the best way to go in and out of your business

Oct 30, 2010 05:40 PM #1
Rainmaker
52,247
Teddy Lim
John L. Scott Real Estate KMS - Seattle, WA
The Best or Nothing

@Stan: You are absolutely right! With beginner's blues disclosing everything also becomes a challenge when you haven't too many sales under your belt. But you're absolutely right - the attachment to the sale should never go above your obligation to your clients! Have a great one!    

Oct 30, 2010 05:49 PM #2
Rainmaker
1,025,715
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Disclose, disclose, disclose never under disclose.  Everything that is a potential problem or concern.

Oct 30, 2010 07:18 PM #3
Rainmaker
52,247
Teddy Lim
John L. Scott Real Estate KMS - Seattle, WA
The Best or Nothing

@Tim: I'm glad rookie days are long gone my friend! I've been blessed to have smooth running deals, before during and after & always work with the most perfect clients :-) You take care down there!

Oct 30, 2010 07:37 PM #4
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Rainmaker
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Teddy Lim

The Best or Nothing
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