Mistakes Sellers Make That Could Cost Them a Sale

By
Real Estate Agent with Platinum Living Realty BR554118000

We are in a time where having a Real Estate License is like almost having a Driver's License.  Its easy to get and when you have one, you know everyting.  With that perception its sometimes tough for a seller to Trust a Real Estate Agent and with the access to the internet, people have more information at their finger tips then they know what to do with.

The Mistake that sellers make that could cost them a sale is disclosure.  One disclosure could be if there is anything needed to know about the land the home is on.  Most people or even Agents don't check the plot maps to the property lines of homes or look to see if there are any easements or restrictions on the property.  They like to ask the home owners or wait for the title report to hopefully see if something is mentioned.  What if your the first home in the neighborhood and when your neighbor decides to build their home and measures incorrectly, and some of your land it taken for say their driveway.  In the same instance maybe the neighbor comes over and asks if its ok that they encroach on your property and let you have some of their property in exchange but nothing is formally written or filed. 

A similar thing happed to one of my buyer's looking at a specific property.  The neighbor singed a document stating they could have some of their property, no description, no measurment, just "some" of the property for the neighbor to build their driveway.  It turns out they needed about 3,500 square feet of property.  The letter was not recorded and happend years before the pending sale for my buyer, but not long enough for swatters rights to kick in.  My buyer liked the home and we did our due diligence and looked at the plot map from the county and realized the neighbors driveway was on the propery of the home they liked.  This was a specific area of homes build on 1 acre lots and this encroachment took a large portion of the side yard making it less than 1 acre.

We reviewed the Sellers Property Disclosure Statement (SPDS) and nothing was mentioned, we reviewed the title report and nothing was mentioned so we asked the Sellers Agent about the discrepency in the lot size.  Their immediate response was it wasn't that big of deal but when she dug into the situation and realized part of the property was given up and this should have been disclosed it became a big deal.

When it was all said and done, a formal agreement with the seller and the neighbors legally wrote and agreement adn a swap of land did occur, walls were moved, trees were moved, etc but if the agreement couldn't have happened the deal would have been lost especially to my buyer.

Disclosure, disclosure, disclosure that's what I say no matter how insuficant you might think it is, disclose it.

 

 

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Shawn Krill

HERE ARE SOME OTHER GREAT LINKS TO CHECK OUT

Search the MLS for the perfect property.

For a free no obligation real estate report click here.

For School Information near your home click here.

For community information near your home click here.

 

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Topic:
Real Estate Best Practices
Location:
Arizona Maricopa County
Tags:
real estate disclosures
sellers mistakes
shawn krill
housescoutercom

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Shawn Krill

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