What you and many Realtors don't know about Seller Property Disclosure

By
Real Estate Agent with HomeSmart

What you and many Realtors don't know about Seller Property Disclosure

 

All too many investors are leaving themselves wide open to a lawsuit when not providing Seller Property Disclosure Statements in Arizona.  In Arizona, it is REQUIRED that sellers provide the disclosure statements, EVEN IF THEY NEVER OCCUPIED THE HOME.  This has been something that has bothered me, as I am both a Realtor and a buy, fix and flip homes here in Phoenix and Metro cities.

 

You Realtor should know this information and be representing you so as to not leave you open to liability after the sale of this home is completed.  

Say you owned the home as a rental for 5 years...you would know if you have ever paid a roofer to make a repair or not.  You would also know who the utility companies providing service to the property are.

As a seller, you may not know all of the information asked in the seller property dicslosure statements, but you have enough knowledge to fill in the address, how long you have owned it, the utility providers and any known material fact about the property...you can write in a space provided that "owner has never occupied the home and has limited or no knowledge or any defects"...this would at least CYA Cover your butt) in the event that the buyer 6 months down the road experiences a problem that can be determined to have previously existed...do yourself a favor and DISCLOSE what you know and disclose that you haave limited knowledge and sign the forms so you are protected.

If you are "flipping houses", you have a great deal of knowledge of work performed, maybe any previous issues that lead you to certain repairs etc...DISCLOSE what you know and DISCLOSE what you don't now.

One of the listings I came across today showed the Realtor listing the home as holding a minority ownership interest and stated in the remarks section: No SPDS and CLUE to be provided...this is a lawsuit waiting to happen.

If you are a seller of Arizona real estate, you should hire someone to sell your house that can really represent your best interest...even if it means telling you something you don't want to hear now...it would be better that getting a note in the mail to appear in court sometime after the sale...I can assure you of one thing, the Realtor you used won't be representing you in court!

If this happens to you and you go to court, you will lose.  Arizona Case Law requires sellers to provide Seller Property Disclosure Statements and the courts side with buyers Realtors are supposed to know this and ignorance of this is not an excuse

 

Here are some of the things I do for every listing I take:

 

Professional Photos

Video

3D Virtual Tour with Dollhouse view

Open Houses with plenty of signage bringing people to the home

Online Marketing syndicating video and contect marketing to potential buyers and we target these buyers by using data of recent buyer pools (very few do this)

Offline marketing- Newsletters, Flyers to Neighbors and community, Newspaper 

 

When you hire a Realtor you should consider that you are hiring a marketing firm first and foremost...if you Realtor doen't know how to market and hasn't put in the time, money, money and effort to learn the marketing that works, then I dare say you shouldn't be working with them.

If your home is currently listed, this is not meant as an advertisement to solicit business from you, please disregard.

If you are considering selling your Arizona real estate and would like great seller representation, contact Andrew Texidor to scehdule a no hassle, no obligation consultation to discuss how my Team can market and sell your home for top dollar and keep you, your family and your homes contents safe while we do so and not have a liability after the sale.

Andrew Texidor

602-909-9414

Solutions Real Estate

http://www.HeroesHomeSolutions.com

 

Our Team covers the valley from Buckeye to San Tan Valley and Cave Creek to Ahwatukee...you deserve solid representation and you get what you pay for!

Comments (2)

Val Evans
Scottsdale, AZ

Great write up Andrew. I know of several lawyers who make a great living representing buyers who got the short end of the stick.

Feb 05, 2016 09:27 AM
John Ferrin
HomeSmart - Gilbert, AZ
Realtor

It amazes me how often I see this in the MLS.  Shouldn't this be something we all know??  Great post!

Feb 05, 2016 09:45 PM