Nosy Neighbors Spill Your Beans

Reblogger Joyce Marsh
Managing Real Estate Broker with Premier Sotheby's International Realty BK659279 

This is a great post by Mimi Foster with a very important message about full disclosure. The neighbors will disclose if you don’t.  Play it safe, and always disclose...

Original content by Mimi Foster

DISCLOSE, DISCLOSE, DISCLOSE

You're putting your house on the market and filling out the Seller's Property Disclosure that will be given to prospective Buyers. Which items are important for you to disclose?

> You had a plumbing leak fixed last year so you don't need to disclose that, right?

> You have an old electric box that caused a fire a few months ago, but all the damage has been corrected and you've put in new breakers. Why do you need to tell anyone if it's already been rebuilt?

> You put in a new back patio that made the basement flood when it rained and caused thousands of dollars worth of damage. But you put in gutter extensions and had the damage repaired, so why should you mention that if it's been fixed?

> A neighborhood child accidentally died in your back yard. In Colorado, that's considered a Psychological Defect and can't legally be disclosed without the Seller's permission. You don't want anyone to know, so you're not going to divulge that piece of information. (Same principle if there has been a suicide or a murder that's taken place on the property.)

If anything similar has happened to you, you might want to think twice about how you proceed. When in doubt, DISCLOSE, DISCLOSE, DISCLOSE.

When you tell them upfront, Buyers are usually reasonable about previous problems that have been taken care of. It's being caught off-guard afterward when nothing has been previously mentioned that tends to make them feel ambushed, and often has them tracking down a lawyer. You'd be surprised how many times the new Buyer calls the same plumber/electrician that you used. And many people don't care, but there are others who won't live in a suicide house.

Play it safe. Disclose up front and don't run the risk of the excited neighbor spilling your beans to your detriment, because trust me, they will. 

Originally published as Nosy Neighbors Tell Secrets When You Sell Your Home

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please contact your Colorado Springs Realtor

 Colorado Springs Realtor Mimi Foster 

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Selling homes throughout Colorado Springs, Old Colorado City,
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Rainmaker
4,433,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. I hope home sellers will read it too 

Sep 22, 2018 03:20 AM #1
Rainmaker
3,985,637
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Yes, some neighbors can ruin a sale by what they know especially when the home owner is trying to sell by themselves.

Sep 22, 2018 04:13 AM #2
Rainmaker
3,844,839
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Joyce. This is an excellent re-blog. I called a plumber who had installed my heating system.

Sep 22, 2018 05:59 AM #3
Rainmaker
594,930
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

It's all going to come out eventually, so tell the truth. Buyers will think you are lying about everything if you hide one little fact. Always be forthright about the property.

Oct 10, 2018 02:33 PM #4
Rainmaker
1,177,713
Joyce Marsh
Premier Sotheby's International Realty - Ormond Beach, FL
Premier Sotheby's International Realty

Pat, it’s always best to disclose everything you know, all repairs, insurance claims and work done to the house. 

Oct 15, 2018 03:16 AM #6
Rainmaker
1,177,713
Joyce Marsh
Premier Sotheby's International Realty - Ormond Beach, FL
Premier Sotheby's International Realty

Thank you all for your comments and sharing for thoughts. 

Nov 05, 2018 09:48 PM #7
Rainer
35,177
Megan Marsh, Broker Associate
THE JOYCE MARSH REAL ESTATE COMPANY - Daytona Beach Shores, FL
Daytona Beach Area Real Estate Full Service

This holds true for any business. Better to disclose everything. Thanks for sharing. 

Nov 13, 2018 04:38 AM #8
Rainmaker
1,177,713
Joyce Marsh
Premier Sotheby's International Realty - Ormond Beach, FL
Premier Sotheby's International Realty

Thank you for stopping by my blog and sharing your thoughts and commenting. Very much appreciated. 

Nov 13, 2018 09:47 PM #9
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Joyce Marsh

Premier Sotheby's International Realty
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