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First of all, and to be completely fair, you need to set the background of this post on the stage little by little. We would like to discuss the disclosure aspects and at the same time understand that disclosure laws regarding the sale of real estate differ from state to state.
In some states, there is little or no disclosure required by the seller. Others, such as California, require full seller disclosure, which brings packages that can easily exceed 100 pages.
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As I discovered when reading the answers to my post, “What should a seller disclose? Top 10 disclosures are mandatory.” Many written with high sensitivity in mind. People agreed to the need for posting and full disclosure (especially from states with very high disclosure standards), while others have almost gotten mad at their responses, including:
“Is this author even a real estate agent?” “I’m sorry, but this proposed list connects the line a bit “there” and outrageously. “I head to one of my agents that you might find useful: No.”
These comments were from comments in areas with little disclosure and instead of taking this fact into consideration, they did not respond gracefully.
Again, before we move on, I repeat, “Disclosure Acts vary by state.” It also makes it clear that, in contrast to some of the unions, other states have enacted very strict disclosure laws to fully protect buyers. In my opinion, the more revealed it is, the less likely it is to end in court.
Lots of questions
The questions that flow from this discussion do not go into state-by-state discussions.
“Should we clarify exactly?” “What information should we receive so that buyers can make the most informed decision about a particular property?” “Possible buyers What is the best way to communicate what is to be disclosed?”
Rather than opening another discussion of disclosure as a whole, this post only refers to the rapidity of one particular item becoming a rapert. It was highlighted in a hypothetical question recently posted by Robert Lefkin of Compass. He states: Why doesn’t my MLS allow my clients to do what they ask? ”
The truth is, very simply, “Of course, your seller wants to hide that information.” Most sellers don’t want to disclose others as much as possible. Many people I have spoken to over the years believe that by disclosing important facts about their property, we reduce the likelihood of effective sales. That argument may apply to only one seller, but the fact is that if everyone in a particular market has the same mission to fully disclose, all boats will rise and fall together That’s what it is.
Would you like to disclose that?
Without going into the details of the disclosure (did you say it differs from state to state?), “Why don’t my MLS let my client do what they asked?” answer was “Days in the Market (DOM) and re-licking Because (top and bottom) is an important fact that you need to know when looking at a particular property to make an informed decision.”
As a general rule of thumb, sellers are usually not interested in disclosing what they think could potentially lower the selling price of their home. They therefore cannot disclose facts such as cracked foundations, or whether someone committed suicide on property, or if there is a very large barking dog that previously attacked several neighbors, or can be seen in the rear. They ask that there are visible dogs built without permission from the house.
What the seller wants
Sellers want to create as little known information as possible, hoping to get better prices and be able to push the facts forward in the future. The truth is that the truth comes out. Neighbors have the incredible ability to disclose information that sellers may have wanted to hide when greeting new arrivals to the block. In states like California, with nationally leading disclosure laws, it’s easy to set the stage for litigation.
Simply put, DOM and price changes are important information of the information needed to consider the process provided by the buyer. I’ll put the discussion aside for a while and ask a simple question: “If you’re a buyer, what information would you like to know?”
In my case, the answer is “Yes!” I have purchased many properties over the years, and in every case, the DOM and seller pricing strategy are an important factor in determining what you offer in a particular property.
game
So how does this unfold? The buyer walks into a particular house and asks, “How much is this house on the market?” Is the agent supposed to sue the fifth? Even in some states where the seller does not need to disclose anything, agents need to disclose facts they know personally. If the agent says “I can’t give you that information,” that’s all the incentives that buyers need to hit the internet as soon as they return to the car.
Ironically, if the DOM is omitted or the agent refuses to disclose, a simple online search could mean that the date the house was on the market, the date it was on the market, and it may have taken off to cancel it. The date it was returned will be revealed. Plus, it’s also very easy to find a pricing history. Given this, what are the points to remove from MLS other than intentionally trying to hide from buyers?
Used car?
It’s a bit like buying a used car. Knowing that consumers want to access as much historical information as possible in the car they are purchasing, and to provide full transparency, accountability and maintain high ethical standards, we will be able to provide the majors. The majority of our local car dealers offer free Carfax reports including all the vehicles used in those lots. In particular, in light of recent smears on our reputation as an industry, why don’t you want to maintain the same standards for the homes we sell?
I accept that a higher number of DOMs can result in lower offers for buyers. The same applies to real estate that is struggling with price cuts. Again, in my opinion, it is a natural outcome of the seller’s decision regarding initial pricing and how they prepare their home for the market.
Even in slow markets, homes that are well-prepared and effectively priced tend to sell faster than before. If the seller chooses to sell a home that is not well prepared or is too expensive, they must have all the rights to expect a corresponding response. Thinking that by hiding the DOM, these facts should be hidden and price adjustments are unrealistic.
The bridge is too far
The opposite is also true. If many offers pounding right after your home is out on the market and live in, this is also important information that buyers need to know if they want to write an effective offer.
I fully agree that within the current structure there are many things that need to be changed. However, to remove the DOM and pricing information, the bridge is too far in my opinion.
Carl Medford is the CEO of the Medford team.
