This month’s message is aimed at sellers of real estate and the disclosure process that they will be subject to. As a seller of real property, one is required to disclose all known material facts. At the onset of their journey toward a sale, they will receive a very thick virtual (yes, we can do it online now!) packet of paperwork to fill out with many redundant questions. It may seem tedious, but it is a seller’s best protection during and after the sale of any property. One would think, after having gone through this paperwork, that any and every question possible on the property would have been addressed, but alas, there are always more questions.Typically, a buyer will review the paperwork provided by the sellers, including any reports or receipts on renovations completed during their ownership, and have follow up questions. In a market where buyers are paying more than they have ever had to consider paying for a piece of real estate, they are likely to scrutinize to a higher degree than they otherwise might when they think they are getting a “good deal” (aka…market conditions in years gone by). I have noticed sellers becoming increasingly frustrated and reluctant to answer additional questions of a buyer and this puzzles me. As a result, I want to remind sellers of the following:
1. Don’t take it personally…these questions are posed to learn as much about the property and the care that has gone in to it prior to the buyer taking ownership. They are not trying to annoy you as a seller. Just answer the question as factually as possible.
2. Who, what, where, when and how…when providing information on work completed, try to provide these details to the buyer so they don’t have to ask for the information. If a bathroom was remodeled, let the buyer know if it was done by a licensed contractor or a handyman or a homeowner. What year was it completed? Why was it done (merely for aesthetic purposes or was it in response to a needed repair)?
3. What is your buyer’s experience? Keep in mind that every person has a different threshold and perspective for what is important. I once had a client who is an auditor by profession. She had so many questions for the sellers about things that “seemed obvious” to the sellers. What may be acceptable to one person may be questioned by another. That said, just because they are questioning does not mean that they are arguing about it, but merely trying to gain a full understanding of what they are buying.
The goal during the disclosure review process is to gather as much information as possible so that the buyer closes escrow with their eyes “wide open”, which ultimately protects the seller from future issues. As a real estate professional, there is so much more that goes in to representing buyers and sellers. This is just one aspect of guidance your agent should be walking you through. If you would like to talk more about how I could help you, please give me a call at 619-944-2798.