Last week hubby and I decided to do a marathon of Continuing Education classes to keep our real estate licenses current. We actually have another year before either Kansas or Missouri is due but we had the time and the inclination to surround ourselves with a couple of hundred smooth talking salesmen/saleswomen and listen to the light hearted banter that this "housing market" brings out in them.
1st Thought
One of the classes was called Dynamic Seller Services which was a class that was a four hour version of "do what you need to do to get it sold". In these types of classes, the discussion always turns to what you need to disclose about any given house, what you should disclose about any given house and what you must disclose about any given house.
Missouri law and Kansas law are differ on this subject but for the sake of my post today, I am talking about Kansas. In Kansas we have to always disclose adverse material defects about a house. Well...let's not say always.... If we know something that would impact the value, we are suppose to disclose it. BUT there is a provision in the law that says if the house has an inspection report by a qualified third party that states the physical condition of the house the agent isn't obligated to disclose the condition of the property. Do I sense a loop hole here???
Now this is where the class got kind of interesting. Kind of might be an exaggeration....but I did perk up slightly and listen for a few minutes. In Kansas we don't have ANY law that says we have to disclose psychological defects associated with a house. Other states require this but Kansas has NO law that discusses this. AND seemingly no one has ever sued anyone claiming they bought a house with a "questionable" past that they weren't already aware of.
So if you were a Realtor here in Kansas, it is strongly suggested that you tell a potential buyer anything negative about the house you are trying to sell them. The fact of the matter is that there isn't a law that says you need to spill your guts if the house has a psychological defect. If you know that the house has a foundation crack you are supposed to tell that to a potential buyer. On the other hand, if the place has been a scene of a crime....HMMM should I speak up???
Take for example:
This house is dirt cheap compared to other homes in the neighborhood. Not particularly attractive but then no one has lived there for a couple of years. I don't really know why there are trash cans out. It is listed way below the appraised value. It has been on the market since December of 2009.
If you knew that a house had a violent incident in it would you buy it? If I showed you this house (and I wouldn't) would you expect me to tell you why it isn't selling?
Would you buy a house that is haunted? Would you buy a house that has had a death in it? How about a violent death? Would any of that matter if you otherwise liked the house and could get it at a great price?
2nd Thought
In 2010 you could have bought a FAMOUS haunted house.
May 26, 2010 10:00AM
The Good For the Day...I loved this song when I was a kid.
The Bad for the Day...
My husband went to the classes with me as he got his real estate license just for the sake of getting one. This isn't what he does for a living. He took the side of "he would buy a house that had a violent incident in it for the right price and if he truly liked the house". I wouldn't of guessed this. If and when we ever buy another house, I will be eyeing him suspiciously and asking a lot of questions about the houses history.
The Weird for the Day.... The "fake" Amityville Horror House is currently on the market. This home located in New Jersey was used as the set for the 1979 movie The Amnityville Horror starring Nicole Kidman and James Brolin.
TOMS RIVER (AP) — The New Jersey home that was filmed for the 1979 movie "The Amityville Horror" is for sale.
The 10-room colonial-style structure in Toms River was built in the 1920s and is listed for $1.35 million.
For the movie, a superstructure was built around the outside to make it look like the home in Amityville, N.Y., whose owners claimed was possessed by evil spirits.
Owner Odalys Fragoso tells the Asbury Park Press the home isn't haunted.
The 10-room colonial-style structure in Toms River was built in the 1920s and is listed for $1.35 million.
For the movie, a superstructure was built around the outside to make it look like the home in Amityville, N.Y., whose owners claimed was possessed by evil spirits.
Owner Odalys Fragoso tells the Asbury Park Press the home isn't haunted.
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