BEWARE: Lack Of Disclosure From Home Sellers Happens Daily
Home sellers are hiding information that they are supposed to disclose to homebuyers.
We see this often in Tallahassee, and homebuyers better arm themselves or they might find themselves buying a "pig in a poke."
What Home Sellers Don't Want You To Know
Often times, home sellers fail to disclose a known condition about their home because they did not put much thought into it. While this is wrong, you have to understand that somebody who has lived in a home for 20 years might not immediately remember a minor renovation they did more than 10 years ago.
But there are sellers who are knowingly hiding things that you will need to know before you decide upon the proper valuation for a home on the market. And online home valuation tools WILL NOT HELP with this. For example, do you think Zillow has made an adjustment to its algorithm for the changes occurring in Killearn Estates?
For those new to this issue, some of the homes for sale in Killearn Estates are located in an area that is about to undergo a major change.
The owner of Killearn Country Club has shut down the "third nine" holes on the golf course and is selling that land to developers in order to raise money for the renovation of the club and facilities.
The improvement of the facilities will likely have a very positive impact on most homes in Killearn, especially those nearest the golf course and country club.
But a few people are challenging this action because they are concerned that when the land near their homes (which is currently a golf course) is converted into a development, they will see their values decline. Wouldn't you be concerned?
It is likely they will lose this challenge, and that is why several are already on the market, hoping to sell their homes long before there is more publicity about the redevelopment occurring in the area.
Regardless of whether you think the changes will increase or decrease a home's value, shouldn't these people disclose that some of the golf course behind them will no longer be maintained as a golf course?
I believe so. Yet this is not happening in all cases.
Imagine if you bought a home on a golf course with a wonderful view of the green, only to see it replaced with an apartment complex. Or another home. Or an office building. Or even "green space."
Florida requires home sellers to disclose about these known future cases, yet it is not uncommon for home sellers to try to hide these facts from homebuyers.
There simply is no way an online valuation tool will take this into effect.
Trust Your Real Estate Buyer's Agent
This is why you must work with a Realtor that you can trust. If you are not 100% sure that your agent is trustworthy and "has your back," take the time to read reviews online to ensure that other buyers before you were thrilled with the efforts and results delivered by your agent.
A well trained Realtor knows to demand a fully executed Seller's Property Disclosure, and a highly active Realtor will know about the local issues that could very well impact the future value of a property that is purchased today.
If you are in the market to buy a home in Tallahassee and want to work with somebody that will help prevent you from buying a pig in a poke, simply drop me a note and we'll be in touch right away.