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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTruth in Sales of Homes Is the Law in Some Counties in Minnesota
In the county where my previous home is, not only does the seller have to fill out a detailed disclosure document that documents any deficiencies in the home, the seller also has to hire an independent, licensed inspector to visit the home and prepare a report on any deficiencies he or she discovers. Some folks see that as intrusive overstepping by the government. Probably the same people who hate vaccine mandates, while being in favor of restrictions on women's rights to choose when it comes to their reproduction. They hate things that restrict them, but are fine with restricting others.
Anyhow, our previous home is on the market as of today, so I had to do both things. Now, I would disclose any flaws anyhow, as I have always done with anything I have sold to someone else, but I also like the mandatory TISH inspection, as well.
We spent a sizable amount of money and time fixing up our old house, after 17 years of living there. I also fixed a bunch of things I was OK living with, but that I wouldn't want to pass on to a new owner. So, I have no issues with the disclosure and inspection. The inspector did find one flaw that I hadn't noticed. That's fixed now, and the first showing of our house is today.
In the current market, I expect multiple offers on the place, so by the end of the weekend I should be able to pick one of the offers and contract for the sale.
Some sellers don't like the disclosure document or the mandatory inspection. Fortunately, that MN county requires both, just to make sure that home buyers get a fair shot at knowing what might be wrong with the house they're buying. It's a good idea, since not all sellers would be truthful. I wouldn't, but some obviously have been or the requirement wouldn't be there.
Wouldn't it be nice if everyone did those disclosures without the legal requirement?
IrishAfricanAmerican
(3,807 posts)I've done major repairs/upgrades on every home I've owned. The last two, including the one I'm in now, both needed HVAC and new roofs, along with other issues that were neglected by the previous owners. In both cases they were the builders of the home. I just don't know why people leave things in disrepair especially when they are going to clear a huge amount of money on the sale. I wouldn't do that to anyone else. I guess that's why these laws end up on the books. Too many selfish people.
MineralMan
(146,192 posts)are great selling points. I did both to that house. The roof was OK, but it was installed in 1999. So, might as well replace it now than leave it to the next owner. Paint? I can't imagine selling a house without painting the interior. I've looked at houses that hadn't been painted before selling. I bought none of those.
It's an investment that almost always pays you back. Now, I wouldn't remodel a kitchen to sell a house. Odds are the potential buyer wouldn't like what I did anyhow. I don't like carpet, so the house was all hard floors. The basement floor, though, was old and ugly, so I had a flooring company install a wood-floor patterned sheet vinyl. Looks great. Didn't cost too much. It's all about first appearances. Most buyers don't spend a lot of time looking before they make a decision. That's especially true in the current crazy market, where waiting even a day means you ain't buying that house.
brooklynite
(93,878 posts)(a standard alternative to staging with furniture) because it wouldnt show the actual condition of the rooms.
MineralMan
(146,192 posts)We're not staging ours. I know that when I'm looking, I don't want to see furniture in place. I want to see the empty rooms so I can imagine my own furniture in them and get a feel for how much space there is.
I can maybe see staging a house in a market that isn't as fast-moving as right now. It's not worth the money right now, though. Nice flooring and fresh walls are all I need to sell our 1950s rambler, I'm sure.
There's a showing going on right now, and an open house on Sunday. I expect to have to decide on offers on Monday and have a purchase agreement in hand by Monday night. We're not dependent on the sale to buy our current house, so it's a nice situation to be in.
Our asking price is based on the active market, and leaves room for people to up-bid on it. That's what's happening anyhow, unless you price the place at what you hope to get. Those houses often get no bids at all, and have to do a price cut. We bid 12% above asking for the one we just bought, because we liked it and we wanted to stop going to showings. That worked. We later found out that there was a bid for 10% higher than asking competing with ours. A 24-hour decision deadline I included with the offer made the difference. The seller didn't approach the second highest bidder for an increase because of that deadline. Psychology is making all the difference these days.