Tips for sealing the deal on troubled real estate
Experts offer advice on selling difficult, ’stigmatized’ properties
Termites, proximity to landfills, criminal activity and even the possibility of ghosts can spell doom for a real-estate sale.
Those problems present their share of hazards for real-estate agents as well, said Craig Runyon, an instructor at the Brodsky School of Real Estate.
Dealing with so-called “stigmatized” properties can be “quicksand for the average real estate agent,” said Runyon, who taught a class last week on selling difficult properties.
Agents may not always know when they’re required to disclose negative information or when it’s best to keep their mouths shut, Runyon said. A wrong move in either direction could land agents in court, he said.
Sellers and their agents can be held liable for withholding information about material defects — problems that may affect the sale — said Ethan Steele, a real estate attorney in Tucson.
“The duty is on the seller to let the buyer know about these defects,” he said.
But regardless of the type of problem, Steele said it’s best to err on the side of disclosure.