By Jeff Adolph
Finding Your Dream Home
Laws governing property disclosure vary across the nation and while many realtors inform their prospective buyers about the need to know facts, no matter how small in detail, there are others that neglect to tell their buyers additional details. Sadly, this reflects on their sales and on the happiness of their buyer especially in terms of their purchase.
In Arkansas a written disclosure must be filled out, which details as much information as possible about the property that is for sale.
As Sandy Guin of a Bella Vista realty firm said of her office, 'Disclosure forms are always filled out by the seller, honestly and to the best of their knowledge.'
However, on many occasions issues can be overlooked whether intentional or accidentally, it is extremely important that a buyer find out as much background information as possible before making a real estate purchase in an area they know little about.
Not only should you be interested in the properties soundness, age and particulars but also its background. If a death had occurred in the dwelling or nearby surely you'd want to know about it and what about past fires, and break-ins? All of this information could affect your insurance, if the home has a history of claims.
As Guin stated, 'If a Realtor knows a fact about a property that could affect the sale of that property, then they have to disclose that as well, even if the seller doesn't.'
Moreover, if you have a family or are thinking of starting one wouldn't you want to know how safe the neighborhood was and is?
While Arkansas does have laws prohibiting sex offenders from living within 2,000 ft of a school or playground and police notify residents if a level 3 or 4 offender moves into the area, it is not law that real estate agents and sellers must disclose this information, whereas in other states it is.
One way to ensure you are moving into a locality that is free of such undesirables is by contacting your local police department and enquiring as to how many offenders are near the location you're thinking of purchasing in.
In some instances property groups are even deciding to govern such serious crime by refusing the sale of listings to convicted offenders, and prohibiting them from purchasing homes in developing residential areas, therefore making their developments offender free.
Bob Balhorn, the government affairs director for the Arkansas Realtors Association, believes that such a fact is not material and does not directly affect a property. As he said, ' It's one of those things that affect people and not property. The property will remain the same.
Though, there have been economists who have claimed to research the impact of living near convicted criminals, and their findings revealed a 4% drop in housing prices within one-tenth of a mile of the offender's residence.
While Balhorn states he has seen no supporting evidence of such a decline he understood the fear that most people would feel in relation to residing near a criminal.
As both Guin and Balhorn recommend do as much background research as possible into your purchase before buying. It is your right as a prospective buyer and resident to know as much information as possible about your neighborhood so don't be afraid to ask questions of the realtor, the local sheriff and residents. Also think about having an independent building inspection prior to purchase so you can have reassurance of your investment because after all in many cases you are not just buying a house but you are buying a home.
Source: Neal, T (2006) In the Neighborhood: 164 Sex Offenders in Benton County: available online at http://nwanews.com.bcdr/News/37028
© 2006 Jeff Adolph GayRealEstate USA
Recent Comments