You’ve got to check out this new listing. A Dutch Colonial home, which is positioned on the waterfront in an affluent coastal village built back in 1927. Set across three levels, the 5,000-square-foot residence has been tastefully updated and was last sold in 2017 for the sum of $605,000. The sun room features sweeping views out to the nearby waterfront. The home features a comfortable and cozy lounge room complete with a grand fireplace. The property additionally boasts a boat shed and a swimming pool. The home’s kitchen has been remodeled, and features stylish stainless steel appliances while the home’s entryway comes complete with a grand sweeping staircase. Upstairs, there are five spacious bedrooms and three bathrooms. Each of the rooms has been freshly painted and the floorboards have been polished. This narrative certainly sounds intriguing. However in the sellers property disclosures, we find out it was the site where six murders took place in 1974. OK, this was a bit extreme, but you get the point. And I got to plug my affirmation to 70’s horror cult classics. For those who are not following, this disclosure example was based on the true story of The Amityville Horror.
As we discussed last week, there are seven (7) common real estate disclosures to be aware of, whether you’re on the buying side or the selling side. They are as follows: (1) death in the home, (2) neighborhood nuisances, (3) hazards, (4) Homeowners Association information, (5) repairs, (6) water damage, and (7) missing items.
Neighborhood nuisances are anything that interfere with the comfort, convenience, or health of an occupant including foul odors, noxious gasses, smoke, dust, loud noises, excessive light, or high temperatures. In Morgantown, this may include living next to the football stadium, in the airport’s fly-zone, or an active construction area. Hazards can be a pretty broad category. It may encompass environmental hazards like mold, asbestos, or lead based paint as well as electrical or physical hazards like loose steps or tripping hazards. Homeowners Association information will include the HOA’s budget, bylaws and restrictive covenants, insurance statements, and a resale certificate that indicates the amounts due. Repairs are a big component of disclosures. As I’ve said all year, things break. The buyer of your home wants to know if and how you deal with repairs when things break. Water damage can be one of those repairs that can be a telltale sign if it was not repaired correctly. We’ll often see water stains on ceilings. The question is whether it is an active water stain with a leaky pipe or has the repair been performed but the ceiling just still needs to be re-painted. In addition to the items in a seller’s property disclosure (above), the purchase agreement will include some additional opportunities for the purchaser to investigate possible deterrents of the home/property/neighborhood. Buyers can check fema.gov for flood maps in their desired area. You can also be alerted to the nearest registered sex offender with apps.wv.gov. Wow, there is a lot of information to share regarding disclosures. Rightfully so, as it is an important topic. We will continue disclosures next time.
Until next week, Love where you Live. And if you don’t… contact your local REALTOR®.
Brian Haufe, 2022 MBOR President