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Disclosing the Existence of Accepted Offers is Not
Negotiable
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When
a buyer and seller have fully executed an Agreement of Sale the offer is
considered accepted. There may be contingencies which could affect the
future of the Agreement, but that does not change the fact that the offer
is, by definition, accepted. According to the REALTOR Code of Ethics,
the existence of that accepted offer must be disclosed to any broker
seeking cooperation. (Standard of Practice 3-6) Futhermore the TREND
MLS Rules and Regulations also require that the status
of the listing in the MLS be updated to reflect the accepted offer.
These
obligations are not negotiable between the brokers, or by any agreement of
the buyer, seller or third party to the agreement. When explaining the
benefits of the MLS to sellers, be sure that they understand the
non-negotiable rules that come with that benefit. There are TREND MLS
status options that provide opportunites for sellers who wish to continue
marketing a property after an accepted offer has been reached.
The
seller or others may argue that it's not in the seller's best interest, or
"not fair" to the seller, to change the status. The Code of
Ethics replaced "fairness" with "honesty" over a decade
ago. The MLS rules and the Code of Ethics attempt to balance what is in the
best interest of all parties - sellers, buyers and brokers. It's admittedly
not an easy task.
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4 Quick Tips for Prepping a Home for Sale
Real Estate pro and stager Barb Schwarz, founder of the International Association of Home Staging Professionals, recommends some of the following general staging tips in prepping homes for sale.
1. Super Clean. Make the house shine from top to bottom. Don't forget about cleaning the carpet, draperies and windows, too.
2 Clear the clutter and unload some furniture. Remove unnecessary items from countertops, bathtubs, and shower stalls-areas that often attract the most clutter. Keep only the necessities. A decluttered home helps buyers mentally "move in" with their own things. You may need to rearrange or remove some furniture. Pieces that crowd a space can make it look smaller than it really it.
3. Prep your landscaping. Check gutters and roof for dry rot and moss, and ensure they are clean. Examine all plants: Prune bushes and trees, make sure no plants are blocking windows, remove any dead plants, and keep the lawn freshly mowed.
4. Add nice touches. Coordinate towels in the bathroom in one or two colors only. Keep accessories restricted to groups of one, three, or five items. Make sure all lights and lamps are on for showings, and set an inviting mood: Have soft background music turned on (such as light FM music)
SUPREME COURT RULING ON SELLER'S DISCLOSURE
On July 21, the
Pennsylvania Supreme Court unanimously decided that a murder-suicide in a
property is not a material defect that a seller has to disclose to a buyer. The
history of
Milliken v. Jacono is well-known to REALTORS, click here for
details of the highly-publicized case.
The Supreme Court's
ruling contained several important points:
- The Court
commented that using a disclosure form that revealed more information about a
property than the law required does not create additional mandatory
disclosure requirements.
- The Court
stated that it was "not ready to accept that [a psychological stigma]
constitutes a material defect." The Court observed that requiring quantification
of the psychological impact of various traumatizing events would be a "sisyphean
task".
- It was
recognized the psychologically traumatic events do not result in defects to the
structure of the house; they do not affect the quality of real estate. It was
noted that it would be nearly impossible to assign a monetary value to
psychological stigma.
- Lastly, and
importantly for buyers' agents, the murder-suicide was absolutely not a latent
event. It was widely publicized in the local media and on the Internet, and it
was a well-known event within the neighborhood. The doctrine of caveat
emptor still survives and places the responsibility on the buyers to ensure
the property they are buying meets their needs. In the words of the Pennsylvania
Supreme Court, "Purely psychological stigmas are not material defects of
property that sellers must disclose to buyers".
BUYERS RESOURCES - ARTICLES