New weekly feature! In addition to continuing to produce long-form interviews with top 1% producers, we’re also going to serve you up some bite-sized audio goodness!
Keeping It Real Podcast producer Liz Lape is here to guide you on an actionable strategy to help your business.
In today’s Liz Lesson she discusses best-practices regarding stigmatized properties!
Liz Lape 0:04
Hi, this is Liz lake, a producer for keeping it real podcast and this is a live lesson. A stigmatized property is one that may include a less than attractive history, like the like a death on the property or even the supernatural. You know if your clients believe in that sort of thing. In Illinois, you’re only required to disclose anything that has a physical impact on the property. Anything else would be considered a psychological defect or stigma. This can be a major deciding factor for clients. Even though you’re not required to disclose everything. We encourage you to disclose everything. This actually benefits both you and the buyer. Because disclosing as much information as possible can help you avoid a lawsuit and also helps to build trust. In addition to this, the truth will often come to the surface anyway, neighbors always talk. So if the stigma is big enough, be upfront with the buyer, have a neutral and respectful conversation about everything you know about the property. They’ll definitely appreciate your thoroughness and honesty. This has been a Liz lesson and I’ll see you next time.