Surreal Estate: How Hauntings Affect Home Sales

You visit an open house for a stately old Victorian on a quiet street It has a wraparound front porch and all kinds of vintage charm but you can t help but wonder if that sudden cold draft is the consequence of poor insulation or a past occupant dropping by And the lights on that stunning chandelier are flickering in a way that might foretell an expensive visit from an electrician or an exorcist You want to ask the listing agent if they ve heard about any paranormal activity on the property But do they veritably have to tell you That depends on where you re house hunting In the bulk states the seller doesn t have to disclose anything For example according to Massachusetts state law whether the home has been the site of an alleged parapsychological or supernatural phenomenon is not a material fact that has to be mentioned in a real estate transaction However the seller or agent are also not allowed to lie about it Minnesota has a similar code which says that sellers don t have a duty to disclose whether the home was the site of a suicide accidental death natural death or perceived paranormal activity Still a disturbing history like murder can affect the value of a home declared Ryan Dossey co-founder of the house-buying operation SoldFast in San Diego in an online exchange He points to search services like DiedInHouse as an example of how prospective borrowers can research a home s past uncovering details that a seller might have chosen not to divulge A gruesome incident of buyer s remorse One such development led to the court episode Reed v King Dorris Reed purchased her California house from Robert King who did not disclose that a woman and her four children were murdered in the home ten years prior King had even requested that a neighbor not tell Reed about the killings Reed s attorneys claimed that while she had paid for the home it was really worth because its history seriously damaged its value and desirability The courts ruled in Reed s favor finding that the home s reputation affected its property value Such homes are sometimes called stigmatized properties For specific a colorful history is a selling point Not every buyer feels as Reed did While an oversized skeleton decoration in the front yard is about as creepy as particular home buyers are willing to get others are drawn to the novelty and mystique of certain listings A lot of buyers I ve worked with love when there s a deep or haunting history explained Joe Luciano in an online exchange Luciano is a Massachusetts Realtor who has shown historic homes in Salem For instance one couple bought a house next to a funeral home They pretty much unfailingly wore all black and the first thing they did when they moved in was paint the inside a deep purple color This home was also right near the Salem Witch House which truthfully was a selling point So you bought a haunted house Now what Let s say you re not afraid of things that go bump in the night and bought a stigmatized property Even if you re not worried about poltergeists you still may have to contend with human reactions Unbeknownst to me I bought a murder house back in as a flip that was the site of a homicide inside the property Ryan Dossey mentioned We encountered issues with the contractors he reported after neighbors mentioned the home s history From that point on the contractors refused to be alone at the property It took considerable effort to persuade them to complete the renovation Believer or skeptic home buyer or seller it s crucial to know your rights when it comes to marketing a stigmatized home as well as your legal responsibilities Talk with your real estate agent be honest with all parties involved and check your state s law if it s relevant It s perfectly reasonable to worry about the effect that such a history could have on your home s value but don t be too discouraged While particular would never dream of buying a home that has a creepy past real or imagined you never know when Gomez Addams is prowling the region The post Surreal Estate How Hauntings Affect Home Sales appeared first on Rough Draft Atlanta