What to do When Your Neighbor is Selling

The biggest myth in real estate is that your real estate life is over once you finally close and move into your new home. People forget they are constantly surrounded by real estate; and they should be aware of what is happening with that real estate around them at all times. It will continue after closing. Think about the neighbors you have, and what happens when they decide to put their house on the market.

There are several important implications once your neighbor decides to move, read on and find out what you need to know.

Document important disclosure items

Usually a good fence can make a good neighbor. The exception arises when they don’t cooperate and unresolved issues poke their head out once their home goes on the market.

This is typically a property line dispute, or a broken fence. They want to make sure the buyer knows about it. Most states require sellers to disclose this information to potential buyers, but not all areas like this are required.

Be the friendly neighbor and let your new neighbor-to-be know by informing the seller’s agent to anything the new buyer should know.

Look at things differently

The beauty of open houses is they allow buyers to check out a home, as well as let the neighbors check out the listed home.

It’s common for neighbors to check out their own home from their neighbor’s perspective. They might be taking a look at how visible their property is from across the yard, or how their paint job looks.

Know and learn the market in today’s time

A good seller claims and saves their home online, and keeps searching. They do this to keep an eye on the market, see the comparable sales and have a real-time idea of what is happening around them.

Just when you were buying, knowing the area and what type of homes around you is a smart move for any homeowner. Take your neighbor’s sale as an opportunity to get back up to speed with what is happening in the market around you. If their house is up-to-date, you can also see the latest trends in home design.

Talking to a professional real estate agent can also help you learn of what changes to property taxes have taken place, or how assessments are changing in your town.  Getting to know your neighbor’s agent can be a great resource down the road, use their experience when your neighbor decides to sell.

Don’t be an opportunist when your neighbor decides to sell, but a learner. Use their move as a chance to learn, inspect, and document about the market. Take advantage of this opportunity without stepping on anyone’s toes. 

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