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Does selling drugs out of your home lower the value?

It sure did for one of my clients today! I was under contract on a home and the disclosure forms came in and one of the disclosures was that the home was once used as a drug house.

Drug Store

This home was now owned by the wife and the husband (Dealer) was now in jail. My clients loved the home, but the wife was a stay at home mom and was worried that someone who didn't know that the dealer has moved to
cement office (Jail) would come to the door and possibly put her family in harms way.

I couldn't argue with her and think I would have done the same thing, since the owner had only been in jail less than a month. I felt sorry for the seller, but she also understood and said it is something that she just couldn't lie about.

What would you have done if you had been the listing agent?

 

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 14 commentsRespect Realty LLC • June 04 2007 01:45AM

Comments

wow that is a tough one - best of luck with it - let us know how it turns out
Posted by Thesa Chambers, Principal Broker - Licensed in Oregon (Fred Real Estate Group) about 12 years ago

Thesa,

Lucky for me I am the buyers agent on this one!

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 12 years ago
Well, guess you can move on to look at something else. You'll be able to sleep at night as well...If I were the listing agent I would have done the same....disclose disclose disclose! So I can sleep well at night.
Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) about 12 years ago
what an awful feeling. Last year, I showed a home in a "not so nice neighborhood". When we walked in the front door, in the living room was this huge security set up, with pictures from various angles on the outside of the home. This home didn't require security. My buyers and I concluded that there had to be something inside the home they were protecting. We left. I felt sorry for the listing agent.
Posted by KRISTINE CROWE (COLDWELL BANKER RESIDENTIAL BROKERAGE) about 12 years ago
If I had been the listing agent the seller would disclose it or I would not take the listing.  It is better to lose the buyer than to be sued.  Disclosure will set you free!
Posted by Laurie Manny (Long Beach CA Real Estate) about 12 years ago

You have to wonder how the Sellers intended to convey?

Closing during visiting hours only?

Posted by Mike Jaquish, 919-880-2769 Cary, NC, Real Estate (Realty Arts) about 12 years ago

Todd,

Always disclosure! At least you can find this buyer something else, so all is not lost. :)

Posted by Suzanne Sands, Somerset MA Real Estate (Pavao Real Estate) about 12 years ago
you can find them something else.  I would have been relieved that this was properly disclosed to my buyers
Posted by Blue Ridge Ga Real Estate >> Real Property in Blue Ridge Georgia (United Country Landmasters) about 12 years ago

Todd, disclosing that the husband was in jail for dealing drugs is NOT something that would need to be disclosed(in Florida). However if the seller wanted to disclose it then I would. If she had just mentioned it to me I would NOT have disclosed it. I sold a house last year that a had a double murder suicide in it. I sold it for the children. We did not disclose. We were not required to and if we did we would not have been able to sell the house. The children were 4 daughters from 16 to 22 and the equity in the house was ALL that was left for them from the deceased parents. 

The house sold. The buyers loves it and all ended well.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 12 years ago

Laurie, I think I would have done the same thing as you. If she wasn't willing to tell the truth about drugs, I wouldn't have taken the listing either.

In Oregon Bryant, disclosing the husband is in jail isn't  something she had to do, but manufacturing of drugs in the home was. So that is what she disclosed along with the fact they were sold from the home also.

It was late when I wrote that. I should have clarified. What I was looking for, was How would you have marketed the property?

Investors, Future Drug Dealers (Already had the traffic) or first time home buyers, since priced under market value? Just a question?

Todd

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 12 years ago
The seller and listing agent definitely did the right thing.  I'm glad that the seller had a conscience about telling the truth and disclosing this information.  But it probably will take awhile to sell.
Posted by Jim & Maria Hart, Charleston, SC Real Estate (Brand Name Real Estate) about 12 years ago

Todd; I agree...once you said "drug house" to us it means manufacturing. We also have a law that states if they were manufacturing ice that they have to get tests done...the chemicals go into the walls and into the soil...it is that strong and could affect the health of the public!

Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Liberty Homes) about 12 years ago
Todd, I like that, market to drug dealers. "Booming business" :) Very funny.   
Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 12 years ago
I'm glad you liked it Bryant. Some times you just need to think outside the box to sell a property - lol
Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 12 years ago

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