Homebuyers call for greater transparency in deals

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As another high-profile stigmatized property goes on the market, buyers call for new laws and more information in such deals.

Sellers should just confess if anything gruesome happened on their property and real estate agents should be legally required to do as much background research and reveal all details.

That is what buyers are now demanding as another high-profile stigmatized property goes on the market. The Calgary-based home where a 22-year old stabbed five students to death is currently on the MLS system for $489k and with no mention of its checkered past, buyers are calling for change in the industry. There is, however, some details of the murder in the private marks section of the listing which is viewable between realtors.

Many are calling for the same disclosure laws as Quebec where sellers are obliged to reveal a past murder on the property.  Buyers are being advised to be proactive when house hunting by doing simple google search and asking the neighbours.

Similar to other stigmatized properties, it has been suggested by local industry players that the Calgary home may be demolished by an investor and replaced with two luxury semi-detached homes.

With the issue of stigmatized properties gaining attention, two Ontario-based entrepreneurs established a registry, housecreep.com, featuring 20,000 properties across North America that has past issues.

 

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