Effect of a tragic event on value of a home

[PandaBear]

So did OP end up buying it? What did the house end up selling for?

 

[350Rocket]

How much if any do you feel a house is devalued if a murder or other tragic event took place in it? There is a house that came up for sale that is in a good location on a nice piece of land. The house itself needs updates but is in average livable condition.

There was a domestic situation there where a person murdered thier spouse inside the house.

Not my first pick of homes due to the situation but it would not neccesarily turn me away completely, depending on price.

The thing that suprised me is the price is around the price of comparables, maybe 10 percent less if that. I do not know if they have disclosed what happened there but the locals know, it's no secret.

I was just kind of surprised of the price, I know it is about to go into foreclosure so maybe they owe enough on it they have to ask that price. I don't know. I just expected it would have had at least a 20 to 25 percent hit on the price. Houses here are selling well, and the area is growing but it's not a trendy or hip place to live.

I don't know the answer, but I lived in a 2 unit apartment building (the upper level) and found my roommate hung himself in the hallway. All of the immediate neighbors know what happened as there was at least 10 police officers present (I'm guessing - I wasn't in a clear state of mind), but I don't think it would be a publicly known event. The landlord's know and all the long term neighbors know, but unless they walked over and told a perspective buyer I doubt they would know that it happened.

 

[PimTac]

I wouldn’t let a past event like a murder or suicide affect my decision to buy a house. Lots of houses get sold every year because the owner died.

Now if the house was a former drug/meth lab operation or something along those lines then I would pass on it immediately.

 

[Dave Hess]

I still would not buy a house where someone was murdered..... bad spirits remain.

 

[350Rocket]

I still would not buy a house where someone was murdered..... bad spirits remain.

Was hoping my roommates spirit might remain, but he would be a good spirit.

 

[2strokeNorthstar]

Bad voodoo man, I wouldn't step foot in the place.

There was a torture / murder 1 street over from me. I would never buy it. It would always be in the back of my mind. It sold quick and I believe is now a rental. I want to ask whoever lives there if anything strange goes on....

 

[JimPghPA]

Originally Posted by 5AcresAndAFool
How much if any do you feel a house is devalued if a murder or other tragic event took place in it? There is a house that came up for sale that is in a good location on a nice piece of land. The house itself needs updates but is in average livable condition.

There was a domestic situation there where a person murdered thier spouse inside the house.

Not my first pick of homes due to the situation but it would not neccesarily turn me away completely, depending on price.

The thing that suprised me is the price is around the price of comparables, maybe 10 percent less if that. I do not know if they have disclosed what happened there but the locals know, it's no secret.

I was just kind of surprised of the price, I know it is about to go into foreclosure so maybe they owe enough on it they have to ask that price. I don't know. I just expected it would have had at least a 20 to 25 percent hit on the price. Houses here are selling well, and the area is growing but it's not a trendy or hip place to live.



If I'm buying it 50% plus if I'm selling it not a cent.

That's easy to say now, but try saying that if you actually own it after buying it for 50% and no one is living in it, and you are ( paying for heat so the pipes don't freeze, and taxes ) for several years, and no one has made an offer anywhere near what you are asking, and you know that roof is just getting older and will require replacement in a couple of more years.

 

[JimPghPA]

Land without a tenant is called an alligator, because alligators are green and money is green, and it eats money.

 

[slo town]

In CA I believe it's a required disclosure if a death occurs in one year of being listed for sale. This is on top of other required disclosures, such as if there is a jail in your county.

This thread got me thinking of what happened to the
Menendez home. There's always a buyer.

This is correct in California. We just sold our second home recently. In the lengthy disclosure document we had to check a box if anyone had died in it within the last 3 years. This disclosure form is an official part of escrow.

Scott

 

[M56959]

Asked and answered repeatedly.