| July 2, 2008 |
|
Sure it can be frustrating, exhausting and time-consuming to sell a home in some markets, but don't try to cut corners by failing to make the proper disclosures. Not only is it illegal for you and your agent not to disclose certain material facts that can affect the value, desirability or salability of a home, most savvy buyers will quickly walk away if he or she suspects deceit. If you lie by omission and get caught, not only can you face both local and federal charges, you'll still have a home to sell in a less-than-hospitable market. The extra time to sell your home and your day in court could stigmatize the property. Of course, if you honestly don't know about an issue, or there's little if any chance you could have known, you obviously can't report it. It's not a bad idea to get a home inspection so you do know. An inspection reveals your attempt at discovery, it will help you determine which items need repair or replacement (not that you are required to make certain repairs), you can use it to price your home and it's a good negotiating tool. In any event, a good rule of thumb, when it comes to whether or not something should be disclosed: "If you can't figure it out, don't leave it out." Otherwise, here's are some more specific disclosure tips.
Rather than reporting "repairs" -- which could imply a defect was permanently corrected -- explain what work you've had done. You called the electrician for faulty wiring at a junction box or you had a plumber fix a leak under the sink, for example Likewise, you can tell the prospective buyer that you replaced the roof, installed a new water heater, added wind shear protection or installed a sump pump in the basement, etc.
Available to property owners once a year for free from ChoicePoint, the report is a record of claims and claim inquiries on a given property. Insurers use the information to decide to issue a new policy, renew or raise rates.
If the deceased won't walk into the light and you see dead people, you've got to report that too. Even if you haven't had any bumps in the night, but word's gotten around the house is haunted house, you've got to let the buyer know some ectoplasmic spirit already possesses the home. |
With an award winning staff of writers providing up to the minute real estate news and advice, thousands of REALTORS® in North America reporting daily market conditions, and a nationally broadcast television news program, Realty Times is the one-stop shop for real estate information. That's why over 10,000 real estate professionals have turned to us for their publicity needs.