| p>Seller disclosure is critical to a smooth home | | | | you sell your home more quickly. If there is a |
| sale and reducing seller liability, but not all | | | | problem, it's always better to find out now rather |
| homeowners are aware of its value to the home | | | | than later when a buyer is involved. This way you |
| selling process. Seller disclosure, the obligation of a | | | | can elect to either fix the problem or disclose it. If |
| home seller to tell any potential buyer about | | | | you choose to make repairs, you can bet it will |
| problems in the property, is only mandatory in | | | | always be less expensive to do them before a |
| several states. However, it is rapidly catching on | | | | buyer is involved. Buyers will usually want the |
| locally and many real estate companies are | | | | top-of-the-line repair when an average-quality job |
| developing their own voluntary disclosure policies. | | | | is good enough. |
| The reason is simple: disclosure reduces liability. If | | | | Also, most home buyers will eventually get an |
| a home buyer knows about a problem up front, | | | | inspection before finalizing a sale, so having one |
| then they can't later claim you hid it from them. A | | | | done ahead of time will give a seller some idea of |
| buyer can file a consumer fraud suit that can cost | | | | what to expect. There's nothing worse than |
| you three times as much as taking care of the | | | | bargaining down the price of your house to your |
| problem in the first place. So avoiding disclosure is | | | | bottom dollar, only to find out that the furnace is |
| like crossing the street with your eyes | | | | shot and the buyer wants a new one. |
| closed--eventually you will get hit. | | | | Plus, when the buyers home inspector shows up. |
| Seller disclosure not only includes a duty to | | | | it's always a good idea to politely hand over a |
| disclose problems you know about, but it also | | | | copy of your home inspection to the buyers |
| includes responsibility to disclose problems you | | | | inspector. You should not suggest that the buyers |
| should have known about. The days of caveat | | | | inspection will be any less valuable as a result that |
| emptor (buyer beware) are over; now it's almost | | | | you had your own done, but having taken that |
| seller beware, said attorney Gordon Gemma. It's | | | | step will demonstrate to both buyers and their |
| better that they know about a problem now and | | | | inspector that you understand the process and |
| resolve the issue than find out later through a | | | | took steps to make sure you avoided any |
| lawsuit. | | | | potential problems mid-transaction. |
| Most home buying tips include a recommendation | | | | As the old football phrase goes, the best defense |
| to get a home inspection. That's why sellers are | | | | is a good offense. Identifying and disclosing the |
| smart to have a professional home inspection | | | | condition of your house via seller disclosure will not |
| done when their house is listed. Home Inspectors | | | | only help sell it faster and avoid costly seller |
| can identify problems, provide solutions and offer | | | | mistakes, it will allow you to move on to your |
| suggested improvements that can actually help | | | | new home with far fewer worries. |