When you are marketing your home, experts recommend featuring the best aspects of your home while minimizing the negatives that potential buyers might notice. Generally this strategy will reward you with a higher sales price and by reducing the time your home is on the market.
However, there is a big difference between highlighting features and hiding flaws. It is crucial to disclose ALL problems with your home on the Seller’s Disclosure provided by your REALTOR®, whether the flaws are past or present, even if the problem has been corrected.
If the buyer of your home later finds out something was not disclosed, there is a risk that a lawsuit may follow, which could cost you a substantial sum of money. Buyers find out about undisclosed details more often than you might expect: Whether it be from conversing with a well-meaning neighbor, their insurance agent who can search for previous claims, or a contractor who finds evidence that repair work had been done previously.
To avoid this situation, take the Seller’s Disclosure seriously- no fix or problem is too small to report. Read each question carefully, and be sure you understand it. Write clearly and specifically, with dates and accurate details when possible. Note if additions or repairs were completed with or without a permit. Explaining what repairs were completed and noting there have been no problems since is fine as long as it is accurate.
Understandably, buyers want to know everything that has been wrong with a property before purchasing it. Although some seller’s worry that mentioning all the problems they have had could hurt their selling position, it is far better to tell all than to put themselves at risk legally.
Post by Lyndsey Van Soelen, Communications Intern
Hunziker & Associates, REALTORS Blog Feed