Of course you should.
If you know about it, it’s
best to disclose it!
Here’s why...
If you reveal that the roof leaks,
there’s a crack in living room ceiling, and the buyer accepts it, the buyer
can’t hold you responsible later.
Imagine right now, a buyer claiming
in a court of law that a seller purposely omitted important facts. “Your honor, he never told me about the
defects. He pretended the house was in perfect shape. Yet, really the house was an
absolute wreck. I was scammed into paying full price for something worth far less.”
Who do you think wins? Litigation is
expensive. You waste money and time. You worry. If you’re lucky, the buyer will agree
to a cash settlement out of court.
Remember: If your house is defect
free and in a nice neighborhood, it’s worth price #1. If the same house in the same
neighborhood has things wrong with it, it’s worth less. This is price #2.
Picture this. It’s a few weeks
before closing; you can’t wait to move into your new home. Then disaster strikes. The
buyer walks away from the sale!
The buyer discovers you failed to
inform her about a couple of things you should have known about. The buyer worries about
what else you “forgot” to mention. The buyer lumps all these fears into 1
gigantic complaint. Somehow she gets out of the contract to buy your home. Now
you’re stuck with your old house and your new house. What do you do?
Have a strange problem? The
neighborhood students who constantly party next door, or the dog that howls at midnight.
Does this bother you? Yes. Then disclose it.
Uncle Sam believes full disclosure is
an absolute necessity. As of 2003, the law requires that you disclose what you
know in writing on a "Seller's Disclosure Form".
Your best bet is to tell your real
estate agent everything you want buyers to know. If something is seriously wrong with your
house, get it out in the open right away.
Hope this helps.
LeAnn |
