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Avoiding Significant Expenses After a Home Sale
Dated: October 11 2019
There are some states that require home sellers to disclose all known defects that can affect the home’s value. There is a form known as the Seller’s Property Disclosure Statement which is handed out to a potential buyer when they are planning to make an order.
Normally, having this form handed to any potential buyer would make the real estate transaction smoother for both the home buyers and the home sellers. But in another sense, it could also destroy a deal or worse, it could result in costly expenses. It could also incur legal actions that would be detrimental to a home seller if he/she forgets any important tasks.
There are factors to consider to avoid adding significant expenses after you sell your home. Make sure to take note of the following:
- This is one of the biggest mistakes that home sellers make. Upon completing the Seller’s Property Disclosure Statement and then putting the property in the market, they would forget to update it constantly. This means that the Seller’s Property Disclosure Statement must always be updated throughout the home sale period. When a buyer makes an offer, the house goes under a contract. The home buyer normally requests a home inspection. When this home inspection is done and completed, several issues may rise up that the home buyer may not like and back out from the contract. After this, the home seller would focus on the problems found in the home inspection which would be repaired. But the problem is that the home seller forgets to update the Seller’s Property Disclosure Statement. Which results in an unfavorable situation. When a new potential home buyer checks out the property, he/she still receive the old copy of the Seller’s Property Disclosure Statement. As the home seller forgot to update it, the home buyer would think that the same problems are still in it. Each repair done should be placed and updated in the Seller’s Property Disclosure Statement so that the home seller could avoid any legal actions for failing to communicate the problems to the potential home buyer. It is also necessary to update the Seller’s Property Disclosure Statement so that any potential home buyer who checks it would see that the defects found out in the property have been repaired and remedied. For any home buyers out there, it is important to ask for a Seller’s Property Disclosure Statement before putting in your offer so that you can ensure that the home seller will be held accountable to any undeclared lapses in the property.
- As stated beforehand, home inspections are always done when any potential home buyer pitches in an offer on the property. We all know that any home buyer would want to be sure that the home they are purchasing will come with no major issues that would be result in additional expenses for them. But any home seller could also get a home inspection done before even putting their property in the market. With this method done, the home seller can now do the necessary repairs or fix the issues in the property, so that he/she can choose the right price for the property for its current condition after repairing it. This would also be an advantage to any home seller since they would be able to properly fill in the Seller’s Property Disclosure Statement so that the disclosed information would not surprise the home buyers since there would be no notable defects in the property. Sometimes, after a home inspection is done by a reputable company, they would request for further inspections so that they can offer an estimate for the cost of the repairs to be done.
- Filling up the Seller’s Property Disclosure Statement can sometimes make the home seller anxious because this form might work against them depending on the situation. Disclosing the defects of one’s home would definitely be displeasing to any home buyers. But in reality, this would be better since disclosing it would be a double-edged blade. It means, the home buyer would see what to expect if he/she purchases the property and the home seller would also be protected from any legal actions that could be done to him/her by the home buyer if he/she did not disclose any issues of the property.
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