By: Jake Conte
Submitted: 2010-06-06 22:11:11 | Word Count: 566
Selling your home comes with a lot of responsibility and one of these is to ensure that the buyer is aware of any problems that exist in the home. Buyers do not have to be given the complete responsibility when it comes to disclosing problems and discovering that there are expensive repairs after theyve already closed and moved into the home. It is very possible and also probable that the buyer could sue you, the seller, for the repairs and if it comes down to it you may be required to take back the home and relieve the new buyer of any responsibility that is tied into it. So, as a seller, be prepared to make sure the buyer knows about any problems that you are also aware of.
The Seller Accountability
Now that you know youre going to be held responsible you may be wondering how to protect yourself from getting sued or from problems popping up. This means that you need to be pro-active and investigate any possible issues that may be present in the home. The damage information that must be provided is in a wide range to include damage from water if a leak or flood occurred right down to problems in the structure such as the foundation shifting. This is definitely one of the times when it is better to be safe instead of sorry. Your bases should all be covered.
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This is done by contacting an inspector who will explain to you all of the potential problems you may face with your house. If you arent satisfied with your initial inspector you might want to get an opinion from a different inspector who can give you another perspective. Any smart buyer is also going to have their own inspector come into the home to protect themselves as well.
Prospective Buyers
You might be wondering or scared that a buyer isnt going to have any interest in your home if they know there are problems but any reasonable or logical buyer will know that it is not easy to find the perfect house without needing to do a bit of repair work. Some people are specifically looking for a fixer-upper that they can get for a cheaper price and put the work into fixing it. The buyers are going to look at the home and if you have an inspection report yourself it shows a lot of effort on your part. Buyers will see that you arent trying to hide anything from them and will respect it tremendously.
A disclosure statement itself is something that you should use in order to negotiate the price of the home. A buyer may be willing to fix the problems themselves if you two can negotiate a lower price for their time, hassle, and investment they will need to put to fix the problems. The disclosure statement should also be signed by both of you. This covers both of your sides. The final deal gets made and the buyer is given the disclosure statement.
