Home Buying in Arvada>Question Details

Amanda, Home Buyer in Arvada, CO

There was a firecracker lit off in our basement of the house we are having built. Luckily it didn't burn

Asked by Amanda, Arvada, CO Sat Jul 12, 2008

down. But the had to replace the pit in the basement and the whole house smells like smoke (no drywall up yet, only wood). So they want us to sign a disclosure about the incident. I am concerned about resale and how if we sign this it will affect us.

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3
I'm not sure who wants you to sign the disclosure, or why they'd want it. But as far as resale goes, you'd have to disclose anything that could be a 'material' fact to the buyer. In other words, something that would sway their decision one way or another, or something that could be a problem in the future.

For instance, you have to disclose if there has been a flood in the basement, because mold spores could have gotten started, and they could crop up again if they come in contact with moisture again.

If there was an actual fire, that's something that should be disclosed. Fire can affect the structural integrity of a house even if the charred parts are replaced.

I really can't give you more advice than that, because I don't know what the person who's having you sign the disclosure plans to do with it. Maybe it's more of a release form?

Your agent at the time you sell could advise you better. As far as whether or not to sign the form, what happens if you don't sign it? If you do sign it, you should speak to an attorney first.
1 vote Thank Flag Link Sat Jul 12, 2008
Amanda,

On the surface, this does not appear to be a major problem and I am curious as to why anyone would need a disclosure signed. What would the disclosure say. How would this in any way affect future market value? Looks like this was a while back looking at the date. What happened. We are always curious about these strange and unusual incidents and strange builder requests such as this.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Jan 26, 2013
I dont foresee any problem with a fire cracker causing any real damage to your home what does your realtor have to say?
http://www.lynn911.com
http://www.homes-for-sale-dallas.com
0 votes Thank Flag Link Sat Jul 12, 2008
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