Home Selling in Atlanta>Question Details

Wayne Brockm…, Home Buyer in Tampa, FL

Back in 2009, and engineer said in his report that I evdience of a SINKHOLE in my home. The insurance company said they would fix it or give me the

Asked by Wayne Brockman, Tampa, FL Tue Jan 28, 2014

money to fix it. I kept the money and never fixed it. Do I still have to disclose this when I sell my home? My house has never had any issues.
thanks Wayne

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Answers

8
Yes , you do have to disclose, as long as you have knowledge. Just because everything is good now, doesn't mean it will stay that way .
1 vote Thank Flag Link Sun Feb 2, 2014
Yes, disclose, disclose, disclose!! If not, it is the quickest way to end up in court.
1 vote Thank Flag Link Fri Jan 31, 2014
If you are selling, then you are wise to disclose. Should the new Buyer have an issue and found out that you received an insurance claim to repair it, then never did, they might pursue legal action against you.

Also, if you were to experience an issue while living there, you might have a hard time getting the insurance company to pay a second claim since you never corrected it the first time.
1 vote Thank Flag Link Tue Jan 28, 2014
Yes Disclose!!!!!! Especially considering that no family willingly would want to buy a home with a Sinkhole even if you didn't have problems in the past. Selling your home that badly isn't worth going to court. Be wise.

Good Luck,

Michael
0 votes Thank Flag Link Wed Feb 26, 2014
You would need to disclose the engineer's finding to a potential purchaser.
0 votes Thank Flag Link Tue Jan 28, 2014
You posted in "Home Selling in Atlanta" but you show that you are located in Florida. My answer comes from California and the laws where the subject property is located may be different.

We have a disclosure form that is widely used in California that specifically asks if the homeowner has made any insurance claim or received any insurance payment whether the money was used to make repairs or not.

Seek professional advice from a Realtor in the area where the home is being sold for a definitive answer to your question.
0 votes Thank Flag Link Tue Jan 28, 2014
Yes..you most certainly have to disclose this and in my opinion..you should correct the defect before you put your house on the market.
0 votes Thank Flag Link Tue Jan 28, 2014
Wayne,
Yes, you do have to disclose that you have a sinkhole in your home. You will have to disclose also that you've made an insurance claim and what it was for....that is for the state of GA. I just realized you are in the state of FL. I think you need to hear from agents in FL. I would monitor the sinkhole, if its truly in your home. You do not want anything structurally to happen to one of most people's largest assets. Good luck. And remember, it's always better to disclose thoroughly with an explanation than to get sued by a buyer!!
0 votes Thank Flag Link Tue Jan 28, 2014
I do think that it will affect your market value if you have a sinkhole and the person next door, up street don't. But I have not seen your house nor know your market in FL.
Flag Sun Feb 2, 2014
Thanks Kathleen. When selling my house, should I still ask for market value? Thanks again to everyone for your answers.
Flag Tue Jan 28, 2014
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