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Stevie, Home Seller in Bloomfield Hills, MI

I am thinking about selling my home. I haven't talked to an agent yet...so I was wondering about the

Asked by Stevie, Bloomfield Hills, MI Thu Jun 19, 2008

Seller's disclosure. Do you have to disclose past leaks, repairs....or just disclose if ther are any now. The form is confusing to me. I know an agent can answer this when I sign up with one....but I really want to know now....thanks!

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Disclose whatever you know. It is the best way to go to protect yourself in the future. If there are issues with the house now, you might want to consider repairing them before you put the home on the market.
Web Reference: http://miOaklandCounty.com
0 votes Thank Flag Link Sun Jun 29, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Stevie,

Good question. If you are ever in doubt, disclose and sleep much better every night in the future!
The local board of realtors typically has a disclosure form. Sometimes they can be confusing so when completing, take your time and consult the agent you choose to work with. He/she can explain what each question is after.

When completing your property disclosure, write anything you know about the past leak(s), what work was done to repair(always including any invoices which may show possible warranty info), when the work was done, and what area of the home was repaired.

If you tell the potential buyer everything you know, you are better off. The buyer usually has their own agent representing them so they typically pay for an independent inspection to check and verify the statements you have made.

Again, the agent you choose should have the experience and expertise to assist you with the disclosure.

The best of luck!
0 votes Thank Flag Link Fri Jun 20, 2008
Stevie
The primary principle is that of "material fact". (This is NOT legal advice. Consult an attorney for legal advice).
If a buyer knew about a certain fact, could it affect their decision to make an offer on the property?
There is only one rule about disclosures : Disclose, disclose, disclose.

A good Realtor can help you navigate these areas. A NAR survey at one time cited that 70% of lawsuits are filed by buyers. One of a Realtor's jobs is to keep you out of court.

Bear in mind also that once you are aware of something, you need to disclose it.
0 votes Thank Flag Link Thu Jun 19, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Disclose everything you know about the home, even before you owned it (whatever was disclose to you as well). You can't go wrong by doing that. Some of the questions on the form will be bizzare; you should have the option of answering "NTMK" on it in the appropriate locations.

You can discuss the "As Is" addendum with your agent.
0 votes Thank Flag Link Thu Jun 19, 2008
Yes, disclose everything. It's always best to over-disclose. You'll find that most buyers and agents will appreciate it more and it creates a trust-filled negotiation when you're ready to go to contract! By the way, great quality picture. I love pro-photos!
0 votes Thank Flag Link Thu Jun 19, 2008
Not positive of your state, but in mine, you must disclose everything, Past, present, and future.
0 votes Thank Flag Link Thu Jun 19, 2008
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