Sorry. I just wanted to shake things up a bit.
153 answers and people are still compelled to answer a question that has already been answered ad nauseum.
Please, for the love of all that is good in this world, please stop.
Good luck with your home sale!
What you disclose you do not have to worry about. What you hide can come back to bite you in the butt.
If you were buying the house instead of selling it would YOU want to have the seller hide things from you that are important in the buying decision?
If you want to have a "bare minimum" disclosure and you know in your heart you should be including more; then you are probably making a bad moral decision that could lead to legal reprisals. What if your buyer gets a thorough inspection that reveals something that you should have disclosed and didn't?
Sometimes flaws or material defects create road bumps,but, in general, EVERYONE will appreciate your honesty.
Best of luck,
Host of the Treu Real Estate 911 at http://www.wjno.com on Saturday mornings at 8:30.
So what is the answer? If you like the location or price or the uniqueness of the home then buy it and just like every other homeowner, fix it if it breaks. If you do get a home inspection you may opt to get a Home Warranty which will cover most things for a year and you may continue to purchase the Warranty every year after that if your Leary of future major expense.
Owning a home is not for everyone because you will always have items to repair or replace.
Tanya, different picture for you too! I've been meaning to ask, which one are you?
Without a doubt. If you don't, your Realtor is required to. Plus, your buyer will find out upon their home inspection and will most likely ask for you to complete the work or just walk away.
And once that inspection is done, those found items will have to be disclosed anyway.
I suggest you have your home inspected prior to putting it on the market so those items can be addressed prior to getting out there to the public or at least told to the prospect. Who can then will make an intelligent decision as to whether to go forward on your home or not. If they go further, you will have a more sure buyer and easier transaction.
Most states have seller disclosure laws requiring the seller to disclose to buyers know material defects in the home. Seller disclosure laws give a buyer a fair chance at knowing what the seller knows about his or her home when it comes down to material defects in the home. Some states require a buyer to sue the seller for that failure to disclose within one year of the closing on the home.
Feel free to contact me
Realtor, ABR, ASR, GRI
Prudential Fox & Roach Realtors
530 Walnut Street
Philadelphia, PA 19106
Direct 215 521 1617
Office 215 627 6005
While I'm not sure what an expert Texan is (versus an expert in real estate, neither being a claim made by me), I will leave that discussion for another day. But thanks for recognizing that I do in fact understand what needs to be disclosed legally. In Texas, the seller has no obligation to inform his/her agent of defects, etc. but they are, by contract, agreeing to complete the necessary disclosures. It is the agent's responsibility to review the disclosures and get his/her questions answered regarding said defects/issues.
If Lbc wishes to seek opinion from out of state sources, he/she is more than welcome to do so. It does not impact me either way. My main point is that not all real estate generalizations can cross state lines without becoming skewed. I believe disclosure is one of them.
And just so everyone knows, "hiding" a defect or material matter is a violation of both the DTPA and Property Code. In other words, it's more than a matter of ethics or morals and what one would like or dislike...it's a matter of law. Dang, there I go with the pesky law stuff again.
PS. I did just buy a house a home to rehab and no the seller didn't tell me the commode wasn't flushing properly. No, I couldn't care less that he didn't disclose this. Most Texans also know that a faucet can be repaired and a toilet valve can be replaced. But hey, that's just me.
I don't see where this has to be made complicated. The seller knows of existing problems and discloses ALL of them to the agent.
The agent, in this case a TEXAN expert such as yourself, can than use that expertise in all things TEXAN, to decide/explain what legally needs to be disclosed to buyers and what doesn't.
My personal belief is, the more a buyer knows ahead of time, the better. Its basically laying it all out on the table and letting the buyer decide what they consider to be a problem or not.
Most buyers, in my Joiseyian belief, are intelligent enough to understand that grass can be cut and rooms can be painted and therefore, have no place on a seller's disclosure (which is what us Joiseyans have, not sure about you TEXANS).
What to state on our NJ seller's disclosure is very clear cut. No personal opinions involved.
So Jersey girl, what is your definition based on? Is it how you personally define "problem?" What if the seller has a different idea of what a problem is? Should your definition control? Methinks not.
So, how would a competent agent/broker advise someone to determine the definition? My opinion is we look to the law. After all, a yellow room, leaky hose bib or high grass can be considered a problem to the seller, but is not considered a latent defect and it does not materially affect the value of the property and therefore does not need to be disclosed. Doesn't mean it can't be disclosed, just that there is no reason to disclose it even if it's common in other states.
Unlike others, my purpose here was to offer Lbc some guidance based on something other than my personal opinion or the laws of another state.
It is cheaper to disclose issues than to have the buyer or their inspector "discover them". Some Realtors recommend having a pre-sale inspection, fix all the problems, then show the buyers the report.
You really need to disclose all problems not only to your agent but to your buyer. How would you like to buy a house if the seller was hiding issues. You are also setting yourself up for a lawsuit in the future as the buyer can come after you for not disclosing issues that you should have known about.
I agree with most of the other agents who have commented that your best approach is honesty and full disclosure for a fair sale. Often in Real Estate and life in general when we try to hide something it usually comes out in the end. By being up front about issues you don't risk the event of the issue being a bigger deal when it comes out in the home inspection, which it always does, and the buyer being scared away OR wanting money off the price of the home.
Good luck to you!
-Sunny Fellman, Realtor
Cape Cod, MA
As the seller If you fail to deliver a property Condition Disclosure statement to the buyer prior to the buyer signing a binding contract of sale , the buyer will be entitled to a credit in the amount of $500.00 against the purchase price of the property upon transfer of title
I always suggest to the seller to talk with there attorney .
After the home inspection is done, there will likely be things you did NOT know was wrong, so be a step ahead in the process, do due diligence for you. After all, wouldn't you want your product (your home) to be the best on the market, beautiful, desirable and irresistable?
We recommend that you fully discuss any known issues regarding your property for sale.
Depending upon your state there will probably be a Property Disclosure Form" that you will be required to complete. In NYS the seller has the option of completing the form or providing a $500.00 credit to the buyer at closing.
Check with your broker or attorney to determine the specific state/local requirements.
Bonnie Chernin and Dave Rogoff
Fillmore Real Estate Br#19
2926 Avenue J
Brooklyn, NY 11210
917-593-4068 (David Mobile)
646-318-5031 (Bonnie Mobile)
Yes, you need to disclose everything about your home that are problems with the exception of cosmetic only items. If you know that there are problems with your home, I would recommend that you get a qualified inspector to come inspect your home and give you a complete list of all of the items that are required to be fixed according to your local codes and the items that could be or are safety issues. The items that are safety issues, if any, I recommend that you repair them prior to the close of escrow yourself so as to limit your liability to the buyer. In addition, get a list of cosmetic items that do not have to be fixed. This will educate you on what items you are going to have to fix for the buyer and what you need to budget for the repairs as almost all buyers are going to get their own inspection and discover the same issues.