Buyer Beware” does not apply when it comes to real estate!
There’s that little stain on the ceiling in the downstairs bedroom that was caused a few years back when a pipe in the upstairs bathroom leaked. It’s fixed, but still, the stain is there.
The roof looks good, and it only leaks…a little…when it rains really, really hard and for a long time. The last time it leaked was during the big storms we had back in 2005. We sealed the leak, and we don’t think it’s leaked since.
We noticed something weird with some of the rafters in the attic a few months back. A pest control company determined that termites had infested the area. We were able to afford the extermination, but not the repairs for the damage the termites caused. Continue reading
Property owners who “overlook” issues that can affect the sale of their home can have big problems down the road.
A leaky roof. That dryrot just below ground level on one of the posts that holds up your back patio. That un-permitted room addition off of the
These are but a few examples of issues that may affect the sale of your home. Whether they were caused during the time you have owned the home or not, if you are aware of their existence, you must disclose them during the escrow process.
Why disclosure is so important.
It is a requirement that sellers disclose all KNOWN issues that may affect the sale of their property. These issues may affect not only the value of the property, but also its safety and security. That being said, the buyer has the opportunity to hire a professional home inspector during the escrow process to assess any other issues, known or unknown. They also have the right to request any repairs that may arise as a result of the inspection. The seller may accept the request, refuse the request, or come to an agreement with the buyer as to which repairs may be initiated before close of escrow. The buyer also has the right to cancel the transaction prior to the contingency expiration period should an agreement not be reached. Continue reading