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.
Should a buyer request that ALL repairs be made based on home inspection results?
That would ultimately be up to the agreement made between buyer and seller. However, buyers may want to take into consideration the age and condition of the rest of the home. As homes age, there are some natural occurrences with regard to wear and tear that may be beyond the scope of the seller to repair prior to close of escrow. These issues may be negotiated during escrow to try and come to a win-win conclusion.
The main concern when it comes to disclosures and repairs should be centered around safety and value of the home AT THE TIME OF SALE. Issues that may affect an appraisal such as un-permitted additions should be taken into consideration by both buyer and seller.
We are your choice for answers to all of your real estate questions. Montemayor & Associates are a team of licensed, experienced real estate agents helping buyers and sellers achieve all of their real estate goals. Contact us at either of the numbers listed at the top of this page, or by using the Quick Response form below.Email Contact Form