There are several features that homeowners display to potential buyers when selling a home. However, sellers may not be aware that there are other characteristics they must inform buyers of before they can complete the transactions. Most owners may be hesitant to point out past problems with their home for fear that it may derail the sale. However, failing to make certain disclosures can lead to delayed or canceled sales, or legal problems.
So before completing a sale, make sure that buyers are aware of any previous factors that have impacted the home's value.
It's important that sellers notify buyers of any repairs or updates the home underwent since they purchased it, according to MSN Money. Some sellers may assume that it's unnecessary to disclosure repairs completed in the past that were resolved, but even corrected problems should be mentioned in the event that new homeowners experience similar issues. Repairs that should be mentioned include foundation issues, electrical, sewage, plumbing and roof problems and any repairs disclosed by the previous owners of the home, the news source explains.
Although it's not mandatory, sellers may also want to provide the contact information of the service that made the repairs in case the issue occurs again.
Any problems that may lead to health issues should also be expressly mentioned to buyers before the transaction is complete. First and foremost, problems that could lead to water damage or mold should take priority. This includes leaky roofs, flooded basements and other water problems that could result in hazardous mold and mildew. Sellers who live in homes built before 1978 should also notify buyers if lead paint was used in the home, MSN Real Estate reports. Many sellers who purchase older homes tend to paint over lead paint or have a specialist remove peeling and faded paint. These actions should be communicated to the buyer to give them additional options if the lead paint was not removed.
Most sellers hire a home inspector to detect these types of issues before putting their house on the market. This can give sellers time to correct the problems and provide more information to potential buyers about the repairs. In addition, making repairs before the home is on the market may also allow sellers to sell the home for more money.