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Disclosures to make before selling your home

05-18-2012

 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.
 
Repairs
 
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.
 
Health hazards
 
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.

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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