Ryan's Chico Real Estate Blog

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Full Disclosure

November 12, 2008

If you are about to list a home that you have lived there for many years, you know that it is not perfect. For example, there might be a leak in the basement that is noticeable only after a heavy rain. Your garage door might stick, and the dishwasher may be prone to work stoppages.

Every home has a few quirks. When it is time to sell your home, you have a choice of either making the necessary repairs or letting the buyers know about the problems. Material defects must be fully disclosed.

 Some buyers will order a structural inspection in order to learn exactly what they will be getting. Even if the buyers don't ask for an expert to look at the house, it is the seller's responsibility to disclose any known defects in the property.

The seller's agent will provide the disclosure form, wherein the seller may itemize any problems. Sellers may avoid any real estate lawsuits over undisclosed defects by making repairs before the sale or agreeing to a price adjustment during the transaction if defects are discovered.  

My advice? Just fix it!  In the long run it will be worth it.  Buyers can be easily scared away by fixer-upper houses or even houses that are lacking TLC.  Most buyers want something that is move-in ready and has little appearance of being high maintenance.  Having that leak fixed and repairing that sticky garage door will help you not only sell your home but avoid the risk of being sued over things that are not properly disclosed.

Take a look at my market report for today!
http://www.ryanvaught.com/chicomarketreport

Currently Ryan has about 40+ listings in inventory, and is on track to sell over 40 homes in 2008. Please don't hesitate to contact me with any questions about Chico area real estate.

Interested in learning more about the Chico area or Ryan?
Vaught Properties: Chico Income Property
Chico Condos: Chico Condo Sales
Ryan Vaught: Ryan's Residential website
Chico Luxury Homes
Chico Investment Property

Ryan Vaught Real Estate
Keller Williams Chico CA
Office Phone: (530) 343-2959

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Comment balloon 1 commentRyan Vaught • November 12 2008 03:17PM

Comments

Seller should know that repairs will not just go away.  They should be addressed as quickly as possible.

Posted by Richard Weeks, REALTORĀ®, Broker almost 9 years ago

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