Years ago “caveat emptor” was the way real estate was sold. This has changed drastically. Now buyers are very aware of the significance of water quality, asbestos, radon, in-ground oil tanks, lead-based paint and the like. Recently a homeowner won a $32 million award because of mold. What buyers don’t know, their agent or inspector is sure to tell them. Nowadays, sellers are required to fill out disclosure forms making buyers aware of any defects. Covering up a problem is an invitation to a future lawsuit.

A much better approach is to be straightforward. Share potential problems with your agent up-front. Ask for guidance on how to deal with the problem. Often the solution is simply to disclose the situation. Other times, dealing with the problem will be less troublesome than you might have imagined. Get multiple estimates for any work you might have done. Getting the work done before your property is on the market is usually less stressful and perhaps less costly than waiting until after a buyer has agreed to purchase the property. Renegotiation is painful. Future litigation is costly.

If you have any doubts, it is recommended that you get the benefit of some professional advice from an experienced RealtorÒ. As a way to get you started, get the required disclosure forms by clicking the link below.

Disclosure_Forms@stamfordridges.com     - William P. Flannery, C.R.S.