The Importance of Home Sellers Disclosures
With the current market and so many different types of situations with sellers being short sales, lender owned or auction homes it is more important than ever to be sure you are checking out the home thoroughly. Most of these kind similarities do not have sellers character disclosures and you have no indication of any past problems with the home. Past issues with the similarities can be very important in your decision on whether to buy a character or not.
If you are buying a home it is well advised to try and buy one that has complete sellers character disclosures so you have an opportunity to review everything known about the character. Some of these things include various nearby issues that could cause you to re-think buying this character. Nearby airports, freeways and noisy plants in addition as chemical or electrical plants that may be too close for your liking. Most of things should be discovered on your own but many times buyers are unaware of something that may be coming soon that the past owner might be aware of.
Issues with the home are generally more likely to be a bigger concern for the buyer. Many things such as certain pests like scorpions or termites may be disclosed on the seller character disclosures. Other things like water damage or roof leaks within the home are a few items that you will want to look at and ask questions if they are on the disclosures as past issues.
On one recent disclosure a past leak was mentioned without real elaboration but when further investigated the buyer found out that this two story home had water damage that was so intense that it literally cost $100,000 in restoration. In this particular case the buyer re-considered buying the home for several reasons. Questions loomed such as what about possible missed damage or mold from one story down to the other or inside the walls. Did it weaken aspects of the home that could cost the buyer additional monies down the line? What about the fact that the new owner would have to disclose this huge water damage issue to the next buyer and it could scare off possible buyers for them.
Lender owned homes will not come with sellers character disclosure statements in addition as the flipped homes bought at auction. These homes should be inspected very carefully and as the buyer you should be very sure that you are comfortable not knowing what past issues happened to the home. Do not take not having disclosures lightly and definitely do not accept a home the seller does have knowledge but does not want to provide such disclosures – this should be your first clue.
Be sure all items disclosed are explained very well instead of just reading the little bit that may have been disclosed without getting the in thoroughness story.