Considering buying a home? Seller’s Disclosure?

Considering buying a home?

Tonight’s discussion is with regard to the “Sellers Disclosure”. As a buyer’s agent, we need to follow the state laws with regard to seller disclosures about the condition of a home. If a home is seller occupied, it is their responsibility to disclose any issues that come to mind when listing a property. As a listing agent, if a client tells you about a problem, it needs to be disclosed to the buyers. Be honest with your clients so they can be honest with you.

From my buyer’s standpoint I typically go over the disclosure form and point out issues without giving an opinion on whether a problem can be remediated easily or not. I simply say this is what the seller has disclosed. Buyers should always pay close attention to the seller disclosures. In a tight market with bidding wars for properties, a buyer might suggest to waive an inspection… but they need to be sure that they understand the consequences as a buyer if you ask me to include a waiver that waives the inspection. Buyers often want everything to be perfect, especially if they feel like they’ve overpaid. I find it to be critical to explain both the value and the limitations of home inspections and let the buyer know the issues with any property…. no matter how good the looks. Looks can be deceiving.