One step you will be required to take when selling your house is filling out a full-disclosure form. This is a form that most states require, and its main purpose is to inform buyers of any defects a house has that the sellers know about. If you know that your house has a major defect, you may wonder what you should do about it. Here are some tips to help you make the right decisions about this.
You are legally required to disclose it
If you know about a major defect, you must legally disclose it, and some examples of major defects are foundation issues, water damage, and mold in the walls. If you do not disclose the defect you know about, the buyer of your house could sue you. Getting sued is not a good thing. It can be very costly and time-consuming, and it can also be embarrassing. Because of this, you are better off telling the truth about the defect in your home.
You could fix the problem before you sell
Telling the truth about the problem is the right thing to do, but you may worry that this could impede your ability to sell the house. The truth is that it could prevent you from selling your house for the price you want, but you could choose to fix the problem. If you do this, you should still disclose the issue on the form you are required to fill out, but you should also include the work you performed to fix it. If someone is interested in your house, you can show documentation that proves you hired a professional to fix it, and the contractor may even offer you a warranty that could be transferred to the person that buys the house.
Lower the price to compensate for this
The other option you have is to lower the price to compensate for the problem. Offering a lower price is often a good motivation to buyers to consider buying your house if they like what it offers, and it will save you from having to spend money out of your pocket to make the repairs. You should realize that it might be easier to sell your house if you fix the problems rather than trying to sell it at a reduced price without fixing the issues.
You cannot simply ignore a major defect in your house if there is one there, but you have options. To learn more about selling a house that has a defect, talk to a real estate agent.
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