What is the #1 mistake sellers make that may land them in a courtroom?

With the market being so crazy as it is, it’s a risky time for both buyers and sellers. Most don’t realize that but I’ll explain why. Due to the market conditions of fast-selling properties, multiple offers and non-contingent offers, and buyers waiving their right to inspect just to be competitive. This means that buyers are relying on the disclosures provided by the seller and their hired inspectors and assuming that full disclosure has been made. 

But what does full disclosure mean? 

We will dive into that in a sec.  Sellers, on the other hand, feel they did their job when they hired inspectors or filled out the limited questions on the required Transfer Disclosure Form or Sellers Supplemental Disclosures. However, it’s simply not that simple and there’s no better way to say it.

So here it is sellers, avoid liability, avoid the courtroom won’t be at risk in failing to disclose. I can’t say this enough… disclose, disclose, disclose-  spill the beans, say it all and expunge yourself of liability. 

It’s not just about what doesn’t work its about whatever happened in the past that became an issue even if you fixed it. If there’s anything that happened in the past which there always is describe it. Let buyers know what it was, how you remedied it, or if you decided to leave it alone. 

Prepare an addendum to the Transfer Disclosure Statement with your list of additional disclosures with anything that could affect the value of the property or any history of what occurred to the property. If you’re questioning whether or not to write something, just do it… Disclose disclose disclose. 

Don’t worry about it affecting the property value, just disclose it. Don’t worry if you think it will scare buyers but it really wasn’t a big deal, disclose it. When in doubt, Disclose it! Remember if you’re working with an experienced real estate agent you are pricing your home and the price is reflective of the condition. Therefore, the more you disclose the better.

Hopefully, you heard my message loud and clear, Sellers Disclose, Buyers Ask Questions, and if you can keep having someone knowledgeable on your team that can visit properties or at least review disclosures with you- get them to help you!