Disclosure is one of the most complicated aspects of selling a home. This is because you want to sell the house for the best possible price without being sneaky or deceiving the buyer. As a seller you may feel uncomfortable revealing problems in your home that could discourage potential buyers, but it’s best to be open about issues before your home goes under contract. A home inspector is likely to find problems and the buyers will be less favorably inclined to negotiate with you if they feel you have withheld information. If a flaw is found after the sale is complete and the buyers have reason to believe you were aware of the problem, you could face a lawsuit. (1)The right thing to do is to find a balance between the two and prioritize transparency throughout the process.
Things You Must Reveal When Selling a Home
The following are some of the things you must disclose when selling your house.
Pest Infestations
When looking to sell my house Tulsa, it’s best to inform the buyer of any pest infestation within the property. You should reveal the details regardless of how small the infestation might be or disclose pest issues within your neighborhood, even if yours is not specifically invaded. Besides, it would help if you listed all the pest control measures you have undertaken over time. This way, the buyer will understand what they can expect and plan on how to handle the problem.
Water Damage
As a seller, you might fear that revealing instances of water damage will send away potential buyers. However, failure to disclose will be a costly mistake because a home inspector is likely to unearth the problem. You should reveal water damage and drainage issues right after a qualified buyer comes to assess the property. It includes informing them of a flooded basement, plumbing issues, or standing water in the backyard. It should not be a threat, especially when selling to a we buy houses OKC company, because they purchase properties in any condition.
Sensitive Issues
It’s tempting to hide details of a stigmatized house, but it could only get you on the wrong side of the law. Therefore, it’s advisable to disclose all sensitive issues before moving ahead with the sale. This aspect could include accidents, murder, cult activities, or vicious crimes. Further, you must disclose details about any drug dealing activities that could have happened in the house to avoid hefty fines for misrepresentation. Disclosing this information will determine the buyer’s perspective and whether they will proceed with the purchase.
Boundary Issues
Neighborhood and boundary issues are not uncommon in the real estate market. You might assume that a small section of your property on the neighbor’s side is not a big deal, but it might affect the new owner later after the purchase. Therefore, you can reveal the details and find the right solutions to prevent the issues from escalating.
Construction and Remodeling Permits
Most states have local building codes that every property should meet, and Tulsa is no exception. You must provide all the construction and remodeling permits to guarantee the buyer that the property is up to code. Also, if you remodeled the property with no proper permits, make sure to disclose it to avoid being busted. This is because the inspector might notice that your property’s current configuration doesn’t match the records with the local building authority. You can be on the safe side by disclosing it upfront and taking the necessary steps to avoid issues with the buyer.
Property Defects
Damage within your property is understandable, but failure to disclose it will be a costly mistake. This is especially true when it comes to structural and foundation issues. It is best to reveal any roofing, siding, painting, and foundational problems from the beginning. You can hire a professional inspector to determine the extent of the problem and recommend the best upgrades or repairs to prevent inconveniences during the process. If you are on a tight budget and unable to make the repairs, a We Buy Houses OKC company will be the best bet. The company will give you a competitive cash offer on the home as is so you can sell fast without incurring costly repairs and upgrades.
Square Footage
It’s advisable to take the time and validate the square footage of your property. It means ensuring the buyers are getting value for their money.
Upgrades or Renovations
Never hesitate to disclose information about upgrades or renovations you’ve made to the property. It gives you a better chance at negotiating a fair price for the home, giving you the best returns on investment. Some of the most critical upgrades you must disclose include the plumbing units, electrical systems, and HVAC units, as they are major points of selling your property.
Natural Hazards
Regardless of why you are selling a house, it’s vital to disclose the natural hazards it’s susceptible to. It minimizes the risk of being asked to pay for damages resulting from a hazard you know about but failed to disclose.
How Will Revealing These Issues Affect Your Sale?
In most instances, being transparent about things concerning your home doesn’t affect the sale at all. Some buyers appreciate the honesty, and the decision to buy entirely depends on their perspective. However, you should also note that some issues could make it challenging to sell your house. That’s why you must have the proper paperwork before proceeding with the sale. You can also consider to sell my house Tulsa to a cash buyer because they often purchase the property in any condition. The cash buyers inspect the property and give you a fair cash offer depending on various factors. You’ll not have to incur expensive repairs or upgrades, saving you hundreds of dollars and ensuring you have your money in a matter of days.
In Summary
Honesty and transparency cannot be compromised when selling a house. You must ensure that the buyer has all the details they need to make well-informed decisions. It will also prevent delays and costly mistakes during the process.