If you're preparing to sell your home, chances are you might be tempted to neglect to inform prospective buyers about that slow leak under the guest bathroom sink or the lights that flicker from time to time in the dining room. However, Carey McQuate, principal broker at The Hasson Company has a few words of wisdom, based on years of experience in the field, and strongly advises sellers not to give into temptation. McQuate recommends that prospective sellers:
Fully disclose any and all issues.
Show prospective buyers receipts of recent repairs.
Use a licensed and bonded contractor (except for repairs under $1000, though it's always a good idea).
Although it may not seem like a big deal to forget to mention what you perceive as a minor issue in your home, what you choose to sweep under the rug at the time of sale, might set the rug on fire after the transaction is complete. So not only is it ethically and morally the right thing to do, but fully disclosing all issues will keep you from being exposed for misrepresentation, nondisclosure, or seller do diligence.
McQuate states, "The seller's property disclosure form is a statutory document that's required in all real estate transactions, not just those involving brokers," and it "is one of the most important documents in a real estate transaction." The seller's property disclosure permits the right of revocation, which according to McQuate "allows buyers to unilaterally terminate the transaction and receive all their earnest money back."
So, if you're getting ready to put your house on the market, or already have, be sure you address or fully disclose all issues, major or minor. At the very least it will save you from future headaches, or worse case scenario, future litigation.
3328 NW Panorama Drive, Bend, OR 97701
4 br, 4.5 ba, 4,995 sf, 1.53 acres, built 2007
Listed by Hasson Company Realtors
20136 Crystal Mountain Lane, Bend OR 97702
3 br, 2 ba, 1,738 sf, .15 acre-lot, built 2001
Bend Premier Real Estate
60214 Cinder Butte Rd., Bend, OR 97702
2 br, 2 ba, 884 sf, .21-acre lot, built 1972
Listed by Century 21 Lifestyles Realty