You are legally obligated to follow federal, state, and local disclosure laws for real estate transactions, reporting any information about defects with the structure or other pertinent facts you are aware of that could ultimately affect the property’s value. In addition, you should discuss with an experienced professional even the most minor of issues that could infringe upon the use, value, or enjoyment of the property in its entirety. Disclosure laws are one reason you should keep careful records of all work done. You should also maintain possession of the disclosure form after the closing for three years to protect yourself.
In addition to structural or other issues with the home itself, another way to fail to disclose would be in misrepresenting the property. For example, you schedule a showing appointment for potential out-of-town buyers to stop by the property, intending to hide the noise factor of a nearby airport or the time of day the smells from a nearby factory are pouring in the windows, and you don’t mention anything. Read on to discover the consequences of not disclosing problems with your Elkton house before selling before you find yourself learning them the hard way.
Legal Action
If you don’t disclose problems with your Elkton house before selling, you could face legal action. This is because failing to disclose material facts about the property when you sell your home is considered real estate fraud. If you’re worried about the potential problems with your home, selling it directly as-is may be the best solution. A direct buyer will be able to tell you how much your home is likely to get on the traditional MLS vs. every figure used in an offer. This way, you can make an informed decision about whether or not selling as-is is right for you.
Legal Judgement and Court Costs
Another one of the consequences of not disclosing problems with your Elkton house before selling, in addition to the time, energy, and stress you will expend dealing with the aftermath, you could end up with a judgment against you in the tens of thousands or more.
Paying for Repairs or Damages Suffered
After closing, you are still responsible financially for paying for any of the consequences experienced by the buyers from your not disclosing problems with your Elkton house before selling. If a repair is needed, for example, a discovery of unpermitted work you performed, it means you’ll likely be paying for the tear-out and replacement to make it right, along with the permitting fees you were trying to save. Similarly, if medical treatment should be necessary because of a health hazard, the hospital bills will be yours as well.
The experienced direct buyers at TCJ Investment Properties LLC can help you with what you should and should not disclose to help you avoid the consequences of not disclosing problems with your Elkton house before selling. At TCJ Investment Properties LLC, we understand the importance of communication; our direct buyers stop and listen to your questions or concerns, with no pressure or obligation to work with TCJ Investment Properties LLC. Why not save money and time by selling your house directly to TCJ Investment Properties LLC and avoid the prep work, repairs, showings, and paying high commissions or other fees at closing. When you make a direct sale to TCJ Investment Properties LLC, we want you to agree that the cash offer for your house is fair because we want you to feel good about working with us long after the sale. Contact TCJ Investment Properties LLC today at (302)729-3022 to learn more.