The Importance of Proper Disclosure

by Donald Hanz on General

The tough competition in the housing market today has made sellers result to creative marketing strategies. Some choose to offer huge discounts while some prefer offering better incentives. In any case, it is important for sellers to make proper disclosure.

Considering that you are selling a property in pre-foreclosure, it is not surprising that any fact or detail disclosed will greatly affect the home’s desirability and value. Some sellers, who are worried about these things, simply choose not to make full disclosure.

Of course, this is considered not only illegal but also unethical as well. You might catch the interest of a buyer but once potential buyers suspect any form of deception, they will walk away. Worse, a case might be filed against you and this could further make it difficult for you to sell your home.

On the other hand, there are certainly issues or facts that you are not aware of. To avoid such inconvenient situation, most experts recommend that you have your home professionally inspected. True, it might be considered as additional cost but you can consider it as a marketing strategy instead. Buyers will certainly welcome honesty in any negotiation.

To help you sell your home quickly, here are some disclosure tips you should consider:

  • Check out local disclosure rules.
  • Disclose things such as uprooted trees, noisy neighbors, crime rate and other information that you think buyers will be interested to know.
  • Report all kinds of structural problems including plumbing and electricity.
  • Disclose any insurance claims or use of lead-based paint.
  • You should also report all upgrades that you have done such as replacement of faulty wirings and installation of new heaters and even sump pumps.

Being honest and upfront with all issues and concerns pertaining to the pre-foreclosure property will certainly make selling it much simple. The entire sales transaction will be efficient and fast.

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