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
Belleville house before selling before you find yourself learning them
the hard way.
Legal Action
One of the consequences of not disclosing problems with your Belleville house before selling is facing legal action. Failing to
disclose material facts about the property when you sell your home
should be avoided because the buyers are highly likely to take legal
recourse against what is considered real estate fraud. If the problems
with your home have you concerned, a direct sale of the property as-is
may be your solution. Like those at Cardinal Creek Properties, a direct
buyer will detail the amount your home is likely to garner on the
traditional MLS vs. every figure used to calculate an offer for a direct
sale. At Cardinal Creek Properties, our goal is to help you earn the
highest possible profit on the deal, even if it isn’t with us.
Legal Judgement and Court Costs
Another one of the consequences of not disclosing problems with your Belleville 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 Belleville 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 Cardinal Creek Properties can help you with what you should and should not disclose to help you avoid the
consequences of not disclosing problems with your Belleville house
before selling. At Cardinal Creek Properties, 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
Cardinal Creek Properties. Why not save money and time by selling your
house directly to Cardinal Creek Properties and avoid the prep work,
repairs, showings, and paying high commissions or other fees at closing.
When you make a direct sale to Cardinal Creek Properties, 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 Cardinal Creek Properties today at (314) 467-8137 to learn more.
