When selling a home or land just about anywhere in the country, the seller will be asked to sign an extensive disclosure statement concerning the condition and history of the land, home, surrounding properties and just about anything else that could have an impact on value. Believe it or not, if someone died, or was murdered in the home, it often must be disclosed. And, just so you know, if there was ever an insurance claim on the home, it is recorded and will come up when the buyer attempts to buy home insurance. A claim on the home counts as a ding and could result in higher insurance rates as a bit of an assigned risk. It is like a pre existing condition related to medical insurance.
Things like remediation for asbestos or mold can be big deal killers because even though the problem may be fixed, some buyers won't chance it. It is always a good idea to provide a home warranty policy for one year at the seller's expense to guard against the buyer coming back and demanding repairs on major systems after the sale closes.
At Paragon Home Resources, we have worked with families to sell and buy homes all over the country. We can provide counseling assistance concerning the in's and out's of home sale and home purchase disclosures. If problems do surface, it may be an opportunity to negotiate a lower price or repairs before the sale closes. But just remember, failure to disclosure anything that matters could result in litigation after the sale, so don't do it.
