Sellers- Its best practice to disclose any issues on your home in the Sellers Disclosure document. Buyers are smart and thorough. Its best practice to get any negatives out there about your home. Roof age, electrical, plumbing issues, oil tank in the basement or buried in the ground? Water in the basement or crawl space, or in the street at times? If it an easy repair, fix it. If not disclose it.
Disclosing problems will save you from issues when your home goes under contract. If you disclose problems and buyers want credits you can point out that you have disclosed it on the disclosure statement and the price on the home reflects the issues. Inspectors will find any issues. Inspections are to protect buyers and make them aware. They are not a list for buyers to then ask for a steep discount on the home. All homes have issues somewhere. Inspections are informational and to make buyers aware of “big issues” like leaks, faulty electrical, roof or foundation problems.
Buyers- Read the Sellers disclosure closely and ask questions and have your agent find out the answers. It’s best not to go directly to the owner as things can quickly become personal. Be diligent and get the answers you need before presenting an offer to the seller. Request comparative sales and get comfortable with the pricing in the area. Work on establishing a trust with your agent. This is the most important part of the process. If a major issue comes up with the home you are purchasing and it was not disclosed have your agent investigate and get estimates for remediation and allow your trusted agent and attorney to settle the issue. If you are uncomfortable with the solution walk away from the purchase, there is another home out there for you.
The purpose of a Disclosure Statement is to disclose, to the best of Seller's knowledge, the condition of the Property, Below are the primary subject areas of questioning in the New Jersey Realtors SELLER'S PROPERTY CONDITION DISCLOSURE STATEMENT:
Click to download a full SELLER'S PROPERTY CONDITION DISCLOSURE STATEMENT
If you're in need of some home repairs, I have a host of service providers to help you get your house in shape for a sale that I have found competent and fair. If you are a buyer and you would like floors refinished, painting done or utilities change I will engage with the service provider with you to get the job done! Reach out anytime, you will have no problem reaching me at (917) 647-3103.