When it comes time to sell their home in Eugene, many sellers wonder what they have to disclose about their property. The thought process is often that if something doesn’t have to be disclosed – perhaps some money could be saved on repairs or picked up in a higher asking price.
This is certainly a temptation, but there are some reasons why you should consider not thinking like this about disclosure when you go to sell your home. First, you are legally required to disclose many issues with your home, so if you want the sell to close, you want to be forth coming. Second, you want to establish yourself as an honest seller acting with integrity. This is the kind of thing that can really come back to bite you in the real estate market. Lastly, the number one cause of litigation over real estate deals is non-disclosure.
Real Estate Disclosure Questions? Contact Us.
Curious or confused about the disclosure process for selling your home in Eugene? Have questions you’d like to ask a professional, but not sure who to turn to? Cornerstone Properties is committed to the home owner community here in Eugene. That means we are here to help. So if you have questions or concerns about selling your home or disclosures about your property, give us a call today at (541) 214-2818 or fill out the form you’ll find at the bottom of the page below.
How to Avoid a Lawsuit Over Nondisclosure
So the focus should not be on how to get away with not fixing that leaky roof, it should be how to ensure yourself against a situation where a nondisclosure you missed or tried to hide comes back to unravel your deal and ruin your reputation in the Eugene housing market.
So what must you disclose. For the most part, you need to disclose anything that can affect the value of your house or property. This includes, but is not necessarily limited to the following:
- Any issues or irregularities with the heating and cooling system
- Any issues or leaks with the pipes, plumbing or sewage. This is crucial as water damage can be so costly.
- Any issues with the foundation of the house as these have the chance to structurally compromise the house.
- Any issues with the property itself such as bad soil, flooding, drainage, etc.
So what can you do? Instead of ignoring potential issues and finding out when it’s too late to do anything about it, hire your own inspector before putting your house on the market. The point is to get informed about what potential issues there are so you can both let potential buyers know about the issues as well as take steps to correct any that must be fixed in order to sell the home. Make sure to keep detailed notes of any repairs or updates you do to the house as well.
The bottom line is that if it can be shown you’ve been dishonest about the home in anyway when selling it, you can be sued and even have the sale declared invalid in some circumstances. It just isn’t worth it. Protect yourself by hiring an inspector ahead of time to ensure that non-disclosure issues cannot derail the sale of your Eugene house.
Still have questions about real estate disclosures and what you should be disclosing when attempting to sell your Eugene home? Give Cornerstone Properties a call and we’ll be glad to discuss your options with you or answer any questions that we can. Just call us at (541) 214-2818 or fill out the form below to get started.