We have had water in our basement but it has been dry for 3 years…Do we have to disclose that?
Yes – even if you fixed the issue by adding a completely dry basement system.
We had a roof leak but we fixed it. Do we have to disclose that to potential buyers?
My answer to this question is, yes….unless you completely replaced the roof.
We recently had termites but we had them treated and have continued on a treatment program, should we disclose this? Yes.
Transparency is a Must
Transparency is one of the best ways to establish trust right out of the gate, so being upfront with potential home buyers is a must if you’re looking to sell your home quickly.
What I like to tell my clients is to “disclose, disclose, disclose”. Give more information than needed because it creates a sense of trust with the potential home buyers.
The last thing you want to have happened is for a buyer to write an offer on your home and find these things out during the home inspection. These issues always come up, so the more you disclose on the forefront, the more trust there is between a home buyer and seller.
When I go to a home inspection with my clients and there is say, evidence of water damage in the basement but the disclosure doesn’t reveal the existence of water or the remedy of the situation, the buyers (and I) always end up asking ourselves the question “what else are they hiding?”.
What to Disclose to the Buyer
The best way to handle disclosing an issue, be it ongoing or in the past, is to explain what happened and what was done to repair the issue. Home repairs are common, so it usually is expected when purchasing a home that has current occupants or previous owners.
“There was a leak in the roof over the winter due to an ice dam but we had a roofing company come out and repair the roof. Changes were also made to the roof to avoid it happening again in the future. Here is the documentation to show what was done.”
That is so much better than the inspector finding the evidence of the issue and the seller not having disclosed it.
Being honest and upfront with a potential home buyer is crucial to establish rapport. It seems like a no-brainer, but nobody wants to be deceived or lied to, especially when making a life-changing decision like buying a new home.
That’s why it’s so important to be upfront with any damage, repairs, or any other important things related to the home you’re selling.
The moral of the story is, if there is something going on in your home, make necessary repairs so when it comes time to sell, you can keep the trust between you and your buyer.
Do you need more help selling your home? We can help get you the best results possible!