Beyond Unresolved Defects: Further Disclosures You Should Make When Selling A House

You probably know that you will be required to disclose all unresolved defects when selling your house. For example, you need to disclose if your foundation has settled and you haven't fixed the issue. However, unresolved defects aren't the only things you will be required to disclose when selling your house. Further disclosures you need to make include:

Whether Your Price Is Fixed

Full disclosure means providing the buyer with all the information that may lower the price of the property. Therefore, you must disclose whether your price is fixed or you are willing to listen to a lower offer. That way, potential buyers of your property can decide whether to negotiate or skip the listing if they aren't willing to pay your price or don't have the finances for it.

Offers and Counteroffers

It's possible that you will receive many offers and make any counteroffers before selling the house. All your potential buyers have the right this information. This is a way of being fair to all your potential buyers. For example, if you have received an offer very close to your asking price, other potential buyers can use the information to decide whether to up their offers or quit.

The Urgency of the Sale 

If you want the house to go fast, and you have reasons to prove it, you need to furnish your potential buyers with this information too. For example, it might be that you want to buy another house and need the money from this sale. Or you may be relocating to a different state or country and have to sell the house by a definite date.

Value of the Property

You don't have to sell your property at its valuation price, but you need to provide the potential buyers with this information. The potential buyers need to have an estimated value of the property so they can make an informed on the fairness of your listed price.

Duration the Property Has Been On the Market

Finally, you need to tell your buyers how long the property has been on the market. They can use this information, for example, when negotiating for a lower price. For example, if your property has been on the market for a long time, it's possible that you may be willing to listen to a lower offer than if the property has just been put on sale.

Since you are likely to be selling the house through a broker, they are the ones who will be giving the above disclosures to potential buyers. This means you have to be utterly honest with the broker and give them all the information. You may also want to consult a real estate attorney from Schulze Howard & Cox or a similar firm.