What is Seller Disclosure? Required Disclosures When Selling a House

Do you know what a seller disclosure is? Home buyers should go over the required seller disclosures before making an offer.

As a buyer, you’ve got find out everything you can about the condition of a home before you even make an offer.

Seller disclosure requires a home seller to tell you about any defects that could hurt a home’s value. Those could be septic problems, a leaky basement, roof leaks, mold or even a damaged foundation.

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The seller should list any of these problems on a disclosure form. He’ll then likely say the price of the house takes into account the problems listed. Fine, but you have to decide if the house is worth the asking price if, let’s say, it’s going to need a new roof.

Some states don’t require that sellers provide you with a written disclosure. But you should ask the seller to disclose known defects in writing anyway.

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One Response to What is Seller Disclosure? Required Disclosures When Selling a House

  1. Jean Poindexter says:

    I bought a home for acquaintamces at an online auction using a 90k equity loan I took out plus an additional 40K cash to meet the auction price, Currently I’m renting it to them at approx $!000 mo. So far I’ve paid for the property taxes & insurance as they are doing maintenance and repairs to the home. We have not signed any leases or agreements yet. We are currently planning to do a lease option but I me thought it may better for me to just price it at the original Auction Price so they would qualify more easily now as they’ve been paying rent on time for the past 8 months,
    I estimate the property to be worth approx, 185K . Our understanding has been that I would not be out of pocket on ANY of my costs _ what would you suggest I do to safeguard repayment of my money as soon as possible as I am 90 and want to buy an annuity with the money and move into an Independent Living facility.

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