It's not what you know that costs you the most
Earlier, I told you about the big change to the appraisal contingency and how it will affect both buyers ad sellers.
Now, I want to tell you about the changes to the property condition disclosure.
This is a form that every seller completes when they list their home for sale. This disclosure lists all of the items that are included with the sale. Information on the components that are included. And personal knowledge of anything that could be a problem or obligation of the new homeowner.
The form is going to look remarkably the same as last year, except there will be some key info missing.
- The seller no longer has to disclose the age and power source of the HVAC and water heater.
- The seller no longer has to disclose any known repairs.
- The seller no longer has to disclose if the property is in a flood plain.
The biggest problem that I see is the average buyer might not think to ask these questions after being on the form for years.
These items were removed because they were often completed incorrectly. Instead of validating the information, buyers would assume it was correct and then find themselves in trouble later.
Like I always say, it’s the questions that you didn’t know to ask that cost you the most.
I’ve always had a “Trust, but Verify” policy when it comes to property condition disclosures.
Long ago I discovered the best ways to help you verify this information even if they have an exemption to the property condition disclosure.
And it’s been incorporated into the way we do business.
If you want to know how, just hit reply. I’d be happy to share them with you.
The Daily Deal in Nashville is like having your own mountain chalet, only in Nashville [Whites Creek] and for less than $150,000.
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