You are legally obligated to follow federal, state, and local disclosure laws for real estate transactions, reporting any information about defects with the structure or other pertinent facts you are aware of that could ultimately affect the property’s value. In addition, you should discuss with an experienced professional even the most minor of issues that could infringe upon the use, value, or enjoyment of the property in its entirety. Disclosure laws are one reason you should keep careful records of all work done. You should also maintain possession of the disclosure form after the closing for three years to protect yourself.
In addition to structural or other issues with the home itself, another way to fail to disclose would be in misrepresenting the property. For example, you schedule a showing appointment for potential out-of-town buyers to stop by the property, intending to hide the noise factor of a nearby airport or the time of day the smells from a nearby factory are pouring in the windows, and you don’t mention anything. Read on to discover the consequences of not disclosing problems with your Washington DC house before selling before you find yourself learning them the hard way.
Legal Action
If you’re selling your Washington D.C. home, it’s important to be upfront about any and all problems with the property. Failing to disclose material facts to potential buyers can lead to legal action.
Buyers who feel they’ve been misled about a property are likely to take legal action in order to recoup their losses. This can be a costly and time-consuming process, so it’s best to avoid it by being honest about your home’s condition from the start.
A direct sale of your home may be the best solution if you’re dealing with undisclosed problems. At MB Home Buyers, we offer fair and accurate appraisals of your home, so you’ll know exactly how much you’re able to sell it for
Legal Judgement and Court Costs
Another one of the consequences of not disclosing problems with your Washington DC house before selling, in addition to the time, energy, and stress you will expend dealing with the aftermath, you could end up with a judgment against you in the tens of thousands or more.
Paying for Repairs or Damages Suffered
After closing, you are still responsible financially for paying for any of the consequences experienced by the buyers from your not disclosing problems with your Washington DC house before selling. If a repair is needed, for example, a discovery of unpermitted work you performed, it means you’ll likely be paying for the tear-out and replacement to make it right, along with the permitting fees you were trying to save. Similarly, if medical treatment should be necessary because of a health hazard, the hospital bills will be yours as well.
The experienced direct buyers at MB Home Buyers can help you with what you should and should not disclose to help you avoid the consequences of not disclosing problems with your Washington DC house before selling. At MB Home Buyers, we understand the importance of communication; our direct buyers stop and listen to your questions or concerns, with no pressure or obligation to work with MB Home Buyers. Why not save money and time by selling your house directly to MB Home Buyers and avoid the prep work, repairs, showings, and paying high commissions or other fees at closing. When you make a direct sale to MB Home Buyers, we want you to agree that the cash offer for your house is fair because we want you to feel good about working with us long after the sale. Contact MB Home Buyers today at 202-968-2750 to learn more.