Giving Disclosures to Buyers

Disclosures are an important part of selling a home in today's market. The main function of disclosures is to let the buyers know the true condition of your property, so that they can make a realistic offer. For instance, a home located over a sinkhole is worth considerably less than a comparable home 1000 feet away on solid ground. Yet, if the buyers weren't aware of the sinkhole, they might make an unrealistically high offer for the first house. It is better to give all possible disclosures at the very beginning. This is to your own advantage. The simple reason is that if you disclose it, and if the buyers purchase the home anyhow, it's far less likely they will come back after the sale to demand that you, the seller, do a costly fix. Most states prescribe specific disclosures. And many buyers demand them as part of their offer.