- Talking to or meeting with the buyers without the knowledge of your realtor- If you are speaking with the
other party and no one else knows about it, promises can be made verbally that are not reflected in the written contract and this is a big no, no! The reason you hire a real estate agent is so they can communicate with the buyers' agent to ensure the transaction goes smoothly. Do not talk to the other realtor without your agent present either.
- Not disclosing material defects of the property- If you are aware that the roof leaks or about the black mold in the bathroom upstairs, it is wise to disclose the information to your Colorado Springs Realtor and on the seller's property disclosure form you fill out. Think you're off the hook after you walk away from the closing table? Wrong! The buyer can take you to small claims court. Disclose all material defects with the home, it's the right thing to do and the buyer deserves to know!
- Refuse to repair a big problem in the home- Sure it's your right to refuse repairing items requested by the buyer after an inspection and I am not saying you should agree to repair everything but think twice before saying "no" to a large or serious repair. If the roof has hail damage and needs replacement and you refuse to repair it for the first buyer, the next buyer who comes along will more than likely request the roof be replaced also. If the item is serious enough to come up in the future with another buyer again, you should probably fix it.
- Not being honest with your realtor- You and your realtor work as a team during the transaction so if you withhold certain information from them that could affect the transaction, you may have a big problem. Keep it simple and be honest with your agent.
- Not having permits for work completed in the home- You didn't get a permit from Pikes Peak Regional for the basement, bathroom, or deck you built and now you are under contract with a buyer for your home. If you try to acquire permits for work completed after you finished a project while you are under contract you may have to make corrections in order to bring the work completed in the home up to building code. Not only can that become costly, but also very time consuming. In some circumstances, the buyer may have issues with their lender or homeowner's insurance due to the absence of permits. The buyer also knows when they go to sell the home in the future, they have to obtain permits (which may involve making corrections at their expense) and that just may be enough to steer them away from the deal. It is wise to obtain permits for work completed before you list your home for sale.
For further information on available
Real Estate in Colorado Springs contact your
Colorado Springs Realtor, Patricia Beck.
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