Does everything about a house always get disclosed?
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For some Colorado Springs home sellers, it can be tempting to stretch the truth when selling their house; they may decide not to be entirely forthcoming on their Seller's Disclosures or they may omit disclosing something on the form. Or if the property has been a rental, the owner may not actually know everything about the home. Or if the seller is a bank, they typically don't fill out a disclosure form. (No Disclosures on a Foreclosure)
This makes it even more important for buyers to do their due diligence; including a through professionally done inspection. They may even want to chat with the surrounding neighbors; as they are usually a wealth of information. They may know about potential problems that the seller didn't disclose.
Sellers disclosure forms vary from state to state, but they usually require information about the roof, the furnace, the electrical, the appliances. Here's a link to the Sellers Disclosures forms in Colorado
Most Listing Agents strongly encourage their sellers to fill out the disclosures honestly, answering questions about their property to the best of their ability. Sellers are not supposed to hide any defects in the home.
Buyer's always have the option of suing for damages, if they find out something was not disclosed; but that can be hard to prove. It's certainly best to find out about things before a buyer closes on their Colorado Springs house, as a seller is typically willing to negotiate to fix items before the closing in order to finalize the deal.
It's also important for buyers to have realistic expectations when they are buying a home; as most homes are not perfect; especially if they are buying a "used" home. There is always the chance that a buyer will buy a home; and a day after they close the hot water heater will go out. This doesn't necessarily mean that the seller didn't disclose something
Welcome to the world of homeownership.
This article was originally published at: Disclosures can be misleading, or wrong
Colorado Springs Real Estate Agent, An Expert You Can Trust
Selling Real Estate in the Colorado Springs area, including Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
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