Property Manager MA: Full disclosures help sell houses
There is a law which requires buyers in most states to fill out paperwork which lets others know the knowledge of the property they intend to sell. This can be a problem for sellers and agents because no one likes to say anything negative about a property which is about to be sold.
Experts believe not disclosing any facts will lead to problems during the escrow. You can lose the buyer, re-negotiate the price or put the house back on the market. It can also lead to litigation which can continue for years.
The following factors will help you make a quick sale.
Order a building report
It’s a good thing that the building department in each municipality has the records of all properties. They only require a small fee so you can get a building report which will give you information such as the building’s history, permits issued, closed permits, violations, zoning information and sometimes landmark or historic status. This is why you should address the problems before you list the property. Once there is a clean report you know that the buyer and their bank will be confident.
Property Manager MA will inspect house before listing it
Make sure that you get your home inspected so that you can find any potential problems before you list your home. If any problems surface later it can be an issue as this can derail the selling process. Plus once you loser a buyer, it will be on your record. You will have to disclose that on your report.
Be the bearer of the bad news
You should provide the buyer with the disclosure documents before they make an offer. Let them know if you had any work done or if you have violated any of the rules by working without a permit. The bright side of this is that your buyer will know that you are an ethical and fair person. This will make them more likely to feel comfortable going ahead with the sale.
Arm your agent with knowledge
Make sure you inform your listing agent about the defects in your home before you put your home on the market. The agent will be able to work it all in and advise you on a good price.
Get buyer sign-off on disclosed information
Make sure that you cover all loose ends before you complete the sale. No one likes to be hit with a lawsuit after the sale goes through. So make sure that you get your buyer to sign off on all reports, inspections and disclosures. This will protect you from any legal issues you can face in the future. This is why it helps to be honest and upfront with your buyer.
We hope you liked our guide “Property Manager MA: Full disclosures help sell houses”.