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 Memphis house before selling before you find yourself learning them the hard way.
One of the consequences of not disclosing problems with your Memphis house before selling is facing legal action. Failing to disclose material facts about the property when you sell your home should be avoided because the buyers are highly likely to take legal recourse against what is considered real estate fraud. If the problems with your home have you concerned, a direct sale of the property as-is may be your solution. Like those at Memphis Home Buyers, a direct buyer will detail the amount your home is likely to garner on the traditional MLS vs. every figure used to calculate an offer for a direct sale. At Memphis Home Buyers, our goal is to help you earn the highest possible profit on the deal, even if it isn’t with us.
Legal Judgement and Court Costs
Another one of the consequences of not disclosing problems with your Memphis 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 Memphis 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 Memphis 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 Memphis house before selling. At Memphis 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 Memphis Home Buyers. Why not save money and time by selling your house directly to Memphis 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 Memphis 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 Memphis Home Buyers today at (901) 828-8419 to learn more.