In some ways, there’s nothing so dreaded in the real estate settlement process as the seller disclosure.
This seemingly innocuous document can hide massive problems with a given property.
But it’s something that has to be part of the conventional real estate deal. It’s really for the buyer’s protection, at the end of the day. The trick is that when you sell to a company like ours, you don’t have to go through this part of the process at all.
With that said, here are some scenarios where the seller disclosure really becomes troublesome in selling a real estate property on the conventional market.
Suppose you go to put together a seller disclosure, and you have some type of flaking pipe wrap or corner insulation in a basement that has not been tested for toxic asbestos.
Some sellers don’t even know what that stuff is.
However, it’s been established as a carcinogen, and is now regulated by the government. There are specific abatement standards that apply. If you list this on a seller disclosure, be prepared to have to meet a pretty high standard.
Mold is a big one on a seller disclosure form, too. In general, anytime the seller is disclosing water damage, there are big question marks around this area of the form.
It can be hard to figure out the extent of water damage, and to that end, the extent of mold. People can actually disagree on mold mitigation methods and what’s necessary to restore the property to a good, salable condition. So this can really throw a wrench in a conventional real estate deal.
When you read about public administration and all the rest of it, broken windows are a kind of metaphor for small nuisances and small problem behavior that has to be tackled by law enforcement or other parties.
In a real estate deal, it’s sort of the same thing – the broken window is ostensibly a small problem, but it can blow up into something much bigger.
Suppose that the broken window is listed on the seller disclosure form, but the seller and buyer don’t agree on when to fix it, or how much it will cost to fix.
Have deals been scuttled over these kinds of details? You bet!
Skip the conventional real estate process and go through Azalea Home Buyers where we will buy your home in its current condition and get you paid out, so that you no longer have to worry about maintaining a problem property.