How to Spot Red Flags on the Sellers Disclosure Statement

You’ve found a great house and you’re considering putting in an offer…but then you notice something on the Sellers Disclosure Statement…

How to Spot Red Flags on the Sellers Disclosure StatementWhen purchasing a new home, it’s easy to get carried away if you find one that meets all your needs. In some ways, when you first “meet” the home, it can be a bit like dating in that you’re much more likely to overlook certain issues that could potentially have an effect on the relationship later on.

While it would be nice if we could get some type of warning in writing during the dating process, which would essentially save us from future heartbreak, that just isn’t the case. The good news is, though, that we do get this luxury in the form of the Sellers Disclosure prior to purchasing a home.

In fact, by law, a seller is required to disclose everything they know about the home – and there are a few things that you should likely be aware of, such as:

  • “Unknown” – If a seller marks an item as “Unknown” – especially when it relates to items like the roof, windows, or basement – then you will definitely want to either get these checked out further by an inspector, or pass on the house completely.
  • Structure Related Items – If there are any issues with the home’s structure, then it could be quite costly, and time consuming, to get it fixed. These items can include cracks in the walls, as well as cracking in the foundation.
  • Liens – Not all potential issues are physical. For instance, if it is noted that there are any liens on the property, these can also take a lot of time to settle – and it may even stop the sale.

If you are considering the purchase of a home, having a good real estate professional on your side can help to answer any questions that you have on the disclosure, as well as what to do going forward. For more information, Contact Us.

2016-12-23T17:30:33+00:00 By |Advice, Home Buying|

About the Author:

I grew up in the Bowie-Crofton area with my 3 other siblings. As the middle child, I have a natural talent for negotiating! I moved to the Annapolis area for several years after I graduated college, and I currently reside in Arnold with my wife, son, and daughter.