If you are looking to sell your home, the best possible rule of thumb is to be honest. You want to be truthful and honest with potential buyers because there are going to find out all the information before anything is signed, sealed, and delivered. Many people do not understand that there is someone from the lenders side who comes and does an appraisal. In this case, if they find something that is not right, they won’t give a loan.
- When selling your home, federal and state require you to let potential buyers know about the true state of your property.
- Items one should disclose to potential buyers are if paint jobs contain lead, water damage and any mold.
- One should also disclose hazardous conditions, termites, and insurance claims and repairs.
“A home inspector is likely to find problems and the buyers will be less favorably inclined to negotiate with you if they feel you have withheld information. If a flaw is found after the sale is complete and the buyers have reason to believe you were aware of the problem, you could face a lawsuit.”