Most legal cases regarding FSBO sales are caused by hiding information from buyers. Disclosing significant information to your buyer can definitely save you from the possibility of going to jail in the future, not to mention, save lives.
In one home sale incident, the seller kept from the buyer that the heater of the property was not in good condition. This caused the suffocation and eventual death of the buyers and one of their two children, leaving orphan a four-year-old child who was the only survivor. The seller was sent to jail after being proven guilty of involuntary manslaughter.
Hiding necessary information so as to guarantee home sale and high price is not worth the life of any person. Declaring home defects, whether they have been fixed or not, is very important for a successful FSBO transaction. One way of doing so is through the Transfer Disclosure Statement.
Although there is no written law about the disclosure of already fixed problems, it can still turn out to be a wise move. If you do not report previous problems about your home, there is a big chance that the buyer will hear about it from neighbors and it will make them think that you were not completely honest when you were selling the property.
Do not be afraid that your property might not sell if you disclose everything. Matter of fact is, in most cases, when buyers know everything about the property they are planning to buy and are able to arrive at an informed decision, they end up buying the home and realize that it is right for them.
A completely honest FSBO transaction does not only contribute to a successful home sale. More importantly, in the long run, it can save you from post-sale troubles. You will find yourself free from lawsuits and enjoying every dollar you earned from the sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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