What are the disclosure laws when selling FSBO

What are the disclosure laws when selling FSBO Video 7

You’re selling your home for sale by owner, and you’re wondering if you have to disclose anything to the buyer. The answer is absolutely yes. There’s a saying among real estate agents and it’s disclosed, disclose, disclose. The number one reason the seller gets sued after the transaction is for the lack of disclosure. I’m Rich Barnes, Owner Broker of Realty Experts in West Allis, Wisconsin 53214. And if you’re selling a home without representation by a realtor, you’ll need to access your state disclosure forms online and make sure that they are thoroughly filled out. Real estate disclosure forms, reveal the sellers known material or legal defects about the property. These forms are legally required by sellers in most states, and will need to be reviewed by a buyer when they make an offer. Even if an item has been fixed in the past, you’ll need to disclose it. Anything it has ever been added, fixed, modified, repaired, replaced or changed needs to be disclosed. Also, it’s important to know that if you’re already in contract with a buyer, if anything changes with your house during that time, you will need to update the disclosure forms as well. In the event, a buyer does a home inspection and your contract falls through, you have to put the home back on the market and you have to disclose all the newly found items and defects that were found on the home inspection reports to a new buyer. Under Wisconsin law, sellers must disclose all material facts that could impact a buyer’s decision to purchase a property. These facts may include details such as past flooding, foundation issues or termite damage. Providing these disclosures to serious potential buyers, as soon as possible, decreases the likelihood of a buyer canceling the offer later, due to information found in the disclosures. There’s a lot more that goes into disclosures like any knowledge that may affect the desirability of the property. For example, something nearby that has proposed to be built like a garbage dump should be disclosed. There’s a lot more to think about when it comes to the disclosures when selling. So give me a call or click the learn more button below, and we can chat to see if for sale by owner is your best option. Again, this is Rich Barnes, Realty Experts, and as always, you can rely on rich.com. Thanks. And you have a great day.

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