Why Fort Wayne Real Estate Disclosures are Important
It is a common practice for Fort Wayne home sellers to spend a little time giving their home a fresh look before putting it on the market. Usually this is done just to attract more interest, but there are sellers that do a little updating and painting to try to cover up problems with the house. That is why real estate disclosures are so important for Fort Wayne homebuyers.
What are Fort Wayne Real Estate Disclosures?
In most locations sellers are required to disclose any problems the house currently has or any problems it has had in the past. Real estate disclosures are used to show problems with everything from a leaky roof to master suite addition that was added on to the house ten years ago.
Real estate disclosures are usually completed on a standard form created by the local Fort Wayne real estate association. A typical disclosure includes a long list of yes or no questions that the seller will answer about their house to reveal any work that has been completed or problems that a buyer can expect. The disclosure questions are thorough and will cover every area of your Fort Wayne house.
Real estate disclosures usually begin with basic questions about what appliances are in your house and if they are gas or electric. It will then ask about everything from walls, paint, plumbing, electrical and HVAC. There will also be questions on lead paint, radon, mold and termites. This is a complete document that is used to catch anything that a potential buyer should be aware of.
Why are Real Estate Disclosures Important?
As a Fort Wayne buyer, real estate disclosures are important to you because it makes you aware of any problem areas that you need to watch for. You can rest assured if you see that a roof leak was fixed by a licensed contractor, but additional questions may arise if you find out that the bathroom upstairs was added by the homeowner without pulling permits.
Work completed without permits means there is a possibility that it was not completed to code and could result in electrical or plumbing issues down the line. Request to see the disclosure as early as the seller will allow you to see it to avoid any surprises.
As a Fort Wayne seller, real estate disclosures are important to you because it gives you legal protection in the future. If you try to hide a problem that the house has and years later the current owner discovers the problem and realizes that you might have been aware of it, they can try to come after you with a lawsuit. It is always a better idea to share everything you know, even if it is negative, and risk losing a sale then to risk a future lawsuit.
Why You Still Need an Inspection
Real estate disclosures have nothing to do with home inspections. Fort Wayne buyers might be tempted to save a few hundred dollars to skip the inspection when a seller’s disclosure makes it look like there are no problems, but that is a bad idea.
As a buyer you never know 100% if a Fort Wayne seller is being honest with you. There is also a chance that the seller might not be aware of a potential problem with their house. A home inspection can be a final check after seeing the disclosure to let you know if you want to move forward with buying the house.
Real estate disclosures are important for both the Fort Wayne buyer and the seller. Complete honesty on the disclosure can not only help make the buyer aware of potential problems, but also protect the seller from unwanted legal action in the future.