When selling your home, there are times where you may interact with the buyer. At times, you may be compelled to tell them too much. Some sellers, fearful that they might say “too much”, might not say enough, and run into issues of “non dislcosure”. Here are some helpful tips.
What to Say:
1. Disclose any issues of material fact about the property, including defects. If the basement gets wet, explain why and where.
2. If a property is being developed near your home and it may affect your property value, disclose this.
3. If you may not be able to give clear title due to too many liens, etc., disclose this.
4. If the buyer is going to be “surprised” about something when they move in, discuss this issue with your attorney or agent. It probably needs to be disclosed.
When to Keep Quiet:
1. You do not need to be specific about why you are moving. If you are getting divorced, cannot afford the payments, or simply have outgrown the home, these are personal issues. Sometimes a buyer may misinterpret your motivation, and you just gave them reason to make a low offer. “I am moving to a bigger home” might make them think twice about the size of your home.
2. If you already bought another home, this is not mandatory that you dislcose! It may show that you are anxious.
3. Remember, it’s a business transaction, not a social event. Treat it as such, while being courteous and respectful to your buyer’s needs and concerns, and they will likely return the favor.
When in doubt, do the right thing.