Did you know that a Sellers Disclosure is not required under NJ State Law? This is however typically reserved for when a home owner falls behind in Mortgage Payments and ends up eventually walking away from a property or for when an individual or Senior Citizen chooses to not be bothered as in some cases with Estate Sales. Sellers Disclosures are a vital piece to the negotiating power during the sale or purchase of a house for both the buyer and the seller when managed correctly.
Why are Sellers Disclosures so important? If ever after you move, the buyer finds a defect like a leaky basement Bilco door (but only when it rains) They can and will refer to their Real Estate Attorney and review the Sellers Disclosure. If it is found that this leak is a latent defect that was NOT listed in the Sellers Disclosure the financial responsibility to make the repairs may likely fall on the seller. Always be honest in your Sellers Disclosure. Go a step further and invest 150 dollars into a no report home inspection. A registered, licensed home inspector will visit your home and walk around with you and point out what needs to be fixed. This is a huge advantage, either get the items repaired or get estimates to then negotiate any concessions during inspections. You will save money if you just get them repaired yourself. The reverse bargaining chip for buyers is to ask for compensation for their highest estimates. If you take care of the issues you eliminate any hurdles.
Your Real Estate Associate, a good Realtor should know and live by honesty as well. It is our job to maintain honesty and integrity to all parties during the negotiating process. Call me today. I am here to help. -Greg Mrozak – 856-332-5747 Remax Select of Westfield 908-223-9292
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