Selling Your Beverly Hills House? Fill Out the Property Condition Report with Care
When you’re getting ready to sell your Beverly Hills house, you may be tempted to “forget” a few details when filling out the Property Condition report.
I’ve heard many sellers say “If I disclose (fill in the blank) buyers might shy away.” That’s a valid concern. Depending upon the problem, some buyers might shy away, but failing to disclose is far too risky.
If the buyers experience problems over the same issue, they could sue you for misrepresentation, and the financial damages could be severe. Even if they never have a problem with their Beverly Hills house, if the neighbors know about it and tell the buyers, a legal hassle could ensue.
So disclose completely. When you do, your buyers will go into the transaction with their eyes wide open, and they can never come back on you for it because they will have signed the document stating that they were informed prior to the purchase.
If you aren’t sure whether or not an issue must be disclosed – such as a death in the house or the presence of a ghost – talk with your agent.
Each state has its own rules regarding these “psychological” conditions, and those rules are subject to change. Of course, even if the law says you don’t have to disclose, you should answer honestly if the buyer asks. They wouldn’t ask if it wasn’t important to them – and remember that the neighbors will tell even if you don’t.
If you’ve owned your Beverly Hills house for only a few years and you suspect that there were things not disclosed to you in your purchase, check the box that says, in effect, “I don’t know.” Then it will be up to the buyer’s inspector to determine whether or not there’s a potential problem.
Stay safe – stay out of court. Disclose.
When you’re ready to sell that Los Angeles home, call me. I’ll be happy to provide a market analysis to let you know your home’s value in today’s market – and I’ll let you know what issues must be disclosed.
Are you considering a move in the near future?
Powerhouse Real Estate is here to help you before, during, and after the process. Darryl has prepared an e-book “Home Seller’s Guide to Money Making Fix-Ups” that we would like to offer you or anyone you know.
Visit Darryl West at our office at 433 N. Camden Dr. Suite 400, Beverly Hills, CA.