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  • Selling Your Indianapolis Area Home? Fill out the property condition report with care

    Wednesday, January 27, 2016   /   by Deborah Argenta

    Selling Your Indianapolis Area Home? Fill out the property condition report with care

    When you're getting ready to sell your Indianapolis area home, 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 there was mold 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, 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 the 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 Indianapolis area 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.