Kansas City Real Estate - To Tell The Truth and Disclose.

True story. A very dear friend of mine had a cousin who let the wrong man into her life and her home and met an untimely death due to this. The death occurred in the home, which was in an upscale, desirable neighborhood. Because the home was a crime scene and on the news for a few weeks, when my friend (as executor of the estate) listed the home for sale, a few folks tried to make low offers on the premise that the property was now “blemished.”

That now begs the question, what do you have to disclose when you’re selling your Kansas City home? First of all, you should consult with a lawyer to determine the law as it applies to your specific property. Each state has its own regulations regarding disclosure.

Here is some helpful information to prepare you for that meeting.

By federal law, if your home was built before 1978, you must disclose the potential existence of lead based paint. Your buyer has 10 days to get an inspection for lead based paint. Also, even though the sale of lead based paint is prohibited, it still does occur.

Think back to when you were shopping around for a home in Kansas City. What things did you want to know? What could have been deal-breakers for you? Items that could have changed your mind are known in the industry as material facts. Material facts include deaths occurring on the property, repairs, and potential hazards to the property.

Whether or not my friend wanted to disclose the death that occurred on her cousin’s property, it was out there due to the media coverage. However, what about the situation my mother will be in one day? My father passed away outside of the house last year. No one but the neighbors and our family is aware of that. However, those neighbors could tell her potential buyers.

Other states may require that you disclose natural elements that could affect the property. These include earthquakes, flooding zones, and pollution (air, ground, or noise.) Also, even living on a golf course can be a hazard which may need disclosed (the potential for windows damaged by errant golf balls more than crazed golfers distraught over a high score.)

What about repairs? Potential homebuyers are generally most concerned with the roof, the plumbing, the electrical wiring, and the foundation. Again, check with your attorney for your state’s specific regulations. However, you know how you felt when you found out that the roof was just 2 or 3 years old: you were relieved. Your buyer is looking for that same feeling. However, you probably don’t need to disclose that the kitchen sink has just been repaired. Or, if you do let them know, put it in as positive light as possible.

Bottom line, check with a lawyer to see what’s absolutely necessary to disclose. Beyond that, use your own good judgment. If there are issues with the foundation or attic and you’re not willing to fix them before you place your property on the market, maybe offer credit toward the price. Put yourself in your buyers’ shoes; what would you have been upset or angry about had it not been disclosed to you before you purchased the home? And would you have felt the need to contact a lawyer to resolve the issue? Asking yourself these questions will make smooth sailing for all involved in the transaction.

As always, the agents at the Urban Living Center are always ready to assist in making your transition between homes as easy as possible. They will be able to give you educated guidance and answer any questions you may have.