When you’re buying a home for sale on 30A, the seller will provide you with disclosures on anything that could negatively affect the value of the home. But what should you do if one of them reveals something terrible – something you just can’t live with?
Here’s what you need to know.
What if a Property Disclosure Reveals Something Terrible?
First things first: Go through all property disclosure statements with your real estate agent. He or she can help you make sense of things. (Your agent sees these documentsa ll the time, and there’s a good chance that you don’t.)
You can ask your agent to bring up the issue with the sellers to get more answers. If the issue makes you waver on your decision to buy the home, you may be able to use what you find in the disclosure as a negotiating point. For example, you may ask the seller to lower the price of the home or pay to have the issue repaired.
But if that’s not what you’re thinking, you may be able to back out of the deal without losing your earnest money deposit.
Related: What do sellers have to disclose?
What if You Discover a Problem That Wasn’t Disclosed?
Unfortunately, not all sellers disclose the things they should. Your home inspector might uncover a problem that the sellers should’ve disclosed – and that may make you think twice about buying. After all, if the sellers are hiding one thing, they could be hiding other things, as well.
The bottom line is that you should talk to your real estate agent about the property disclosures you receive. That way, you can make sure you’re making the best decision for your future.
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