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In case
your home needs any substantial renovation or repair work,
you should consider hiring a licensed contractor.
Unless you are a professional, you should not try
to make any major renovation or repairs by yourself (you
might get hurt, and/or create more problems).
If you do decide to hire a licensed contractor, you
should ask him/her;
-Are you insured?
-Is your work guaranteed?
-Can you give me references of recent clients?
-Will you help me get any permits that may be required?
-Can you give me a written estimate?
-Does your work include all necessary materials?
-When can you start?
-When will all the work be completed?
A good contractor should be able to answer all those
questions. He/She
will also explain to you how the repairs will be made, and
keep you informed during the process.
Potential buyers will pay close attention to the condition
of the home. Most
buyers will not pay top-dollar for a home that is not in
top-shape. So, if you want to improve your chances of getting
"top-dollar" for your home, you should make all
necessary repairs in order to get it in
"top-shape".
In some cases, sellers may feel that they can still get
"top-dollar" for their home if they do not
disclose to a potential buyer that their home needs
repairs, and or renovation.
"I don't have to tell buyers about the leaky roof and
the termite problem. They can pay for a home inspection if
they want one. Besides,
they won't buy my home if I tell them that the house needs
major repairs."
Well, you could be putting yourself in a very difficult
position if you do not tell the buyers that your home
needs major repairs.
For instance;
In Florida each seller is obligated to disclose to a buyer
all facts known to seller that materially and adversely
affect the value of the property being sold which are not
readily observable by the buyer.
Please note that the seller is not required to
repair all those facts that materially affect the property
value, unless such repairs are required in the contract.
Sellers (and buyers) should also be aware of the fact that
a contract for sale of a home "as
is" may not absolve the seller of the duty to
disclose to a buyer all facts known to seller that
materially and adversely affect the value of the property
being sold which are not readly observable by the buyer.
In some areas of the country, the Courts have ruled that
the seller and the broker have the duty to conduct a
reasonably competent and diligent inspection of the
residential property listed for sale and to disclose to
prospective purchasers all facts materially affecting the
value or desirability of the property that such
investigation would reveal.
In order to assist sellers in complying with such
disclosure requirements, many real estate agents advise
sellers to complete a seller's disclosure form (which is
not legally required in many parts of the country).
Even though it is not a substitute for any
inspections or warranties, a seller's disclosure form may
also to help a buyer evaluate the condition of the
property being sold.
Some seller's disclosure forms may contain questions like;
-Do you have any knowledge of termites, dryrots, or pests
presently affecting the property?
-Do you have any knowledge of any past or present cracks
or flaws in the walls, ceilings or foundations?
-Do you have any knowledge of any past or present water
leakage in the house?
-Do you have any knowledge of any problems or conditions
that affect the value or desirability of the electrical
system?
-Do you have any knowledge of any violations of local,
state or federal laws or regulations relating to this
property?
It will basicly ask sellers if they have any knowledge of
any fact that materially and adversely affect the value of
the property being sold.
Please note that each state has different rules that may
affect disclosure requirements.
If you are not familiar with all the proper
disclosures a seller is required to make in your area, you
should consider seeking the assistance of a qualified real
estate professional (a good real estate lawyer, or
agent will be glad to help you).
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