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Wednesday, February 17, 2010

But let me explain….

In Florida we use a Sellers Property Disclosure where the seller of real estate discloses to the best of their knowledge issues (if any) and facts (if any) regarding the subject property.

I always caution my buyers to use caution when reviewing these disclosures.

I always advise my sellers to disclose all they know – period.  If When a  buyer finds something on the seller’s property disclosure that is not quite accurate it can tarnish negate a prospective deal. (Potential lawsuits?)

When a prospective buyer questions the accuracy of your disclosure he or she does not want to hear, “But let me explain…”

I have seen quite a few of investor owned properties where the seller has picked the property up at foreclosure or a short sale and has no knowledge of the property. Proceed with caution here.

Ultimately, it is caveat emptor ("Let the buyer beware").   Sellers, I urge you to consider having a pre-listing inspection done.  Then address issues and disclose the results. (This is a good marketing tool for older homes). 

And  buyers, always have a post contract inspection done - even if the seller had a pre-listing inspection done. 

A transaction as large as the purchase of a home or condo requires the use of all information available!

Gary Waters, Florida licensed real estate agent, Bucci Realty, Rockeldge Florida writes extensively about the real estate market in Brevard County Florida and works with buyers, sellers and real estate agents to achieve results. 

Email me or call me at 321-693-3850 (office 321-255-2600).

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