Has the time come to write up an offer on your dream home? If so, there are a few steps to take before you move forward. Most importantly, you will need to review the seller disclosure report in detail.
This is a great way to learn more about a home before placing an offer. It shouldn't take the place of an inspection, but it can definitely open your eyes as to the true nature of the property.
But unless you purchase and sell homes on a regular basis, which most people don't, you may find it difficult to understand the finer details of a disclosure. As a result, there is always the chance that you could overlook an important detail.
While every last word is important, below are some areas of the disclosure that require more of your attention. These include:
-- HVAC and water heater
-- Pest damage
Along with the above, pay close attention to the "additional comments" section. If the seller noted anything of importance on the disclosure, it is here that you should find more details.
As noted above, a seller disclosure does not tell you everything which is why you want to opt for a professional inspection as well.
While the seller is responsible for providing accurate and truthful information, this does not always happen. Subsequently, the buyer could end up with a home that is full of problems. In this case, the new homeowner must then decide if they are in position to take legal action.
Source: Trulia, "How to Review a Seller Disclosure Report," accessed Nov. 20, 2015