Omaha Real Estate David Matney with Alliance Real Estate
The Seller Property Condition Disclosure Statement is one of the most important documents when buying or selling a home. As a seller, it is EXTREMELY important to carefully fill out the disclosure completely and honestly. If the transaction ends up in a courtroom it is usually over this form.
As a seller, you want to disclose everything. If you have a question whether or not to disclose something the best answer is to disclose it. The sad truth is that many buyers do not read the seller disclosure carefully. I have had sellers disclose some very ugly items, some buyers if not represented properly will just blindly sign the disclosure without scrutiny.
As a buyer, it is important to carefully read the seller disclosure. Keep in mind, the seller disclosure is no substitute for a professional home inspection. Also, if the home has been on the market it may not accurately reflect the current condition of the home as well. It is important to read carefully and to make sure the seller clarifies any discrepancies or missing blanks.
The real value of an agent is the quality of your representation. A professional Realtor will assist you in making sure the disclosure is properly filled out and will help make the transaction a smooth process.
Thanks,
David Matney, CRS,GRI
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I would agree with this except i have sat in a class and listened to BROKERS tell agents that they should have their clients mark (Don't Know) on every item on the Disclosure Report (This particular state has a column for Don't Know) ... the Brokers response was "This will keep you out of hot water." ... I was a guest at the meeting and really was in no position to stand up and say ... "This is crap ... our job is to treat each side fairly, not cover up potential issues with a pledge of ignorance."
Yes it would be a great tool if taken seriously.
Way to go David! I see you broke the 50K mark! Keep it up. I'll keep plugging away with you.
Allen, I would think they expose themselves to liability by doing that. Now, the seller can say. "Your Honor, the agent told me to mark don't know." Thanks for the comment.
Steve, thanks for the comment. Yahoo!
David -- Bravo -- very good advice. I used to practice law full time in California and I gave the very same advice to realtors -- some did not follow it -- and they were not happy campers when they got sued! When in doubt -- disclose!
Joan, thank you. Eventually the buyers become owners and then they talk to NEIGHBORS. Neighbors LOVE disclose everything! Thanks for the comment and for stopping by.
Sandra, thanks for the comment. This is the most current form of the seller property condition disclosure statement. You can also check with the Nebraska Real Estate Commission. In you specific case you might want to contact an attorney or you can also file a complaint with the Nebraska Real Estate Commission as well. The role of the Nebraska Real Estate Commission is to protect the public.
Flood Plains can change, especially since Katrina. Also, the sellers might not have known if they owned the home for some time or they might have not have been required to carry flood insurance. The disclosure is only as good as the person filling it out.
In the future, have your agent write this clause in the contract. "Subject to buyer finding affordable homeowners insurance within 7 business days of acceptance." By writing this clause in the contract it will help protect you if flood insurance is required or if the insurance is unafforadable. In addition to this clause call your insurance agent to run a CLUE report to check for insurance losses against the home.
I always suggest that buyers start talking to different insurance carriers BEFORE even making an offer. So your insurance agent can help educate you on the process. I would check out this website called ChoiceTrust.com for more information on CLUE reports.
I am really sorry this has happened to you and if I can be of any assistance please feel free to call me at (402) 490-6771. I have also posted a blog on this homeowners insurance as well.
Take care,
David Matney, CRS,GRI
Alliance Real Estate
Disclosures are required for a reason. Lying on a disclosure form is worst than not providing one at all. I agree that this form is very important, and should be completed honestly, and completely. Great blog.
Gregg, thank you.
Sandra, no problem. I hope all works out for you and I'm glad I could help. I have posted a new blog on a checklist for home buyers that might be some help.