Explained: What are the Consequences of Not Disclosing Problems Before Selling?

Explained: What are the Consequences of Not Disclosing Problems Before Selling?

Legally, home sellers need to abide by local, state, and federal disclosure laws to sell their properties. It means they have to report any structural defects and other problems they know about. After all, based on this report, you will receive the value of your property. Besides this, your buyer should know about even the minor issues of the property. 

Detroit Cash For Homes is a leading Ferndale estate home buyer. We have helped countless homeowners to sell homes without any worries. This is because our professionals handle documentation related to disclosure laws. Also, we help sellers to maintain the disclosure form to avoid any future problems. 

But if you sell your house in Ferndale through a real estate agent, you are liable to disclose problems. What will happen if you don’t adhere to disclosure laws? In addition to this, misrepresentation of a home is equally offensive. So be very careful. Below, our real estate experts will explain the consequences of misrepresentation. 

  • Consequences of failing to disclose property problems before selling
    1. Facing a legal action 
      One of the primary consequences of improper disclosure of property is legal action. For example, if your buyers found any damages you were trying to hide during or after the sale, they will file a real estate fraud case. 
      If you think your house has a significant issue that affects its sale, consider estate buyers in Ferndale, MI, like Detroit Cash For Homes. We buy houses in any condition. 

    2. Legal judgment 
      Once a buyer files a real estate fraud case against you, it will be a stressful, time-consuming, and expensive journey. Do not think the problems are limited to these consequences. You may even face a legal judgment like thousands of dollars in penalty. 

    3. Paying for damages 
      Imagine you have successfully sold your property without the buyer finding the issues. But once they start living in the house, they will eventually learn about the problems. Remember, even if you have closed the deal, you are still liable to cover the repairs. For instance, your buyers discovered an illegal work you performed before selling. You have to pay for tear-out and repair work. If you deny, they can take legal help, and you know what will happen next. Also, if anyone suffers a health hazard because you failed to disclose the problems, you will have to cover all health expenses. 

In closing 

The consequences of not disclosing your home damages and issues to your prospective buyers can become troublesome. If you want to avoid costly repairs and sell a house fast for cash in Ferndale, hire real estate buyers. These investors buy properties as-is without repairs and renovations. Even if your home needs work, they will handle it all. They ensure faster, hassle-free, and fair home sales. 

If you are wondering “how to sell my house in Ferndale,” Detroit Cash For Homes is your safest bet. We offer the best-selling experience to all our clients. Call us today to discuss your property!