Survey: 94% of Sellers Don’t Disclose Property Defects
Home buyers who waive the inspection contingency must rely heavily on seller disclosures to be informed about any potential problems with the property. But more than 90% of buyers say they found at least one issue with their home after the transaction that the seller didn’t disclose, according to a new survey from Cinch Home Services, a home warranty company. Even more alarming is that 94% of sellers admit to selling their homes without disclosing a known issue.
Many buyers who skip the inspection contingency to sweeten their offer may later regret their decision. Make sure your clients understand the risks. Read more.
“Sellers failing to disclose home damage is against the law in most states. To ensure protection, prospective home buyers should ask for a completed seller’s disclosure in addition to conducting a thorough home inspection before closing on a new home,” says Cinch spokesperson Bella Valentini.
The top three problems buyers discovered after closing involved the electrical system, fixtures and plumbing. The survey shows the majority came from unpermitted repairs and upgrades, suggesting sellers should rethink doing some DIY jobs.
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