These days, the trend among cash-strapped home sellers seems to be to say less in hopes of getting more at closing. But in the long run, this less-than-full disclosure can prove costly.
Lawsuits stemming from nondisclosure of a property’s problems are becoming a bigger issue, according respondents in the National Association of Realtors 2011 Legal Scan survey. Of the agents who responded 75% ranked this issue among their “top three current and future issues.”
“I think a lot of sellers don’t have a full understanding of what the seller disclosure means when they fill it out,” says Illinois home inspector Jack McGraw. “You can often tell there has been work done” on a house, he says.
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