Homeowners often take the time to fix up their properties before entering the sellers’ market. By making repairs, upgrades and other replacements, a homeowner could raise the value of their home. However, some other aspects could be out of their hands. The way the neighbors maintain their homes could impact the rest of the neighborhood. Therefore, if there are neighbor issues or neighborhood problems, they have to be disclosed to potential buyers.
Failure to disclose litigation is picking up steam in real estate law. In most instances, the buyer is trying to purchase a home at the best price possible while the seller is trying to sell at the highest price possible. If the buyer accuses the seller of not having disclosed faulty sewer lines or the neighbor’s barking dogs, this becomes a difficult situation. There is no way to know what the buyer is really up to, but if the seller knows there are less than ideal situations happening at the neighbor’s home or in the neighborhood, it is best to disclose them.
Many buyers are not afraid to be litigious about these issues. The seller may come out on top in the case, but the time spent in court and the fees are time-consuming as well as expensive.
On the flip side, some sellers have purposefully masked problems in their homes. Homeowners who are dealing with “failing to disclose” issues could speak with a real estate law legal professional especially one that understands failure to disclose litigation. The attorney could investigate the issue and walk the client through their options.