When you select your Realtor and you sit down to discuss the features
of your home for marketing purposes, it’s also important to be absolutely
candid with your agent about the condition of the property. If there is a problem with the roof,
plumbing, wiring or structure, discuss this openly with your agent. Your agent is your partner in the sales
process and can help you sort out what is a “material” defect and what is not.
Some things that may
annoy you about your home and seem like a major problem to you, for example, your
frig icemaker or a burner on your stove doesn’t work, are not “material” defects
– although they will likely be detected during a home inspection. Other things which you may have been living
with, may be “material” and require disclosure and/or corrective action. For
example, a leaky roof or construction
work including electrical or plumbing work that has been done where no permits or
c/o’s (certificates of occupancy from the building department) have been
obtained.
It is unlikely that “material”
defects or lack of c/o’s will go undetected because most buyers have an
inspection before signing contracts and their attorneys secure title searches and
c/o’s before the deal is consummated. Structural
problems and “material” defects (leaking roof, foundation defects sometimes
cause a deal to fall apart, or at the very least, require price adjustments.
However, when “material” issues are disclosed your agent can diffuse concern of
the unknown by getting estimates to correct the deficiency by framing the cost
and effort involved to repair with a potential buyer. Most buyers can usually deal with a house
with some issues, if they know what they are getting into from the beginning. Usually these issues can be resolved when all
parties come to the table with a sincere desire to make the deal.
When you decide to sell
your home, discuss significant issues with your Realtor and address defects and
missing c/o’s before you put your home on the market. Also, ask your Realtor to assist you in providing
the appropriate disclosure to potential buyers.
For professional advice on all aspects of buying or
selling real estate call us at 631 765 5333, visit our website at www.BeninatiAssociates.com
and come see us! We’re open 9am to 5pm
seven days a week and our office is at the corner of Main Road and Hortons Lane
in Southold.
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