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10
What is the Seller's Duty to Disclose about their home for sale?
Should a Seller and/or their Agent be required to disclose information sent to them by another Agent or Property Inspector while a home is listed? The answer is Absolutely!
While it is true in my opinion that any "new" information that is received regarding a property should become part of the future disclosure, inspection reports are "subjective" in nature as must be treated as such.
A good listing agent knows there may be some additional work to mitigate or prevent any damage to the Seller client that these reports could potentially bring with them. Addressing any concerns raised by any inspection reports, including CLUE reports from Insurance companies, Wood Destroying Insect Reports, Licensed property inspectors or others shouldn't be very difficult, especially if the Seller was truthful on the initial disclosures.
In fact, information received while a home is listed can actually become a benefit to the Seller or a future Buyer depending on how the information is handled. If issues that were previously unknown, are properly addressed and/or corrected by the Seller, going forward, it may improve the "sale-ability" of the property and save both money and time on future negotiations.
As a representative for the Seller, I encourage the Buyer's Agent to bring forward their inspection reports. How else we would be able to determine whether or not their requests for any additional repairs or allowances are worthy of consideration? Especially when the Seller has a "solid" offering and property we feel is most likely to be above reproach.
If it turns out the conditions determined by the report were already known and disclosed on the Seller Disclosure, it may actually give a Seller a better position to negotiate from!
I find it rare that Buyer inspections do not turn "something" up and most would agree no home is perfect. Therefore, part of every listing discussion I have with a Seller is whether or not they would like to pre-inspect their home.
My thoughts are it is always best for everyone to have a very clear picture of what is being bought and sold before closing the deal.