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I’d like to say no, but due to recent market dynamics and recent Iowa appellate court rulings I’m no longer willing to make such a broad generalization. Under normal circumstances a house built in the past five years should have a pretty clean disclosure statement with hardly anything to disclose. You’d like to think if a home were bought in the last five years that it would be “all systems are a go”.
But what about new homes built by developers and
builders who went out of business? What about homes half built and finished by
lenders? Or homes bought half finished and completed by the handy homeowner? Are there any issues with foundations settling? Any windows not opening just right? Any signs whatsoever of fill problems? Is the siding working right? Has there been water in the basement? Does it look to the real estate agent like there have been problems, that the sellers aren't mentioning? What are we looking at for both sellers and agents?
Should you as the owner disclose that the builder is no longer in business? I think so. Because think about it for a minute. Can this situation create headaches for sellers with the next buyer? Could minor problems be a sign of bigger problems?
Should you as the owner disclose that the builder is no longer in business? I think so. Because think about it for a minute. Can this situation create headaches for sellers with the next buyer? Could minor problems be a sign of bigger problems?
You bet they can.
If I were buying I'd want to know the builder is out of business. From a legal standpoint this needs to be disclosed. If you
were to think like a buyer wouldn't you like to know there is no one to complain
to about (to sue) when some major system no longer works right. I know I would. If you were a buyer wouldn't you want some warning so you could consider how to protect your investment?
Let’s not forget this is an investment and from the sellers' standpoint let us not give away our sweat equity. It’s probably
worth it to most homeowners to spend $250 for the privilege of having an attorney and
real estate broker to look over the Iowa Real Estate Sellers Disclosure
Statement so everyone has a better chance of not getting sued when a buyer
suffers from buyer’s remorse.
So what do you think? Is it worth spending $250?
This area of the law is a mine field – so don’t be the
one who steps on a landmine. Call us, contact the Lombardi Law Firm and ask for
either Steve Lombardi or Katrina Schaefer.
HOW TO CONTACT US
5000 Westown Parkway, Suite 440
West
Des Moines, Iowa 50266
Telephone:
515-222-1110
Fax:
515-222-0718
Write
to Steve or Katrina
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