In heated markets, it’s difficult for buyers to negotiate prices down, since their competition will likely be offering more. Now that the market has begun to cool, buyers are looking for ways to pay less. The answer is greater scrutiny of home defects — not to avoid purchasing defective homes, but to reduce the home’s value so they can offer less for it.
Sellers are always required to disclose any significant defects or malfunctions they are aware of in a large range of categories. These categories are walls, windows, ceilings, doors, floor, foundation, insulation, driveways, roof, sidewalks, fences, electrical systems, plumbing, and sewer or septic systems. While it can be difficult to prove that a seller was aware of a defect and the notion that it’s significant is subjective, it’s good advice for the seller to disclose anything they know. Since there’s a high chance something will have to be disclosed, buyers are jumping on the chance to leverage this to negotiate a lower sale price.
Photo by Pawel Czerwinski on Unsplash
More: https://journal.firsttuesday.us/home-defects-face-greater-scrutiny-in-2022s-cooling-market/85440/