Fee Up On Water Damage

When it comes time for us to sell our home, we want to put the best foot forward.  You clean it up, spruce it up, fix it up, and do all you can to increase the aesthetic appearance of the home, and of course you tend to downplay the imperfections or minor flaws in the hopes of attracting a buyer.

It is all a part of the selling process to be sure, but there are areas where you are required to provide full disclosure when it comes to previous damage, namely that inflicted by water.  Some states such as New York, even have laws specifically stating that you must disclose any information that may affect a person’s decision to buy your home.  Failure to do so can carry some consequences that are kind of on the heavy side, both for the seller and their agent. 

New York State, for example, requires what is known as a “Caveat Emptor”, wherein the state does require homeowners to fill out a property disclosure statement before they close.  If they choose not to provide this form, they end up crediting the buyer $500 at closing.  This is designed to provide some measure of protection in the event of a previously unforeseen problem.

Most closing attorneys will advise the credit, as it reduces liability in the future.  It would be all too easy to miss something that should have gone on the property disclosure, something that may end up costing the seller a lot more money.  Unfortunately, too many sellers take this as “permission” not to disclose any issues.

A Property Disclosure Form contains a veritable laundry list of items ranging from structural defects to the type of wiring in the house. It also includes plumbing and sewage issues, water leakage of any type, termites or other insect infestations, roof leaks and defects.

Now if a property has any structural issues, homeowners are required by law to fully disclose them.  Buyers must be made aware if the property sits in a flood zone or flood plain, or if it is in an area that is at high risk for fire or earthquake or other natural disasters. 

If a seller discloses a problem and the buyer chooses to proceed with the purchase, the seller can no longer be held responsible for the problem.  If the problem is not discloses and is discovered later, the seller could be successfully sued over it.

Thousands of people up and down the East Coast will have to deal with this problem thanks to Hurricane Irene, which flooded numerous basements and put their owners on the hook for such damages in the future.  It becomes important to clean the damage up as quickly as possible, thus preventing other, more long term problems such as mold. 

Above all else, never try to hide evidence of damage.  Painting over water stains is only a temporary fix, and home inspectors are trained to find those elusive problems. 

For the best results with fixing water damage, contact the professionals at Water Damage Local.com.  They are available 24/7 to handle even the largest water restoration needs.  Call today for a free estimate.