Tampa Home Seller Advice – Always Disclose Sellers Property Disclosure, Sinkhole & Insurance claims

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Andrew Duncan talks to Richard Vasquez from the Artisan Insurance Group about property disclosures and the challenges on the insurance front. He gives advice to Tampa Home sellers about why they should disclose information about their home and what are the effects of not doing so.

When should the seller disclose information about the home? The answer is ALWAYS. Home inspections will be done by buyers and they will find out sooner or later anyway if there is anything wrong with the home.

All too often, sellers purposely don't disclose things because they say they never lived in the house or for whatever reason. Richard explains that before they provide the quote, they check a lot of records, permits, property appraiser websites. Many times they will see permits pulled for settlement remediation which gives sa clue that there was a sinkhole claim filed on the property. Andrew adds that though it doesn't necessarily mean there's a sinkhole but if not disclosed to the buyer, it raises all kinds of red flags and makes the buyer think what else are the sellers not telling them.

If there's a defect on the home, the seller has an obligation to disclose it. When they don't, it could trigger all kinds of legal liabilities. Having something wrong with the home doesn't necessarily mean that people won't buy it but it will be factored into the equation of how much work needs to be done to get the home ready.

Some people don't realize the chain of events that happen once they get their home inspected. They usually do it to find peace of mind but what they don't know is that there will be a report out there that there was a sinkhole testing done on the property. But these reports in turn can be used to alleviate the concerns that a buyer may have.

To hear more about what's happening in the Tampa Bay real estate market, tune in on Sundays at 10am to 970AM WFLA or podcast at 970WFLA.com.

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