In 2002 the South Carolina legislature passed the first state law related to residential property disclosure known as the Residential Property Condition Disclosure Statement Act. The law became effective on January 1, 2003. The document requires that Home Sellers disclose any known defects, conditions, or issues with their home so that a Home Buyer is aware of them prior to making an offer on the house. The disclosure document has gone through a few changes and revisions since then and the form that is used today can be found here.
I was a few years into my real estate career in 2003 and I remember loving this new piece of real estate law. My Buyer Clients could reasonably rely on this form provided by the Seller before writing an offer on a home – even though it did not replace their right and responsibility to have their own inspections performed (Buyer’s Due Diligence). How does this knowledge help you prepare to SELL your home?
I suggest that you get a Pre-Listing Inspection. A Pre-Listing Inspection is a report prepared by a licensed property inspector. This service typically helps Home Sellers not be surprised by a list of repairs that are needed when the Home Buyer’s property inspection report reveals them, and it helps to eliminate stress for the Seller when the Buyer does their own inspections! I believe if my Seller Clients hire inspectors before we put the home “on the market” the results of the inspection will give you a guide of what issues may come up during the Buyer’s Due Diligence.
A Seller Client may choose to get the repairs completed before we market their home, or they may choose to disclose the issues on the Property Disclosures and let the Buyer request how the issue is addressed. You may have heard stories of “sight – unseen, above asking price – cash – as-is….etc.” transactions over the last few months – however, what you do not see are the negotiations that will typically go on after signing of the sales contract and before the closing! Most Buyers will have an inspection done and will expect to get issues resolved in one way or another. In order to avoid the frustrations of having your deal fall apart over the due diligence period negotiations, I think it is smart to know your house from top to bottom. I have several trusted, local home inspectors I recommend.
Let’s get you moving!
Please fill out the information below and I’ll provide you with a free Broker’s Price Opinion for your home. No obligation. I’ll also email you my monthly Trending Real Estate Report for the Greater Columbia South Carolina market.
Copyright 2022 Picket Fence Realty Inc.
Karen Foster, Broker-in-Charge | findkarenfoster@gmail.com | 803-223-5723