Listing Details: Bentonville, Fayetteville and Bella Vista, Arkansas Real Estate Listings & Homes For Sale Provided by Team Wakefield

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Disclosure Laws >Potential Problems

Every house has some "quirks", and some have material defects that may affect the sales agreement or the asking price. Placing a less-than-perfect house on the market is fine as long as you and your real estate agent give the buyers information on any "hidden defects".

Most litigation in real estate transactions involves the buyer suing the seller for failure to disclose a problem. Whether it is a leaky roof, dry rot, plumbing or heating problems, or a wet basement, most courts do not apply the "let the buyer beware" rule to real estate transactions. Even if the buyers had a structural inspection and you sold the property "as is," you may be held responsible for undisclosed defects.

Sellers have an obligation to disclose both obvious and hidden defects. Courts have not been sympathetic to sellers who have lived in a house and are in a position to know what works and what doesn't, but do not fully reveal the facts. This is one area where honesty is the only policy. Ask your agent for help if you are unclear about any aspects of the disclosure form.

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Q	How did actress Jayne Mansfield decorate her Hollywood "Pink Palace" without buying any furniture?
A	She wrote to furniture suppliers asking for free samples, telling them they could brag that their furniture was in her outrageous mansion. She received over $150,000 worth of free merchandise.
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Team Wakefield, REALTOR�, real estate agent and broker for Bentonville, Fayetteville and Bella Vista, Arkansas home listings, property and land for sale - NUMBER1EXPERT

Team Wakefield
RE/MAX Real Estate Results
3103 Moberly Lane
Bentonville, AR 72712
479.621.3927
michaelwakefield@NUMBER1EXPERT.com

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