The time has come… you have finally found the house of your dreams and you are anxious to close the transaction. If you are a first time home buyer, then you might be surprised at the amount of paperwork required to finally buy the home. But, it’s important that you don’t rush through the steps, because you need to make sure that you are buying a good home. In this article, we will discuss Identifying Potential Red Flags When Reviewing a Seller Disclosure Report.
One step that you need to really pay attention to is the seller disclosure report, which can contain important information about the home that you are buying.
What is a Seller Disclosure Report?
The Seller Disclosure Report is designed to inform the buyer of known problems with the home. There are various things that might be listed for your information, such as if the home was once a meth lab, issues that might be going on with the roof, or the puppy mill that happened in the basement.
The problem is that some people miss these details because they skip over the paperwork. New home buyers don’t realize that the report contains critical information which might impact their decision to purchase the home. So, talk with your real estate agent about the seller disclosure report, and have them help you with the review of this document.
Questions to Ask When Reviewing the Report
There are several aspects of the report that you should be looking at, and these are a few points that need to be considered:
- Infestation or Animal Damage: Do you need to worry about any creepy, crawly things moving throughout your home? Infestations such as rats, termites, or any other rodents can be problematic. Just because an infestation is present, doesn’t necessarily mean that you shouldn’t be buying the home. But, you will likely need to take a few extra steps before moving in to ensure the home is safe and pest-free.
- Age of the Roof: The roof on your new home is the protective barrier to keep your home out of the elements. New home buyers might look at the report and see that the roof is 7 years old and think that there isn’t a problem. But, you need to consider the types of materials that were used to build the roof and how those materials impact the quality of the roof. For example, if the roof was built with materials that only have a 10 – 20 year lifespan, then it means that you could potentially need to replace the roof within 3 short years.
- Water Heater & HVAC: How well does the HVAC and water heater system work? Look at the age of the appliances to determine an estimate of when you might need to replace them. Consider the quality of the unit that was installed and the expected lifespan for that type of unit.
Do you want more home buying tips? Contact Duffy Realty of Atlanta and we will gladly guide you through the process of buying your first home. We love helping new home buyers find the home of their dreams: (678) 318-1700
We hope you found this article about Identifying Potential Red Flags When Reviewing a Seller Disclosure Report helpful.