Not to put it too bluntly, everyone wants to save money and save as much as they can…but this can backfire if you try to save at someone else’s expense.
In an article that was mainly about property taxes, there was an interesting story about sellers who cut corners and ended up paying later:
“We once knew some buyers who purchased an expensive home and the disclosures they received seemed all in order. But a week after buying the home, the water main burst and flooded the basement, causing $20,000 in damage.”
The owners called a plumbing company and, in a twist of fate, the plumber that had previously repaired the water main told these buyers that he had made a bubble gum repair job on the water line at the direction of the sellers because they refused to spend the money that was really needed to get the job done.”
The sellers ended up having to pay for the repair job AND for the damage done to the property.
The article notes that while sellers do not have to disclose every single thing that has gone wrong or mention all of the repairs that are part of home ownership, they do need to disclose major flaws that are not immediately visible.
A top Maryland real estate agent can help you with what must be disclosed when selling Ann Arundel county real estate. You may not want to omit things on purpose, but you may not think something matters.