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Honesty Is the Best Policy The old saying, ""buyer beware"" has shifted to ""seller beware"" as many states and municipalities now require home sellers to sign disclosure statements that identify problems. But even in locations that don't require disclosure, being up front with buyers can keep a seller out of hot water and out of court.
Of course sellers want to paint a rosy picture of their home. But the reality is that if there are problems with the house, and both parties acknowledge the problems in writing, the seller is reducing exposure to a lawsuit if something goes wrong after the closing. If they end up in court anyway, a written disclosure will work in the seller's favor. Some experts believe that even problems which have been fixed should be reported. Leaky roofs and wet basements are the most common problems, and fixing either one would be less costly than a lawsuit where you can easily spend $10,000 to $20,000 in legal fees.
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