There are many things in life that we prefer to keep private. In fact, there are many laws on the books that protect our privacy. We become alarmed when we feel that our smartphones are listening to us because we see ads for products, we talked to our friend about a day ago. Privacy matters! However, when it comes to selling your home, privacy laws favor the buyer, not the seller. There are many issues about your home that you may like to keep private, but according to South Dakota law, you will be forced to tell.
South Dakota, like every state has standard real estate disclosure laws that require sellers to give potential buyers a peek into the private world of their home’s condition. Before trying to sell your home, these home maintenance issues may have been between you and your family members. The leaky bathtub faucet, the creaky rotted floor by the sink in the kitchen, the cracked foundation, and more.
What Does South Dakota’s Real Estate Disclosure Law Mean for Sellers?
South Dakota has a disclosure law on the books. You can view South Dakota’s real estate disclosure law and list here. There are over 100 items that the disclosure list asks about regarding your home. You will be required to fill this out before selling your home if you chose to sell your home in a traditional fashion with a listing agent or even a FSBO. Each of these traditional selling methods will require that you fill out a disclosure statement.
Some Questions You Will be Required to Answer When Selling Your Sioux Falls Home through a Realtor or Other Traditional Means
There are multiple questions that, when answered with a “Yes”, may greatly hinder or even destroy the option of selling your home without major repairs first. And not disclosing problems with your home before selling it can be a big problem according to the law in Sioux Falls, SD. According to South Dakota Stat. § 43-4-42, a seller who makes misrepresentations or omissions on a disclosure statement “is liable to the buyer for the amount of the actual damages and repairs suffered. Here are some of the questions in the Sioux Falls, SD disclosure document you will need to fill out if you are selling through an agency or an FSBO option.
- Are you aware of any current or pending litigation, foreclosure, zoning, building code or restrictive covenant violation notices, mechanic’s liens, judgments, special assessments, zoning changes, or changes that could affect your property?
- Are you aware if the property has ever had water in either the front, rear, or side yard more than forty-eight hours?
- Are you aware of any water penetration in the walls, windows, doors, basement, crawl space?
- Are you aware of any interior cracked walls, ceilings or floors, or cracks or defects in exterior driveways, sidewalks, patios, or other hard surface areas?
- Are you aware of any roof leakage, past or present?
- Have any roof repairs been made, when and by whom?
- Are you aware of any pest infestation or damage, either past or present?
- Are you aware of any work upon the property which required a building, plumbing, electrical, or any other permit? Was a permit obtained for work performed upon the property? Was the work approved by an inspector as required by local or state ordinance?
- Are you aware of any past or present damage to the property (i.e., fire, smoke, wind, floods, hail, or snow)?
- Are you aware of any problems with radon gas, lead paint, mold, or asbestos?
There are questions about the:
- Air Conditioning system
- Heating system
- Wiring
- Plumbing
A “yes” answer to any of the questions or a disclosure of malfunction or aged equipment, can be a major hindrance to selling your home. In addition, many older homes have issues that are not on a disclosure statement, but that can hinder sales as well. Outdated kitchens and bathrooms are often a major problem when trying to sell an older home even if everything is in working order. If your house in Sioux Falls is missing any of these major qualities buyers are looking for in homes, you could be in trouble even if the disclosure statement looks pretty good.
In addition to the disclosure statement, most buyers will ask for a professional inspection. If they are securing a mortgage for the property, which most homebuyers do, the mortgage company will require an inspection. An inspection on an older home will likely reveal even more problematic situations you will be required to remedy before selling the property.
A Home Selling Solution With No Disclosures or Repairs Required
If you know that your home in Sioux Falls, SD is in need of repairs and the required disclosure statement will not be a favorable selling advantage, Launch Homebuyers can provide a fast and easy win-win solution. Even if the disclosure statement isn’t that bad, but the property is older, out of style with current home fashion trends or has tons of clutter or an overgrown yard, Launch Homebuyers can offer solutions.
Launch Homebuyers is a professional home investment company. We are a house buying company that is known for looking out for our potential customer’s interests and our ability to close fast and effectively. We understand that no one want to receive a low offer which is why we do our best for all of our clients to give them the highest possible offer we can make. We can provide you an all cash offer on your property. There are no disclosures, repairs, clean-up, or remodeling required. In fact, we make you an as-is cash offer. You can read more about how we operate here. We have a great reputation for fairness and professionalism, and we can close the deal very quickly once you decide to accept the offer. You really have nothing to lose, but the stress and headaches of trying to sell your home when the disclosure statement is not in your favor. We invite you to give us a call today at 877-514-7355 or use our online contact form here.