Page 23 - Emily Newmark_Buyers - Sellers Guide.indd

NEWMARKET HOMES LA - FOR BUYERS
DISCLOSURE continued
• Asbestos: A mineral substance that insulates and resists fire; microscopic asbestos fibers can cause severe lung damage. Asbestos can be found in wall insulation (mostly in homes built between 1930 and 1950), siding, shingles, vinyl floor tiles, pipe insulation (in older homes), and older textured paint and wall-patching materials (before 1977). Disclose any known asbestos. If asbestos is present, disclose the fact and do not remove the material. If asbestos is loose or crumbling, it constitutes a health hazard, and you may be required to remove the material before you can sell. Hire an expert to remove asbestos.
• Radon: An odorless invisible gas caused by the breakdown of uranium in the soil, can cause lung cancer in concentrat- ed amounts; primarily found in northern portion of the United States. It can be found in basements, cracks in foundation, sump pumps, gaps in plumbing, wiring, ducts and joints in parts of the house and wells. If you have had your house test- ed for radon, you must disclose the results. Lowering radon levels can be a simple repair job, such as covering your sump pump. However, it can also require an expensive ventilation system that should be installed by an EPA-certified contractor.
• Carbon monoxide: An odorless invisible gas that renders the body incapable of absorbing oxygen, carbon monoxide is generated primarily by burning fossil fuels. It can be found in furnaces, stoves, space heaters and wood-burning or gas fireplaces. Disclose any previous carbon monoxide problems. Before you sell, have your furnace, stove, fireplace and chim- ney inspected for any leaks or operating problems. Install a carbon monoxide detector on each floor of your home.
• Formaldehyde: An acrid, a colorless gas, formaldehyde can irritate the eyes, nose and throat, and cause difficulty breathing; produced primarily by emissions from formaldehyde glues and resins in new building materials. It can be found in building materials (plywood, particleboard, hardwood paneling and fiberboard), glues, paints, preservatives, some gas stoves and kerosene space heaters, and foam insulation (found in many 1970s homes). Disclose any formaldehyde prob- lems you have been experienced. Increase ventilation in the house to disperse fumes. Remove materials if possible. Seal new paneling with polyurethane.
Disclosure and Property Value
The disclosure of a defect could influence the sales price of the home. It most often depends on the market, the size or significance of the defect, and the buyer. For example, in a highly desirable neighborhood or in a fast market sellers prob- ably can sell the home at prevailing prices, even with a leaky roof. However, in a slow market in an average neighborhood buyers probably will expect sellers to accept a lower price to cover any needed repairs.
Defects as Deal Breakers
Buyers most frequently back out of a purchase because of problems uncovered during an inspection. Many sellers blanch at pre-sale inspections because they will have to disclose any problems discovered by an inspector. But, weighed against failed deals and the inevitability of having to disclose a newly found defect, sellers can avoid additional problems by having the property inspected before it is placed on the market.
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