Home sellers beware: Undisclosed info comes back to bite

But owners should use caution on how they disclose

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

You're getting ready to sell your home. The market is a bit softer than it was a year ago. There's more competition from other sellers. So, you plan to tidy the place up and you're thinking of down playing the defects. After all, who would buy your place if you revealed the trouble you had with the roof or the fact that your neighbor's son practices on his drums past most people's bedtimes? Sellers beware! What you don't disclose to the buyer could come back to bite you. Disclosure laws vary from state to state. Check with your real estate agent or attorney if you have any questions about your disclosure obligations. The trend nationally is toward requiring sellers to disclose more about defects that they're aware of, not less. For the past few years, buyers have paid record high prices for homes. In some cases, they waived their rights to inspect the property. As the market softens, buyers are less likely to be forgiving of defects they discover after closing, especially if they're s...