Inherited A Property? Know What You Have Before You Agree To A Sale

As an experienced property advisory firm, we have often seen people inherit a property only to sell it in a hurry without fully understanding exactly what they have in their hands.

Selling a property without fully assessing its value and any potential issues that come with it can have several detrimental impacts. Let’s review some reasons why it’s important to know what you have before you agree to a sale.

More Accurate Pricing

A proper appraisal of the property will help you determine a more accurate price for the property.

On the one hand, overpricing the property when it has significant defects can lead to prolonged listing times or even failed sales. Disclosing known issues upfront and pricing the property accordingly is more likely to attract serious buyers and make the sales process quicker and more certain.

On the other hand, you may not have properly understood the property’s true value and are selling it for less than it’s truly worth, leading to significant losses in potential income. 

Meeting Disclosure Requirements

As a property vendor, you are legally obligated to disclose any information relevant to the property being sold that might affect its value. Failing to disclose issues that may reasonably have been known about before the sale can lead to legal disputes after the sale, which can become stressful and costly. 

To avoid this, you need to understand what you’re selling and then fully disclose any issues with the property upfront to avoid legal repercussions.

Better Negotiation Leverage

The better you know the property you’re selling, the more leverage you will have in negotiations. If you’re well aware of all the strengths and weaknesses that the property possesses, you can anticipate any potential negotiation tactics by the other party. 

If, on the other hand, things were not properly disclosed or you were not fully aware of certain issues and the buyer discovers them on their own during an inspection, they will have the leverage to negotiate a lower price or request a concession. However, if these issues are known and disclosed upfront, there is little wiggle room, and you will retain the power.

At WPG Advisory, we are an experienced professional property advisory firm that can help you ensure that you know exactly what it is you’re selling so that you can get a fair deal without suffering any untoward consequences. Contact us to get assistance now.