We often choose to keep certain aspects of our lives private. In actuality, there are numerous regulations that safeguard our privacy. When we believe that our cellphones are listening to us because we see advertisements for things we discussed with a buddy a day earlier, we become concerned. Privacy is important! However, privacy rules benefit the buyer, not the seller, when you sell your house. There are many aspects of your home that you may want to keep private, but does Arkansas law require you to disclose them? The answer may surprise you.
Arkansas Lacks a Seller Disclosure Requirement
Surprisingly, in Arkansas, there is no law forcing a disclosure statement from the seller of a home. According, to NOLO, the professional law site about Arkansas disclosure law, “Arkansas courts enforce caveat emptor clauses in purchase contracts. Under this doctrine (“let the buyer beware”), judges ordinarily refuse to compensate buyers for home defects found after the purchase unless the seller did something to actively prevent the buyer from inspecting the property to find all the defects.”
What Does Arkansas Disclosure Law Mean for Sellers?
Arkansas disclosure law (or the lack thereof) means that a seller does NOT have to disclose problems with a house before selling it. Interestingly, the exception for a seller selling a house without a realtor is that they must disclose if the house has what the law calls a “psychological impact.” This could include information such as a murder being committed in the home, a suicide, a felony, or perhaps even paranormal activity. In these cases, the seller is required to disclose this information to potential buyers. You can read more about this on the Arkansas Real Estate Commission website here. Other required disclosures under Arkansas law would be disclosures about health and safety issues such a lead paint in the home.
When Selling An Arkansas Property Using a Real Estate Agent, Disclosure Is Likely Required
When selling your Little Rock home through a realtor or other traditional means, there are a few questions you will need to respond to. Although the Arkansas law technically does not require disclosures due to a more “buyer beware” stance, Licensed real estate agents in Arkansas must do all they can within reason to alert potential buyers to problems. The usual way realtors protect themselves and their license is to require a seller to fill out the typical disclosure statement. You can see a PDF of a disclosure statement used by Arkansas realtors here. If you refuse to fill this out, most agents will walk away especially if the house is older or visibly in need of repairs. It is just too risky for them to sell it for you.
The possibility of selling your house without making significant repairs first may be severely hampered or perhaps destroyed if you respond “Yes” to a number of questions. Here are some of the questions you will likely find on a disclosure statement from a realtor in Arkansas.
- Are you aware of any pending or ongoing legal proceedings, foreclosures, notices of zoning, building code, or restrictive covenant violations, mechanic’s liens, judgments, special assessments, zoning changes, or other changes that may have an impact on your property?
- Do you know whether the front, back, or side yard of the property has ever been submerged for longer than 48 hours?
- Are you aware of any water intrusion in the basement, crawl area, windows, or doors?
- Are there any external or interior cracked roads, sidewalks, patios, or other hard surface areas? Are there any internal cracked walls, ceilings, or floors?
- Do you know of any recent or ongoing roof leaks?
- Who made any roof repairs, when, and where?
- Are you aware of any past or present bug infestations or damage?
- Are you aware of any construction, plumbing, electrical, or other work on the property that requires a permit? A permit was obtained before any construction was done on the property. As required by local or state ordinance, was the work given an inspector’s seal of approval?
- Are there any recent or historical damages to the property (such as hail, fire, smoke, wind, floods, or snow)?
- Are there any issues with radon gas, lead paint, mold, or asbestos that you’re aware of?
There are inquiries regarding the following: wiring, plumbing, heating, and air conditioning systems.
Any “yes” response to the questions or the admission of broken or outdated equipment can make it difficult to sell your house. Furthermore, many older homes have problems that are not disclosed in a disclosure statement but that can still impede sales. Even if everything is in good order, outdated kitchens and bathrooms are frequently a significant issue when trying to sell an older property. Even though the disclosure statement appears nice, you can have difficulties selling your Little Rock home if it lacks any of these crucial features that buyers look for in a home.
The majority of buyers will seek for a professional inspection in addition to the disclosure statement. The mortgage company will want an examination if they are obtaining a mortgage for the property, which is what the majority of homebuyers do. An older home’s inspection is likely to turn up even more issues that you’ll need to fix before you can sell the house.
Even If You Choose To Sell The House Without a Realtor, Buyers Usually Hire An Inspector
So, you decide to forgo a realtor, so you don’t have to fill out a disclosure statement. You may think you have avoided the trouble of disclosing some issues with your house that you know about like those listed above. However, because it is a “buyer beware” type of state, most buyers will actually beware! This means that the buyer will often hire a professional home inspector who will likely find more problems than you may even be aware of.
A Home Selling Alternative Requiring No Disclosures or Repairs
Little Rock Home Buyers can usually offer a quick and simple win-win option if you are aware that your Little Rock, Arkansas home needs repairs and the realtor disclosure statement will not be an advantageous selling advantage or that an inspection of the home may prove even more problematic. Little Rock Home Buyers can provide answers even if the disclosure statement isn’t too awful or the inspection too bad, but the property is older, out of date with current home fashion trends, has a ton of clutter, or has an overgrown yard.
A seasoned real estate investment company is Little Rock Home Buyers. We are a home buying business that has a reputation for protecting the interests of potential clients and for closing deals quickly and successfully. We know that no one wants to accept a low offer, therefore we try our hardest to make the best offer we can to each and every one of our clients. On your property, we can make you an all-cash offer. Nothing needs to be disclosed, fixed, cleaned up, or renovated. In reality, we provide you cash in as-is condition. More information on our operation and policies can be found here. Once you decide to accept the offer, we can close the deal extremely fast. Why not call today. You have nothing to lose. Use our online contact form or give us a call at 501-580-3035 right away.