ryanflucas wrote:> I’m being told differently by a lawyer. As-is can still mean they can come after
> me later. At least in the state of Wisconsin. Anything I don’t list in a condition
> report or other paperwork that they find post sale can be used in a lawsuit. So I
> need to weigh if there’s anything I don’t know enough about but selling the property
> for more vs accepting less but hedging less risk.
My understanding is that a condition report is meant to be a very surface-level overview. You aren't a housing inspector. You could list known issues like:
- Some cracks in the walls
- Mildew in basement
- Tree branches in yard. (Although, that seems obvious, so you shouldn't have to list it -- and also doesn't concern the structure of the building)
Heck, you could even put "Age of wiring is unknown" in there if you wanted -- because, well, you don't know.
> The numbers we’re talking about here aren’t huge. The property is assessed at
> $165k according to latest assessment. I assume assessment means what the city of
> Milwaukee thinks the property would sell for (provided it was in sellable shape compared
> to other homes).
These days, it is very hard to trust those unless they have looked at it recently and adjusted. The market has been up for the past few years and most municipalities have not yet adjusted their assessed values. Also, in many areas, there are limits on how much they can increase those each year. It is fairly normal, these days, for a property to be worth significantly more than the assessed value.
> Sure houses go for more than assessed value but not like outside
> the city. I’d feel great if I walked with $150k. Realtor says she thinks the property
> based on condition could bring an offer of $125k. I won’t accept less than $100k
> no matter what. But im going to entertain offers and see what they come up with.
> There’s a few home buying organizations here too I can meet with (Hmong, urban
> initiatives, etc) that may be interested.
I'm not a lawyer, so definitely be careful, of course. But, if it were me, I'd have trouble not wanting to list it on the normal market. I don't think you are walking into liabilities here because you just don't have much real knowledge of the situation. Those lawsuits down the road are usually for known, hidden things like a known foundation issue that you knowingly hid with some quick patches to the cement. Or a septic field that doesn't work that you just keep pumping every few weeks while you try to sell the place -- without disclosing that you knew the septic field was gone.
It is generally not an issue for things that you don't have specific knowledge of -- especially if the buyer waives inspection. That's on them, not you, IMO.