As Minnesota home sellers know (or should), the required Seller Disclosure is a “live” document, up to the date of closing.
Translation: if something bad happens to the house after it goes on the market, the Seller needs to update their disclosure.
But, what happens if the Seller is long gone? (often the case with relocation Sellers).
Then, the odds that the Seller would know of a problem go down considerably — and the risk(s) to the Buyer go up.
Which is why the Buyer’s walk-thru inspection on a long-vacant home is especially important.
P.S.: What are the Buyer’s options if they discover a major issue?
Step #1 is to put a dollar amount on the problem — which most likely means delaying the closing so contractors can take a look.
Plan B: create an escrow account big enough to cover the issue.
Either way, the Seller is going to get less for their home — unless the issue is so significant that the Buyer has the option of not closing at all.
See also, “Home Condition: What ‘Should’ the Seller Know?”; “Walk-Thru? What’s a Walk-Thru??”; “Home Buyer’s Final Walk-Through Inspection“; “What if the Seller Isn’t Moved Out by Closing?“; “Springing a Leak ” or a Lake(?!?) ” Before Closing“; and “Waiting to Do the Walk-Thru Inspection ” or Not Doing it at All.”
