Bill Morris: Disclose, disclose, disclose! Just ask the Quaids ...

Disclose, disclose, disclose! Just ask the Quaids ...

I don't usually pay much attention to our celebrity culture, but this article in the business section of yesterday's Austin American-Statesman caught my eye:

Quaid, wife sue to void purchase of Austin home

Anyone who has been in the real estate business is well aware of the requirement to "disclose, disclose, disclose" everything you know or think you know about the condition of your home when selling.  Not only is it the right thing to do, but it is the best protection against this kind of horrible surprise.

Dennis and Kimberly Quaid purchased their home on the shore of Lake Austin in February of this year.  Apparently, they have encountered many things about the house that they wish they had known sooner.  Since I have no knowledge of the facts of the case I won't comment on whether the case has merit, but picture yourself -- 9 months after you sold your home and moved on with your life -- being faced with this kind of lawsuit.

Will they have to return the proceeds of the sale?  Possibly.  Will they spend a lot of money on legal fees to get through this?  Almost certainly.

Sure, home buyers should do their own due diligence -- property inspections, etc. -- but as a seller, there is no substitute for being absolutely meticulous in preparing your disclosure notice prior to putting your home on the market.

Bill F. Morris, ABR, CRS, CDPE, e-PRO, MBA
RE/MAX Capital City
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Comment balloon 3 commentsBill Morris • November 11 2011 12:23PM

Comments

Randy Quaid Mug Shot

Bill * the Quaids' real estate purchase may not be the BEST example. Seller should google their "home ownership" troubles in CA and show their shot to the judge and jury,

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) almost 8 years ago

It's Dennis Quaid and his wife who are suing, not Randy Quaid.  I read the article and it seems as though the issues they are talking about should have been caught with a home inspection.  Doesn't mention if they had one.  And permits can be found if their agent had been doing a little due diligence, IMHO.  I wonder if they bought from the lisitng agent . . . LOL 

"Specifically, the Quaids' lawsuit says that the property's issues include water intrusion and damage; a rat infestation; poor work done during remodeling projects; and that some of the remodeling projects were done without obtaining building permits from the city."

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 8 years ago

Wallace, you're right.  This was just an eye-catching example because of the people involved.

Carla, good catch.  I have made the corrrection.  While I wrote I was thinking, "I'm glad it's not Randy Quaid," since he's obviously been in the press this year, too.  I agree that a home inspection should have caught most of all of this, but right or wrong the sellers are likely to invest a lot of time and money in getting this resolved.

Posted by Bill Morris, ABR, CRS, CDPE, ePRO, MBA (RE/MAX Capital City) almost 8 years ago

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