In the State of Louisiana we have Property Disclosure that seller’s are required to complete. This is a 4 page form and asks a lot of questions about your property that helps a buyer understand what they are buying. It is informative.
Often seller’s don’t answer all of the questions because either they don’t know the answers and don’t want to go look it up or they think the answer will cause problems.
The more information you give at the time you list your home the better. One of the questions on the form asks about the flood insurance, is there flood insurance? how much is the premium? are two of the questions.
When a seller doesn’t answer how much the flood insurance is on the disclosure then a buyer doesn’t know if they can afford their property. Buyer’s are approved for a mortgage and in that approval is the amount that they can afford for insurance – if a seller doesn’t provide the information a buyer doesn’t know if they can afford the house and either may decide not to preview it or makes an offer and finds out they can’t afford it.
It is so much better when a seller completes all of this information, spends a few minutes finding the answers. That will save false starts with an offer, will give some assurance that buyer’s previewing your home know they can afford.
So, why not spend the time?