Saturday Reporter-Herald February 12, 2011 E1
Real Estate Matters
www.homeandrealtyguide.com • Saturday, February 12, 2011 • Reporter-Herald
Oakwood Homes celebrates 20 years as local builder
Navigating seller disclosure laws ILYCE GLINK AND SAMUEL J. TAMKIN TRIBUNE MEDIA SERVICES
Q
uestion: For the sale of our house, we were advised not to disclose an experience we had with water in our basement when the drain backed up. We were told that since the problem had been fixed and had happened seven years prior to sale of the house and never happened again, we didn’t have to disclose it. Was this the correct advice? The present owner said we failed to disclose this event and is asking for money. Answer: If the problem has been completely fixed and happened seven years prior to the sale of the home, it’s hard for the new buyer to prove that it is a material defect, particularly if the problem hasn’t happened again. Most seller disclosure laws require sellers to disclose to buyers known problems that still exist with a home but that aren’t readily apparent. If the law required sellers to disclose all known problems they have had with their homes (whether fixed or not), you could imagine the list a buyer could receive from a seller who lived in a home for 10 years: new roofs, repair of plumbing issues, repair of broken stove parts, a host of electrical or mechanical problems that were fixed. Frankly, if the seller hasn’t had any problems with the drain in the basement and now simply wants money because he found out you had a problem there seven years ago, that seems to be out of line. However, if the problem has come up again due to a fix you made on the cheap, the buyer may have a point. The one thing you have on your side is that you made the repair seven years ago. We once knew some buyers who purchased an expensive home and the disclosures they received seemed all in order. But a week after buying the home, the water main burst and flooded the basement, causing $20,000 in damage. The owners called a plumbing company and, in a twist of fate, the plumber that had previously repaired the water main told these buyers that he had made a bubble gum repair job on the water line at the direction of the sellers because they refused to spend the money that was really needed to get the job done. Needless to say, the sellers in that story ended up having to pay for the repairs and for the damage done to the house. That said, just remember that you could be sued and that it could cost you a lot of money even if you win. Please consult with a litigator with seller disclosure experience for a qualified legal opinion and a review of your options. For more information, call Glink’s radio show at 800-972-8255 on Sundays from 9 to 10 a.m., write to Real Estate Matters Syndicate, P.O. Box 366, Glencoe, IL 60022 or visit www.thinkglink.com.
Photos courtesy Oakwood Homes
Oakwood’s popular Emery plan starts as low as $154,900.
Celebrate and save with payments lower than rent RH PAID ADVERTORIAL
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o trust a product you need to trust the company behind that product. Homes are no different. You need to have confidence in the home your family will be in for years to come, and Oakwood Homes aims to gain that confidence with every new home buyer. Celebrating their 20th anniversary being a local builder, they have extensive experience building Colorado communities. Buying a home is a huge decision — Oakwood Homes gives buyers the smart choice in Loveland with their Thompson River Ranch masterplanned community. With 74 sales in the community last year and fast growth continuing into 2011, homebuyers know that Oakwood is the smart choice in the market and homes won’t always be as low as $999/month. Join in the celebration and stop by the community
this weekend to see the amazing promotions available to buyers. To help celebrate, through February 28th Oakwood Homes is giving all homebuyers 20 points for their 20th anniversary. What can you do with the points? A list of choices puts the control in your hands with what special features you’d like to add into your new home for no cost at all. From covered closing costs to landscaping to granite tile and so much more, Oakwood leaves the choice up to you since you know your needs best. Home sales in Northern Colorado have been up so far in 2011, so the combination of these promotions with current low home prices won’t be around forever. If you’re one of the many homebuyers looking for a home right now and want to move in quickly, Oakwood Homes has four homes ready immediately with a few near completion. Their staple in affordability is the popular Emery plan and one will be ready by March at the amazing cost of $1,188/month with today’s rates. Featuring three bedrooms, two-and-one-half baths, A/C, upgraded kitchen/appliance packages and much more over 1,390 square feet, this home is more affordable than the cost of rent many people are paying. Families that need a little more space will love the Hawkins plan with 1,637 square feet for $1,452/month and available imme-
diately. Three bedrooms, two-andone-half baths, bonus room, spa bath and loads more makes this home a smart choice for anyone in the market. These homes are open this weekend from 10 a.m.-6 p.m. so take the family and see what the community has to offer. To provide the best for your family, Oakwood knows that a home is more than just a house. The Thompson River Ranch masterplanned community gives families tons of amenities over an openspace designed area. A playground, multi-use fields, 18-hole disc golf course, miles of trails, community pool, shaded picnic area and much
more are conveniently located within the neighborhood. Oakwood has served Colorado for 20 years and continues to do so with every new addition to their growing communities. Check out Thompson River Ranch for yourself; you won’t regret it. Stop by to find out more about Oakwood’s 20th anniversary promotion and what options would be best for your family. Contact Mike Welty or Dwayne Montoya at 970-6636428 with any questions. You can tour Thompson River Ranch this weekend from 10-6 p.m. Visit www.OakwoodHomesCO.com for additional information.
Spa bath option for the master bedroom.
Inside this week’s Home & Real Estate
Realtor of the Week
Real Estate Transactions
Carol O’ Meara:
Nancy Churchwell Maus
Listings from Front Range properties recently sold
Director y
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2011 Colorado Garden and Home Show
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