Chinese Drywall problem does the bank have to disclose if they own the house?

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September 05 2009 - Sarasota
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Answers (4)

Lee, what makes you think you have a Chinese Drywall problem?  Or is this just a general question?
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September 09 2009
Profile picture for sunnyview
Disclosure requirements vary by state. In some states, owners must disclose nothing if the property is sold "as is" while in other states specific property conditions are exempt from the "as is" protection if the owner knows about a defect, but fails to disclose  issues like radon or ground water contamination. In those states, the key for the selling bank is doing no professional inspections prior to sale, writing the contract with iron clad buyer diligence clauses and filling the required disclosure forms out by checking the "Don't know" box as often as possible.
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September 05 2009
In Arizona, banks refuse to fill out or disclose ANYTHING about the property.  Period.  So as wetdawgs said, do your due diligence and hire professional inspector(s) to verify anything you're concerned about.
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September 05 2009
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Disclosures are very tricky when the house is owned by the bank because the form is filled out "to the best of their knowledge".   They are not going to send out an inspector to learn all these things before filling out the disclosure.   Therefore, if you are interested in a particular property that is bank owned, a good inspector that you hire and trust is absolutely critical.
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September 05 2009
 
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