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Replies (5)
- wildlife artist
- Contributions:9
hi Natewolf,
when you say you "see" many FSBOs missing the seller disclosure, do you mean in person at the property, online or?
thanks
when you say you "see" many FSBOs missing the seller disclosure, do you mean in person at the property, online or?
thanks
- Nathan Wolf, "natewolf"
- Contributions:1805
All of the above. Online. In person. And in Multiple Listing Services.
Just because a homeowner decides to Sell by Owner, does not mean they are exempt from following the law. And most states require a Property Disclosure form. And those forms clearly state that any pending judgements, foreclosure, and lawsuits against the property must be disclosed on the form. And a copy of the form must be made available to potential buyers.
- Michael Emery, "MikeEmery"
- Contributions:6901
I've seen many homes listed locally (in Minneapolis) where agents (at the request of their clients) have checked 'not disclosed' or 'no' on MLS regarding bank owned or short sale disclosure. What's more disturbing is knowing that a home has been foreclosed but the owner is attempting to sell during the 6 month redemption period and the agent has not disclosed this very material fact. And under Minnesota law, this is all perfectly legal.
- Nathan Wolf, "natewolf"
- Contributions:1805
I purposefully listed this under the North Carolina listings. This is required to be disclosed in North Carolina.
- Michele Roberts, "Michele Lyn"
- Contributions:51
Sellers can refuse but buyers can refuse to buy it. The seller can also answer no representation and hopefully they have a good agent that will look at the deed before they let their client make an offer. It will also come out in the title search( the contract should state seller is to deliver clear title or the contract is void) and the buyer would get to walk away and receive their earnest money back
Short Sale and/or Foreclosure is a Material Fact and Must be Disclosed
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- 0.0/5.0
- (no reviews)
Contributions:1805I see many For Sale By Owner listings where the seller fails to complete a Mandatory Property Disclosure Form. And part of this form is a disclosure of any liens, pending litigations (*short sales and/or foreclosures are included in this), and any other material facts.
If you're not going to list your home with a licensed professional who can help you be in compliance with the laws of your state, at least find out what is required in your state before listing your property. There are plenty of reduced service agents/brokers who can help you ensure compliance for a very nominal, flat fee.
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