I'm not sure why, but for some reason agents and sellers are under the impression that if you sell a property "As Is" that they don't have to disclose material facts. Often they will say they have never lived in the property so there is no disclosure. Excuse me, with the exception of REO's, if someone has owned a property they still have to disclose what they know, whether they lived in it or not. If someone's owned a rental property and never lived in it, they still likely had repairs done and they should know what's going on with their property. If the roof leaked, I'm sure the tenant or property manager said something. Disclose it! By the way, it's perfectly o.k. to say the seller never occupied the property, simply disclose what you do know about it. Disclosure or not, a buyer should always do their due dilligence and get a home inspection no matter what.
Long & Foster Real Estate, Inc. - Rockville, MD
Associate Broker - Rockville, MD 301-758-9500
Disclosure laws are different in different jurisdictions. For example, in Maryland the seller must disclose what they know and the agent must disclose what they "should have known"...in Virginia it is "Buyer Beware" and sellers do not have to disclose.
Jun 28, 2010 05:05 AM
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa
You are right that it is still the responsibility of the seller to disclose anything that they may know firsthand from owning the property as well as disclose anything that the previous owner's may have disclosed. If you are wanting to sell the home "as is", it is all too important to disclose everything large or small so that the buyer can expect any major expenses that the home inspection will uncover. And I agree, a home inspection is a must on any home purchase! This is the largest investment that a person makes, it is worth the few hundred dollars to have someone take a look. Thanks for sharing!
Keep smiling,
Karen
Jun 28, 2010 05:10 AM
REALTOR® - New Port Richey, FL
what more can I say than "suggested"
good post, tired of reading that in remarks
Jun 28, 2010 05:13 AM
Living in the Pacific - Tupelo, MS
Life is Good in the Tropic Shade!
Proof will always be in the disclosure pudding. It's not always what the seller doesn't know, but sometimes what they withhold from the listing agent. I had a situation last week where I met the wife at the home before the husband came home. She said the repaired ceiling in the master bedroom was something the husband corrected. When he arrived, he told me it was like that when they bought the home ?!?!?!?! I didn't ask any more questions. Home inspection please!
Jun 28, 2010 05:14 AM
Rainer
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