What would happen do you think if homeowners who have encountered financial difficulties that they are unable to resolve with their bank and its investors did their own Property Disclosure Statement and notified their bank/investors, surrounding neighbors, banks’ listing agents and State Real Estate Agency when the property reverts to the bank? Maybe posted it publicly in case buyers are considering purchasing the home on the court house steps at the Trustee Sale or delivered it by attending the sale themselves?
Since the banks and their investors like Fannie Mae, Freddie Mac, HUD and other institutions are not required by law (at least in California and Oregon, based on my experience) to provide a Seller’s Transfer/Property Disclosure Statement, do you think this would be of benefit to future buyers and their real estate agents?
What would happen if the homeowners being foreclosed on notified their bank/investors of the property’s potential “disclosure items” that would come out on the Seller’s Transfer/ Property Disclosure Statement? Would/should this now trigger the necessity for the bank/investors on bank owned real estate to disclose property condition they have been made aware of?
With so many bank owned homes on the market with the current high foreclosure volume, do you think getting Seller’s Transfer/Property Disclosure Statement in to the hands of unknowing buyers is a good idea?
See you out there!
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