How many times have I represented a buyer on a sale with a Bank owned property and the first thing buyers have to sign is a Seller Disclosure stating "AS IS" no repairs! Before the buyer even does their inspection to find out what "AS IS" IS!!! Then when we do the inspections we find electrical outlets not functioning, some previous owner di it your selfer has installed a dishwasher with out a relief valve or neglected to pull premits and didn't know what they wre doing???
I think when a buyer does an inspection on the roof, home, mold etc and backs out of the deal because of faults found, the next buyer should have FULL DISCLOSURE! Because now the bank/list agent does know what as is "IS"! This is not happening, banks and their listing agents in trying to do good for the bank and to keep those listings coming are deceiving the buyers! Plain and simple, this is not brain surgery people.
What can buyers and their agents do?? Make the banks be accountable and the list agents! This is criminal! It is not FULL DISCLOSURE! Let the buyers know what they have to spend to bring the house up to livable condition, or if it has to deal with Health And Safty fix it or reduce the price! If a buyer drops out and you have the Home Inspection let the next buyer know. Too much smoke and mirrors happening with Bank Owned sales.
What can be done to stop this practice? You as Realtors stand up!
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