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7 Comments on For Sale by Owner- Betcha didn't know this!!
That would be a bitter pill to swallow. Surely there is some public knowlege that the is under foreclosure proceedings. The commercial record should turn on that light.
Thanks Krista good information to know
Your right, public information is out there, but most buyers don't know to ask about it or where to look for it. That is just one more reason why people need a good buyer's agent!
Interesting ... is that because it's public knowledge if the NOD is filed?
Lisa-North Carolina is a "buyer beware" state, so the buyer is expected to do all of the research on issues that they think is important. The real estate rules are all set up to protect the seller, so the seller does not have to disclose things unless they want to.
Krista
This was interesting to read --- different disclosure requirements for different states, apparently. Being in a foreclosure process is material fact which should be disclosed, at least in my state. And....when buying a FSBO, all the more that the buyer has to do extensive research, starting with the county records to see what liens or notices are filed against the property/owner. Isn't this information also provided in the preliminary report?
Pacita-Preliminary report? I guess that is another thing that is different between our states. We do not have anything like that here. The most important thing to know as a buyer is that the seller doesn't HAVE to tell you anything. However, if the seller has an agent and the agent is aware of any Material facts the agent MUST disclose. I guess this is yet another reason that buyers need to have their own representatives to help them. Otherwise they don't know what they need to know until it is too late!