duty to disclose: The Myth that Banks don't have to discose on REO sales
- 12/08/08 08:20 AM
If you ask most agents this question, they will normally say that the bank has no duty to disclose. And, it is no uncommon that Banks and the listing agent will tell you the same thing. They are partially correct but the exception, can be a really big problem. It is correct that there is a presumption that banks do not have any information about the property because they never lived there but there are two situations where this is not true. First, when the listing agent and bank asset manager first listed the property, there may have been some discussions … (2 comments)
Guy Berry is a frequent expert witness in real estate litigation and an accomplished trainer in real estate law and contracts. In addition he has been licensed for 30 years as an agent and managed large offices, including Coldwell Banker and Century 21.
If you ask most agents this question, they will normally say that the bank has no duty to disclose. And, it is no uncommon that Banks and the listing agent will tell you the same thing. They are partially correct but the exception, can be a really big problem.
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