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For Sale by Owner- Betcha didn't know this!!

By Krista Abshure

Real Estate Agent with Fathom Realty

December 14, 2011 10:01 AM

Interesting Tidbit that I had to share!!

I was in my North Carolina Mandatory Continuing Education course last Tuesday. While in class our instructor; who helps write the real estate training books and is on the NC forms committee shared some interesting information that I thought all potential home buyers should know.

Did you know that a seller representing himself in the sale of his home does NOT have to tell you if he is in Foreclosure process? I have helped buyers who were interested in For Sale By Owner homes in the past and thankfully this has not become an issue. However, it is just a matter of time until it affects someone we know.

Imagine this, the buyer spends hundreds or thousands of dollars of his money on home inspections, appraisals, septic inspections, HVAC inspections, well inspections, water testing, radon testing and etc and then days before Closing the home is foreclosed on!!! WOW, all that money is gone. Yes, you could probably pursue legal action, but lets face it; if they are getting foreclosed on then they probably don't have the money to pay you back for your inspections... even if a judge says they have to. This is one more reason why it is important to use an agent who is knowledgeable, experienced, and educated help you through your home buying process!

If you or anyone you know is considering buying or selling please contact us. We are full time agents who are focused on amazing customer service! Full-time… because assisting you with life changing decisions shouldn’t be handled by someone who does real estate as a Hobby!

Krista and Rick Abshure 919-753-6518 Search Wake county homes here

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Jeff Jensen

The Federal Savings Bank/Lending in 50 states - Greenwich, CT

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.

Dec 14, 2011 10:16 AM

Don McBride

Nautical Realty Group - Sanibel, FL

Thanks Krista good information to know

Dec 14, 2011 10:17 AM

Krista Abshure

Fathom Realty - Fuquay Varina, NC

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!

Dec 14, 2011 01:08 PM

Lisa Wetzel

RE/MAX Realty Affiliates - Carson City, NV

CDPE, SFR carsonvalleyland.com

Interesting ... is that because it's public knowledge if the NOD is filed?

Dec 15, 2011 02:48 PM

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.

Dec 16, 2011 08:39 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

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?

Dec 29, 2011 02:50 PM

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!

Dec 31, 2011 08:17 AM

For Sale by Owner- Betcha didn't know this!!

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Krista Abshure

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