Saturday, February 11, 2012
I have a friend who’s selling his house, “for Sale By Owner”?
Donq asked:
The problem with his house is that when it rains the front door porch and back yard floods. He says that he does not have to disclose this Information to the buyer and I tell him he does. Who is right and what are the repercussion if he does not disclose?
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The problem with his house is that when it rains the front door porch and back yard floods. He says that he does not have to disclose this Information to the buyer and I tell him he does. Who is right and what are the repercussion if he does not disclose?
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Comments
Depends on the laws of your state. They vary in each state. Some states require disclosure of known defects, other states like Florida, it is buyer be wary, it is up to the buyer to do his own research.
That’s why EBay is full of property for sale in Florida that falls in the Scrub Jay protected areas, but not disclosed to prospective buyers.
this is one reason why you don’t want to buy R.E. with out an agent. The FSBO’s are normally that for a reason… this is one.
Yes, technically the owner should provide a disclosure of any latent defects that would affect the resale of the house or the “usability of the house” for the occupant… leaky roof, flooding yard, cracked foundation, etc.