The seller purchased the home a few months ago, fixed it up and is now selling it. During an open house last weekend, someone who used to live in the home 3 years ago told me about the problems that the property used to have (water leaks, etc). Also, he said that when he purchased the home, he was told that the previous owner had died in the home. Shouldn't this now be disclosed by me to any current interested buyers of the home? Obviously the current seller doesn't know any of these things, since he never actually lived in the home. Do I just casually mention it to the potential buyers, or should I document this in some way? The guy signed my open house log so I have his number btw...
2007-09-27 10:23:39 · 6 answers · asked by madjazz 2 in Business & Finance ➔ Renting & Real Estate
Hey Financing_loans:
If you notice at the end of my question, I don't ask should I report this...I ask how to do it. Also, how do I know its legit? That's why I'm wondering if I should get a written statement from the actual person who said these things, or just put in writing what was told to me. Don't be so quick to judge. Nobody else here is bustin my chops...
2007-09-27 11:46:44 · update #1
Current owner purchased at foreclosure sale...so nothing was disclosed to the current owner.
2007-09-27 11:49:00 · update #2
Also I am in a very ethnically diverse area; some cultures are very sensitive about recent deaths in the home...I've had clients refuse to even go in a home when I've had the listing agent tell me beforehand about it. So yes, it does matter to some.
2007-09-27 12:05:40 · update #3
Depends on your state. Its bizarre to me that you dont know the answer. Whatever.
In Utah you need too. I cant believe you are asking this question. Give me your name and number again, I wont pick you as an agent. You past a test right?
***** UPDATE *****
Okay the backlash was appropriate. Call your state Division on Real Estate. As the current owner doesnt know it might be different. You represent what they know. Now the problem is you know. What are your obligations to represent the seller. If you tell somebody and they dont buy the home, the seller sues you. If you dont tell the buyer and you know, they sue you if that is a legal right in your state.
I would say if you are both the buyer and seller agent you have to tell the buyer. Your fudiciary responsibility would require it. If you are just the sellers agent, I would check with the state because telling the buyer might kill the sell. But thats not who you represent.
CYA (cover your ***). Check your state law very carefully, if you tell the buyer and your not required..... you could lose a sale. Thus you are not representing the seller.
This one is very tricky, be very careful. Good Luck.
2007-09-27 10:31:43 · answer #1 · answered by financing_loans 6 · 0⤊ 1⤋
At least in Illinois, it is up to the seller to respond to the disclosure questions. Maybe he fixed the leaks. You need to ask the Board of Realtors if you have to tell the current owner those things. You don't even know if they are true. Practically any house, sooner or later is going to have someone die in it. Why is that a big deal? If there was a murder or such in the past and the current owner is unaware, I don't think he is liable. Why didn't the previous owner tell the current owner when he sold it to him? This could get so out of control.
2007-09-27 10:32:21 · answer #2 · answered by dittywah2003 2 · 0⤊ 0⤋
Its a delicate situation. If the seller has not resided in the property than the property disclosures will not be enough.
I feel that you dont have to mention any of those issues but like always try observe the defects and if you feel something is wrong, then contact the seller and try to sell the home "AS_IS". You might wannna discuus this with your broker who probably will contact the E&O comany and talk to their attorney. If you do not have any of the above available , the call your local board of realtors and i am sure they have a help line where you can ask them this question
2007-09-27 10:34:44 · answer #3 · answered by guy2598us 2 · 0⤊ 0⤋
Well you would have no need to disclose defects like leaks etc because if he flipped the home one would assume he repaired them. Who are you to say he didn't? Now in my state we do not have to disclose a death in a home unless we are asked by the potential buyer. I would explain the situation to the seller, and let them know you are going to look into it, and if it is true you will have to disclose it IF someone asks you.
2007-09-27 13:08:57 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋
in case you have already got a client's agent, persist together with her or him. Your agent is representing your interest and your interest in basic terms. The itemizing agent is representing the employer. in the journey that your state helps twin agency, then the itemizing agent ought to symbolize the two considered one of you yet neither of you may get carry of the final achieveable suggestion because of the barriers placed on an agent performing in a twin agency place.
2016-10-05 11:19:54 · answer #5 · answered by Erika 4 · 0⤊ 0⤋
Ask your broker about the disclosure laws in your state - (you should already know if you're a Realtor)
2007-09-27 10:32:04 · answer #6 · answered by teran_realtor 7 · 0⤊ 1⤋