REDUCING RISK - USE A BUYER'S AGENT (PT 3)

FOR SALE BY OWNER (PT 2)
(Bill Gassett)

DISCLOSURE ISSUES
In some states, sellers do not have to disclose problems with their homes. In states where this is the case, it is known as Caveat Emptor or “let the buyer beware.” Real Estate agents, however, are held to much higher standards.

If a real estate agent knows about some problem with a home, it must be disclosed! There are very few instances where a real estate agent can avoid disclosing a condition that would make a buyer think twice about purchasing a home.

For example, if the seller’s basement floods every spring a real estate agent would have to disclose this to any buyer who was interested in the property. Agents are not allowed to have a “blind eye” when it comes to potential issues they have discovered.

Some sellers in states where non-disclosure is allowed will try to sell their home for sale by owner. A percentage of these owners may even market their home as being sold as-is. A big red flag should go up if you are purchasing a home from a for sale by owner and they are selling as-is!