After decades of advancements in technology, enlightened legislation and uniform instruments, the condition of real estate as a profession is devolving into a free-for-all and it is becoming a scenario of every man or woman for themselves.
Part of the problem is initiated at the hands of some institutional sellers that craft contradictory cryptic conditions that seem to encourage misinformation at best and outright deceit at its worst.
As many of the large, reputable brokerage firms view some of these conditions of listing as “borderline,” and refuse to participate in the gray area schemes, an underground army of renegade independents seem only too anxious to become complicit in taking the buyer back to the days of caveat emptor.
These sellers have the property inspected for adverse material defects at the time of acquisition, and yet refuse to disclose these defects for which they now have actual knowledge, as required by law.
The Department of Housing and Urban Development always allows the buyer to see the entire HUD property report before submitting an offer. And while it’s not a perfect system, at least the consumer has the same information as the seller and at least has some idea of potential problems.
All other institutional sellers should follow suit, not only because it’s the right thing to do, but because it is the law!
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Richard, everyone should be required to disclose any and all information gathered prior to putting a home on the market, and I firmly believe that lenders who take homes back in a foreclosure should be required to do a full inspection and release the information.
Perhaps we are entering an era where ALL should have to have a pre-listing inspection and be required to show it to the buyer. I would hate to think it would get to that point, however because of the behavior of some, it makes you wonder if it wouldn't benefit all.
At least investors and lenders should be required to do so.
Tell the truth. Don't have to be a boy or girl scout after a merit badge. Just tell the truth and make it a habit before the sale closing. Lot easier. Less costly. Can you say ethical? Sure you can. I new you could.
Richard this is the itch many of us can not scratch. My particular solution was to become a full fledged buyer's broker. One of the many advantages for me is not having to compete with those who would be complicit in shirking their duties, fiducially, morally, ethically,legally or otherwise.
Full disclosure is not only the right thing to do, as you mentioned in this post, in most states, it's the law. Your post is just one more reason I'm adamant about my buyers having a professional home inspection...and making them sign off that I recommended it if they choose not to have one.
That's why it's very important for the buyers agent to strongly recommend that the buyer have inspection(s) done.
It's amazing that so many don't do what's "right." We all make mistakes. Some folks make them every time. Have a good Thursday!
Richard,
The institutions for which I've listed REOs never have it inspected by anyone other than me. I report glaring defects on their form. The form is disclosed. These entities also refuse to let potential buyers do a home inspection prior to contract - because they would then have to disclose all the problems. "See no evil" is the name of the game.
Richard: It's absolutely sickening for agents to break the law in any fashion. If you have knowledge of something, disclose it. If your seller is going to fire you if you do disclose, consider it a blessing. The commission you make won't cover the lawyer you'll need in the lawsuit brought by the buyer.
Richard,
Sounds like you're wordsmithing us a bit here, trying to protect the guilty party most likely. Messing around with disclosures could lose an agent their license.
Rich
Disclose, disclose, disclose...
I think buyers who bought during a frenzy are going to regret not being able to take more time. Just because of no seller disclosure and other mis-information.
You're right Richard. Lots of shenanigans going on in the market today. It's why we are valuable and should be contacted.
Well said Richard....too bad those "fast buck" realtors with a license arent present on this forum so they can recognize the error of their ways.
These are challenging times and no one should be in a hurry to close without proper inspections, research and disclosure. After all, we enjoy good relationships over time with happy buyers and happy sellers.
Qualified buyers have the run of the market these days so it is up to the Professionals to ask and receive the proper disclosures in this litigious society.