Disclosure and the Institutional Seller. Foreclosure in Murrieta California.

By
Real Estate Agent with Labrum Real Estate

 In the State of California there are many disclosures Sellers of Real Property are required to make available to the buyer of their property. If an offer is accepted by the seller of a Murrieta California home the seller must disclose, on various forms, anything that may affect the homes value or desirability to the buyer. This applies to 'Regular' sellers and the forms used are but not limited too:

 Seller Property Questionnaire: This form is basically a yes or no form with questions like:

 !. Are there pets on the property?

 2. Has the home been painted recently?

 3. Big Question: Is there anything you are aware of that may affect the value of the property? Certainly open to interpretation.

 Transfer Disclosure Disclosure (TDS) This form asks about things listed with a check off format:

 Does the home have Central Air, Forced Air Heating, a Stove,Microwave Oven etc and are they in working condition? The seller is to answer these questions honestly and to the best of their abilities and to also list anything not questioned on the form that may affect the Value or desirability of the property. If the neighbors like to fight and beat on one another ever Saturday night and the police are called that is something to be disclosed.

Karen Parsons-Fiddler wrote an excellent post on Activerain about this subject:Re-blogged 0 times

Disclose, Disclose, Disclose....Honesty, Honesty, Honesty

  Now when it comes to Bank Owned Properties commonly called Real Estate Owned. The reason being they are an Institutional seller and they have never lived in nor seen the home. Really all they know is they have a loan that was not paid so they foreclosed on the property. They are required to follow state law as to Water Heater and Smoke detector Compliance and for this they depend upon the Listing Agent to make sure all State Laws are adhered to.

 In all REO sales I advise my clients to get a home inspection prior to the close of escrow. As the listing agent for many REOs I do disclose personally anything that may affect the Value or Desirability of a property even though my seller may be Exempt from said disclosures. If I know about a problem you can rest assured I will tell you, my client, about the situation. After all it's going to be YOUR HOME and You should know as much as possible about the home. I do the same when representing the buyer on another agents REO properties as this is my Fiduciary responsibility to you the buyer.your new home

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Ambassador
1,805,755
Chris Ann Cleland
Associate Broker, Northern VA
Long & Foster REALTORS®, Gainesville, VA

Cameron:  I'm sitting here wondering why the pet question.  Allergies?  Do folks really have allergies THAT severe to animals?  Next you'll have to ask if there was ever any peanut products kept in the refirgerator or the pantry.

May 09, 2010 10:54 AM
Ambassador
1,449,321
Renée Burrows
Las Vegas Real Estate Broker - www.urLVhome.com
Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate

Chris:  LOL@ peanut products.  I do believe people have allergies that severe to animals and have seen clients have reactions when they walk into a vacant home.  I am personally allergic to mold and break out very easily and my sinuses swell with fluid when I walk in a home with copious amounts of mold.

Great questionnaire for finding out tidbits about the property and how to handle cleanup Cameron.  I wish more REO listers would take such pride upon accepting a listing!

May 09, 2010 01:47 PM
Rainmaker
294,127
Michael J. O'Connor
Eastvale - 951-847-4883
Diamond Ridge Realty

I just find it so infuriating when I receive an 'Agent Visual Disclosure Report' from a listing agent that lists every room as 'average'.  I bet in almost all these cases the listing agent has never even been to the property.  Personally I make sure that my report shows all items that I think need to be disclosed to the buyer.  Disclose, disclose, disclose - honesty, honesty, honesty.....

May 09, 2010 03:35 PM
Rainmaker
180,245
Cameron Wilson
The Short Guy - Murrieta,Temecula,Menifee California
Labrum Real Estate

CHRIS ANN, Hey it's California. Would you expect less?

RENEE, Thank you. I treat all my listings the same. Wish some of the agents who show my REOs would give them a little respect.

MICHAEL, What's average? If I know about it I disclose it.

May 09, 2010 04:33 PM
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Cameron Wilson

The Short Guy - Murrieta,Temecula,Menifee California
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