For Sale by Owner- Betcha didn't know this!!

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Real Estate Agent with Fathom Realty

Interesting Tidbit that I had to share!!

I was in my North Carolina Mandatory Continuing Education course last Tuesday.  While in class our instructor; who helps write the real estate training books and is on the NC forms committee shared some interesting information that I thought all potential home buyers should know.

Did you know that a seller representing himself in the sale of his home does NOT have to tell you if he is in Foreclosure process? I have helped buyers who were interested in For Sale By Owner homes in the past and thankfully this has not become an issue.  However, it is just a matter of time until it affects someone we know.

Imagine this, the buyer spends hundreds or thousands of dollars of his money on home inspections, appraisals, septic inspections, HVAC inspections, well inspections, water testing, radon testing and etc and then days before Closing the home is foreclosed on!!!  WOW, all that money is gone. Yes, you could probably pursue legal action, but lets face it; if they are getting foreclosed on then they probably don't have the money to pay you back for your inspections... even if a judge says they have to. This is one more reason why it is important to use an agent who is knowledgeable, experienced, and educated help you through your home buying process!

If you or anyone you know is considering buying or selling please contact us. We are full time agents who are focused on amazing customer service! Full-time… because assisting you with life changing decisions shouldn’t be handled by someone who does real estate as a Hobby!

Krista and Rick Abshure   919-753-6518   Search Wake county homes here

 

 

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Tags:
for sale by owner
home buying tips
wake county north carolina
fuquay varina real estate
holly springs real estate
foreclosure tips

Comments 7 New Comment

Anonymous
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Rainer
37,661
Krista Abshure
Fathom Realty

Your right, public information is out there, but most buyers don't know to ask about it or where to look for it. That is just one more reason why people need a good buyer's agent!

December 14, 2011 09:08 PM
Rainmaker
499,778
Lisa Wetzel
CDPE, SFR carsonvalleyland.com
RE/MAX Realty Affiliates

Interesting ... is that because it's public knowledge if the NOD is filed?

December 15, 2011 10:48 PM
Rainer
37,661
Krista Abshure
Fathom Realty

Lisa-North Carolina is a "buyer beware" state, so the buyer is expected to do all of the research on issues that they think is important.  The real estate rules are all set up to protect the seller, so the seller does not have to disclose things unless they want to.

December 16, 2011 04:39 PM
Rainmaker
657,327
Pacita Dimacali
Alameda/Contra Costa Counties CA
Alain Pinel

Krista

This was interesting to read --- different disclosure requirements for different states, apparently. Being in a foreclosure process is material fact which should be disclosed, at least in my state. And....when buying a FSBO, all the more that the buyer has to do extensive research, starting with the county records to see what liens or notices are filed against the property/owner. Isn't this information also provided in the preliminary report?

 

December 29, 2011 10:50 PM
Rainer
37,661
Krista Abshure
Fathom Realty

Pacita-Preliminary report?  I guess that is another thing that is different between our states.  We do not have anything like that here.  The most important thing to know as a buyer is that the seller doesn't HAVE to tell you anything. However, if the seller has an agent and the agent is aware of any Material facts the agent MUST disclose.  I guess this is yet another reason that buyers need to have their own representatives to help them.  Otherwise they don't know what they need to know until it is too late!

December 31, 2011 04:17 PM
Anonymous
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Rainer
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Krista Abshure

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