Foreclosure in 33909>Question Details

reeldeels3, Home Buyer in Cape Coral, FL

Does FL law require a Disclosure of defective drywall even in the case of a foreclosure?

Asked by reeldeels3, Cape Coral, FL Sun Mar 31, 2013

We are looking at 2655 Sunset Lake Dr in Coral Lakes. Or do I have to contract on the house and pay for an inspection myself? If it has defective drywall, then I am out the money for the inspection. But our Realtor tells me we would be able to renig on the contract. Right? E

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Home owners are required to disclose ALL MATERIAL DEFECTS they are aware of, PERIOD. Whether they do or not is a different question, because really, how can you prove what a home owner really "knows". That is why you always need an educated and experienced Realtor working with you and to always get the property you are considering buying fully inspected by a licensed and insured Home Inspector. And, if you feel additional inspections need to be performed, by all means perform them. Caveat emptor - Latin for "Let the buyer beware".

Let me know if I can be of assistance. I go beyond the conventional expectations of our customers by providing superior Real Estate service and protecting your interests every step of the way. Call me and lets talk about how I can help you accomplish your Real Estate goals.

Respectfully,

Terence Trombetti • Realtor®
Gulf Coast Realty Network
4002 Del Prado Blvd. S.
Cape Coral, FL 33904
Mobile 239.560.1574
terencetrombetti@gmail.com
http://www.gulfcoastproperty.net

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0 votes Thank Flag Link Thu May 23, 2013
Hi,
I'm sure your agent has told you the telltale signs to look for that indicate Chinese Drywall. The smell like sulpher (rotten eggs) black corrosion on anything copper in the home such as plumbing, a/c coils, electrical, etc. But even if those things aren't present, as everyone else is saying here, you should definitely get a full inspection. Spending a few hundred now is better than thousands later remediating bad drywall.

I have experience in that community, and have sold homes there. Most of the single family homes were built using Chinese drywall. The townhouses for the most part are okay. But that is no guarantee. The inspection period on your contract gives you the right to back out of the contract for any reason prior to the inspection period expiring. So whether the inspection shows anything or not, you have the right to back out and get any deposits back. Be careful though, banks are sticklers for that timeline, and will not give you any grace period if you go past that period of your inspection. Also, make sure that you know exactly how many days you have. Sometimes agents will ask for 15 days for inspections, but most banks won't give you more than 10 days. Good luck.

Margie Birch
mbirch1@comcast.net
Miloff Aubuchon Realty
0 votes Thank Flag Link Mon Apr 1, 2013
I hope your realtor is advising you to get a full home inspection no matter what house you put a contract on -- bank owned, new, old, short sale, etc. I would never advise a client against it. This will be the best $300 you spend on your home.
I recall when Coral Lakes development was first being built, a few of the homes had to be demolished before ever being finished due to settling of the foundations.
0 votes Thank Flag Link Mon Apr 1, 2013
The seller should disclose of any known problems. In a foreclosure the seller (bank) has never occupied the property and does not know, so they hold no responsibility.

Regardless of what house you are buying an inspection is always suggested. Defective drywall is just one of many other things that may require fixing that can only be detected by a trained inspector. Paying for an inspection should be considered a necessary part of the process and not viewed as an extra expense. And YES, if substantial repairs are found during the inspection you can cancel the contract and get your deposit back (if it was spelled in the contract).

Tony Vega
La Rosa Realty
0 votes Thank Flag Link Mon Apr 1, 2013
Hi, as you most likely know, Chinese drywall falls between the years of 2002 and 2007.

Most likely you won't find any seller disclosures. Even if their was one. If it stated none is present, the little extra would be worth the money to "trust and verify" and having 'peace of mind", It may surprise many, Chinese drywall can show up in homes built before 2002, if any renovation or repairs were made during those years requiring the use of drywall. The agent you hire should be wise enough to check this is not the case and caution you of the possibilities.

My advice to you, as you look for properties, hire ONE agent and work with him / her. We all work with the same resources and some agent are better than others at it and also have better resources for their client to use. Also, you get to see how the agent works with you and how responsive he/she is with your needs. Sometime the agent and the client just does not "kick in" so you should fire him/her and hire one that you are comfortable with and help you through the maze of obtaining the keys to your new home.

Also and remember too: “Pictures without ALL the information are never the total picture and always the entire story ~!” Realtor Ron W ..”Pictures being shown, are attention gotcha, use to draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you, and it may not all be on the listing information! Having an agent will get you the missing pieces. Then when you actually view the property; have it inspected when everything begins to fall into place having a pre-approval letter or proof of funds ready done ready in the seller's hands. Sellers and Banks expect this information, before reviewing yours or any offer. Do not lose out by not having this or a Realtor® that is not the listing agent that serves the seller. Remember, the seller pays the commission!! You Get to choose your Realtor®!”

Hopes this help you

Feel free to visit my other sites I hope you will find enjoyable and informative:

http://pinterest.com/realtorronw/

http://rwolchesky.wordpress.com/

Much success in your property searching!

Ronald ( Realtor Ron W) Wolchesky
"Success is when we work together to achieve your GOAL!"
License in Florida
Home: 239-349-4684
Cell: 239-209-1923
0 votes Thank Flag Link Sun Mar 31, 2013
Some sellers (especially banks) aren't aware of problems. If an issue is known to the seller it is supposed to be disclosed but ALWAYS have your own inspections done. Make sure your offer is written correctly to protect you and allow you to cancel if inspections don't go well. Coral Lakes does have some homes with the defective drywall and if you know what to look for it is usually easy to determine.
0 votes Thank Flag Link Sun Mar 31, 2013
Discuss the process & details with your agent. They can explain how disclosure laws work, what to expect with a foreclosure & how contracts work. If you don't feel comfortable with their level of knowledge ask for their broker to assist or find new representation.
0 votes Thank Flag Link Sun Mar 31, 2013
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