Home Buying in 17403>Question Details

Meka Wood, Home Buyer in York, PA

Are sellers required to disclose problems such as a "red tagged" furnace for a As Is property?

Asked by Meka Wood, York, PA Tue Aug 19, 2008

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14
Almost always, the Sellers must disclose anything they are reasonably aware of - That said, if this is a foreclosed property sale, the bank, or investor who is now selling may not have any info -
1 vote Thank Flag Link Tue Dec 20, 2011
Depends on the state you are in but most have a no knowledge disclosure, which is a dance for we know nothing. If the seller is private it should be disclosed. Always expect as-is to be as-is. Do your inspections and research. THe homes are less expensive but be prepared to invest money. There is always a reason it is as-is.
Good luck
0 votes Thank Flag Link Tue Dec 20, 2011
It's the same here in New York, if they know they must disclose.
0 votes Thank Flag Link Tue Aug 26, 2008
Meka,

If the defects are disclosed prior to the contract acceptance, it makes it much more difficult for a buyer to come after you because of home conditions......even for an "As Is" contract.

Don't compromise your position by knowingly withholding information about your property. Your "Sellers Disclosure" information should be complete and accurate.
0 votes Thank Flag Link Tue Aug 26, 2008
As long as they knew about it, ABSOLUTELY! They must disclose everything they know about the property.
0 votes Thank Flag Link Tue Aug 26, 2008
In California you must disclose everything about the property, even if the seller will not replace or repair anything.
Judy Genton,Realtor
Wiindermere Real Estate
Indian Wells, CA
Web Reference: http://www.judygenton.com
0 votes Thank Flag Link Wed Aug 20, 2008
If a seller is an individual or private enitity and is aware of a "red tagged" furnace then YES they must disclose it. If the seller is a bank or a government agency selling it due to foreclosre or other conveyance they do state that they have no knowledge of the property at all. Buyers must do their own inspections to find any defects and it is for information purposes only. They require you to sign a statement stating just that. If you have any further questions regarding that feel free to contact me. Cindy
Web Reference: http://www.thesoldteam.com
0 votes Thank Flag Link Wed Aug 20, 2008
How can a seller not be aware of a legal red tag? If a property has a red tag and the seller claims he was not aware of it, I would suggest he is lying, since a red tag is an official notice to the owner.
Flag Sun May 4, 2014
YES!! As you have read in all the other answers. You need to disclose the problem. It may take a buyer that has the funds to correct the problem over and above a mortgage. Also you will be knocking out FHA loans... Today most of my buyers are going FHA due to the mortgage industry taking away 100% financjng. Fha will require proper heat to be able to fund a loan. Have you looked into the cost of repair on the furnace. it may be that you will sell for more and the money will be returned to you that way.
Happy to take a look at what you have in York...I am a local York County Realtor.

Ok now I see you are a buyer. Please note all comments and be smart about the purchase.
0 votes Thank Flag Link Wed Aug 20, 2008
When in doubt, disclose, disclosre, disclose.

Regardless of whether or not you're seling the property AS IS, you are still required to disclose material information about the condition of the house. If you know the furnace is red-tagged, you MUST disclose this fact.
0 votes Thank Flag Link Wed Aug 20, 2008
A seller still needs to complete the disclosure form to the best of their ability. As a buyer, you can still do inspections to get the full status of any of the systems. We just had a couple of deals where we represented the buyer, and the sellers agent said the property was going to be sold as-is !! We said okay... after the home inspection, we still negotiated several thousand dollars of credits for repair items.

So, in reality, is as-is really as-is ? Obviously it is imperative to have the right agent.

For more helpful hints or more questions, visit our site below.
0 votes Thank Flag Link Wed Aug 20, 2008
Hi Meka, in PA the seller of a property has to provide a Seller's Disclosure. A document that tells any potential buyer everything that the seller knows to be defective with a property. Or if the seller does not know the condition of an item, the lack of awareness is also disclosed.

Your best bet is to fill out the disclosure to the fullest extent of your knowledge.
-Dale
Web Reference: http://www.liveinphilly.net
0 votes Thank Flag Link Tue Aug 19, 2008
Telling someone that they are taking something "as is" has been argued before. If it is a defect, and they are going to take a property in it's current condition I would think that honesty always prevails, and it should be disclosed. For peace of mind, as well as it is a material defect.
0 votes Thank Flag Link Tue Aug 19, 2008
Yes! Even if you are selling 'as is' it just means you will make no repairs and that the inspections a prospective buyer would have would be for their information only....you still have to disclose all known defects.
Web Reference: http://www.carolynboyle.com
0 votes Thank Flag Link Tue Aug 19, 2008
Absolutely!! And anyone who does not is making a big mistake.
0 votes Thank Flag Link Tue Aug 19, 2008
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