Home Buying in Madison>Question Details

Dorian, Renter in Mount Vernon, NY

If a house is being bought and I know major things is wrong that the eye cannot see,should I point it out? (Not my home)

Asked by Dorian, Mount Vernon, NY Sun Feb 17, 2013

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Are you the Realtor, friend, neighbor of the owner of the property? If you are the realtor, always be honest. If I was the Buyer, I would want to know. You may have to prove how you know of these defects, are they from reliable sources?. Judy Braund
Keller Williams Crossroads, Madison, WI
1 vote Thank Flag Link Sun Feb 17, 2013
You may want to discuss with your current neighbor and have them talk with their agent or a real estate attorney. They are putting themselves in a very bad situation which may come back to haunt them at a later time if they do not disclose all defects. Sellers are required to disclose any defect.
0 votes Thank Flag Link Mon Feb 18, 2013
Assuming you are a neighbor, here's my advice: Be cautious and circumspect in how you word what you tell the buyer, IF you decide to go that route. If the sale tanks as a result, you will still have your old neighbor to live with. And you'd better be sure of what you "know"; to tell about a major defect that later turns out not to exist or to be not as bad as you made it out to be would involve you in difficulties of your own, just as not telling could. I would word things conditionally or as a question, such as, "Did you ask about how the well held up during droughts? And what did he tell you?"
0 votes Thank Flag Link Mon Feb 18, 2013
Thank you and I am 110% of the MAJOR COSTLY PROBLEMS. I would have to think HARD about how to approach this. Either way I am going to feel bad. Thank you again
Flag Mon Feb 18, 2013
Are you the buyer? If so speak up. If you're not the buyer and not the seller but out; it's not your business and what you think you know may or may not be true. If you're involved in the transaction in some manner than I think you have a moral obligation to speak up.
0 votes Thank Flag Link Mon Feb 18, 2013
First, this information has to be substantiated. If they are valid, what is your role in the transaction?
If you are not a direct participant in the process, do you feel that the disclosure is a moral obligation?

Revisit the last question and do what you think is right.
0 votes Thank Flag Link Mon Feb 18, 2013
I think you have a moral obligation to inform your potential neighbor of defects that they would be reasonably unable to discover on their own.

Look at it this way - if you bought a home, and a neighbor came by to welcome you to the neighborhood and said, "Yeah, I guess you didn't know about (this huge problem) when you bought it," you might look at them and say, "Gee, why'd you wait 'til now to tell me!"
0 votes Thank Flag Link Sun Feb 17, 2013
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