Home Buying in Chattanooga>Question Details

Larry Barlow, Home Seller in Harrison, TN

Is real estate agent obligated to disclose major repairs to future buyers on foreclosed property?

Asked by Larry Barlow, Harrison, TN Sat Feb 28, 2009

We did a house inspection and found that it needed major repairs before the house could be occupied.

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I tell my clients, " I did not live in it, I did not own it, so how would I know what is wrong with it?". GET A HOME INSPECTION. Or do just what you did, you ordered a home inspection.
Agents would be required to disclose if they know for a fact that a home has a problem.
We are not contractors. We are not heat and air specialists. We are not roofers. We are not builders.
Banks sell homes AS-IS. Banks are Exempt from disclosures.
HUD makes their own inspections and report is on their website.
Where Realtors may be responsible would be if the Owner told the Realtor of a defect and the Realtor withheld the information. Or the Realtor saw a home inspection report with defects and did not relay that to their client.
The Tennessee Association of Realtors define the LAW on this topic in detail.
If in doubt contact them in Nashville.
0 votes Thank Flag Link Wed Sep 16, 2009
Hi Larry,
There are currently 383 foreclosed homes on the market in Chattanooga. As a Realtor, there is no way to know the specific details of each home for sale. We have not lived in the home and the previous homeowner is no where to be found to discuss the condition of it. If we do know of any problems however, it is our responsibility to inform the buyers. Therefore, it is highly recommended that the buyer have a professional home inspector inspect the home. It is really the only way a buyer will know exactly what they are getting into.
Please call me if I can be of further assistance.
Jacque Lyons 423-987-9577
Prudential Realty Center
Chattanooga, TN
0 votes Thank Flag Link Sat Mar 21, 2009
Only what they know, Realtors® are not inspectors. Patrice and I recommend professional inspection to all our buyers. Your question doesn't provide enough information. If a Realtor® has knowledge of adverse conditions then yes, they are obligated to disclose.

Jeff
0 votes Thank Flag Link Tue Mar 3, 2009
Agent is not the seller bank foreclosures dont have disclosures. Many agents are not aware of condition of home they are not experts.

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 28, 2009
Anything that the agent is aware of that could affect the marketability or price of a property should be disclosed on any property in CA.
0 votes Thank Flag Link Sat Feb 28, 2009
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