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.
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
Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
â€“ Lynn A. Crosby