Home Buying in 30319>Question Details

Noobie1, Home Buyer in 30319

OK a little more thorough this time any help at all is appreciated - Thank you thus far for the responses it has all be very helpful

Asked by Noobie1, 30319 Wed Oct 21, 2009

With an onsite real estate company that does not work directly for the builder (but was hired by the builder to represent him/her) what responsibility does the onsite agent and the preferred lender for the builder have to notify a buyer that the builder has been notified that the propery is foreclosing ? (all this prior to the closing date but during contract negotiations) - Is there any Law/Regulation that requires them to notify the buyer or does it lay more on the "moral/right thing to do" rules ????

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4
Best to confer with attorney , still more question(s) than answer here in your authored statement. But if the builder can't complete the property prior to foreclosure date I WOULD assume you should request for your escrow money be returned.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sun Dec 26, 2010
Hey Noobie1. No. No laws at all. Honestly, I doubt if the mortgage people or the agent hired by the builder even knew. If they did know, yes, I would hope that they would have some morals or ethics, but not all agents or mortgage lenders do.

Good luck!
Web Reference: http://www.TeamBrittain.com
0 votes Thank Flag Link Sun Dec 26, 2010
I'm not aware of any legal obligation the onsite agent or lender would have to disclose an inpending foreclosure. You would have to ask a lawyer. You do have the right to an up to date seller's disclosure from the seller that should indicate any adverse conditions of the property.

Did you end up buying this property?
0 votes Thank Flag Link Thu Oct 22, 2009
Part of your question states “the builder has been notified that the property is foreclosing”. Was the Real Estate Company and the lender notified by the court of foreclosure proceedings? Probably not. I’d say if they weren’t notified, they are not legally responsible. If the real estate company was representing you (and they might not have been) they would certainly have a moral responsibility to disclose the any information they would have about the foreclosure.

This is one of the many reasons people hire buyers agents to represent them.
0 votes Thank Flag Link Wed Oct 21, 2009
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