Generally no; however it's always in your best interest to visit any neighborhood of interest several times before considering any purchase; for any necessary legal advice do consult with an attorney.

No, they are not under a legal obligation. A good Realtor should inform you about the negatives and positives, that they are aware of, in any area that you are looking at homes. Each area of our county will have somewhat different trends in foreclosure activity levels and property value trends.The best way to make a good decision is to have all the relevant information possible to consider.

Hey there,

Good question. The answer is no, we're not. Nonetheless, when you are looking at homes you may want to ask about this and also look at whats out there for bank-owned (REO) properties. We haven't seen the volume of REO properties such as Pheonix or Vegas, but your agent should be aware of what any REO's have done to the value of similar properties to those you are making an offer on and adjust as such. It seems as our market is stabilizing and that the REO's are being priced more in line with market conditions. Still, the asset managers of these properties have good leeway to make a deal so look into REO's, short sales (if time isn't an issue) and many private sellers are in good equity positions as well to make a deal. The key is an agressive Buyers' agent....like us! Cheers, Sebastian

Reasltors are not legally bound to tell you this. But, when I am engaged as a buyers agent I give my buyers a comparative market analysis to give them an idea of how the price of the home or neighborhood they are interested in is positioned in the market. This would certainly include bank-owned sales and current actives, if they were present. Durango has not been as impacted by foreclosures as other areas in the country or in Colorado ( a good thing!), but they are outh there...

No, Realtors are not "legally" responsible to inform you of bank owned properties in the area you are considering buying, but, if you find a house nearby that you are wondering about the ownership on, you can ask your Realtor to find out who owns it.

There's no real reason to worry about a bank owned property, as it will be maintained and then it will sell. There really should be no detrimental effect on the neighborhood. So, what is the true question you have?

Please feel free to contact me if you have further questions about Colorado Real Estate

No.

Except.

What's your story?

It depends on the agency agreement that you have signed with the realtor about whom you are speaking. A seller's agent's contractual responsibility is to the seller. A buyer's agent, if you were smart enough to get one, has the responsibility to look out for your best interests, which may include telling you what is happening in the neighborhood where you want to buy.

Hello Durango Resident,
I'm not an attorney but I don't believe that an agent MUST disclose that there are bank-owned homes on the same street or neighborhood. However; the agent should tell his client about any if the buyer were to inquire about it.

It is a matter of public knowledge if any REO homes are for sale in the neighborhood. You could find that out quite easily yourself.

Hope this helps.

Laura Feghali
Prudential Connecticut Realty