Property Q&A in Harleysville>Question Details

Jhuss, Home Buyer in Harleysville, PA

Would it be reasonable to require disclosure of the Mold problem at this home PRIOR to inspections? The seller KNOWS it, 2 buyers have backed out.

Asked by Jhuss, Harleysville, PA Fri Sep 2, 2011

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If you know there is mold and you know that 2 people already backed out due to the mold then why are you interested in disclosure? It's an obvious problem and a disclosure actually limits the liability of the Seller. Are you looking to get something more than disclosure? In just about all foreclosed cases the property is as-is and I would definately make your offer according to the condition of the home.
0 votes Thank Flag Link Fri Sep 2, 2011
Thank for additional helpful info. REO/Seller/banks think that they are exempt from all property and area disclosures and they will require a buyer to sign these forms if they want to purchase the property-period. However, REO/Seller/banks are liable to disclose all KNOWN material facts as all sellers are. REO/Seller/banks may or may not credit or make any repairs on 'AS IS' properties and lender may require to provide a 'clean' appraisal inspection rpt, so this is a buyers expense.Most of the time its seems like there e some minor repairs and we can move forward and close. U or your agent might be able to negotiate mold remediation. I have as well as a number of different items on REO's for my buyers including, but not limited to: termite clearance and homeowners warranties at sellers expense.
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0 votes Thank Flag Link Fri Sep 2, 2011
welcome to the REO world, one always needs to expect the worst
0 votes Thank Flag Link Fri Sep 2, 2011
Sorry, it is a foreclosed property being sold "as is."
However the REO knows there is MOLD from the 2 previous inspection reports.

As a consumer, it is appalling to think that known problems aren't being disclosed because it is "as is"
0 votes Thank Flag Link Fri Sep 2, 2011
Hi, Yes, U can ask for this in your offer or prepare a mold and radon disclosure form to be attached. U can perform your due diligence within your designated time period. U can request the sellers disclosures after ur in contract and prior to spending any money for your home inspection. This mold disclosure will limit the sellers liability. Then, U can make a decision on mold remediation action to take on. Sometimes this dirty word is an easy fix, and sometimes its not. Is there a lender involved? Call or email me for more info.TY, Maureen
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0 votes Thank Flag Link Fri Sep 2, 2011
Disclose, disclose, disclose...
0 votes Thank Flag Link Fri Sep 2, 2011
disclose, disclose, disclose, be sure your sins will find you out. The answer is yes it would be reasonable.
0 votes Thank Flag Link Fri Sep 2, 2011
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