Will a short sale still require full disclosure by the owner? What about right of inspection before buying?

Asked by Chmichielsen, Bonita Springs, FL Fri Apr 10, 2009

What are the cons of a short sale?

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Jeremy & Ely…, Agent, Port St Lucie, FL
Fri Jun 25, 2010
Correct, any home you purchase you can request a form called a "seller's disclosure". This will state what the seller knows about the home. Also when purchasing any home you can order an inspection. A short sale inspection is usually done after the bank approves.
Web Reference:  http://www.JeremyAGlass.com
2 votes
Gabe Sanders, Agent, Stuart, FL
Fri Apr 10, 2009
Caroylyn, Mike is correct. Florida does not require a sellers written disclosure by law, but does require that the seller disclose any material facts that they are aware of that would have an impact on the value or condition of the home.

In our short sale forms, make sure that you select the choice that will allow you to complete inspections after bank approval, this way you will not have to spend money for the inspection should the lender not approve the sale, or if you get tired of waiting for approval.

Good luck.
Web Reference:  http://www.GabeSanders.com
2 votes
Michael Sand…, Agent, Stuart, FL
Fri Apr 10, 2009
Carolyn, a short sale does not restrict the disclosure requirements on the seller. They may not be able to pay for any repairs, but the short sale does not allow them to withhold information from you. With that said it is always a good idea to have an inspection done and make that a contingency on your purchase contract. The owner may not be aware of a serious defect or repair that is needed! This is often the case and could affect your purchase price or your decision to purchase the home
2 votes
Susan B Colu…, Agent, Port Saint Lucie, FL
Sun Jun 27, 2010

A seller always has to disclose anything they know about that is actually wrong, or has been wrong with the property. You should always get a sellers disclosure statement. If the home is a foreclosure that is usually not provided, as the lender/owner does not live, has not lived, and has no idea if this or that has leaked, etc. That's one of the reasons inspections are so good. It gives you a opportunity to really check out the home during the inspection time period. I have had buyers order inspections prior to going into contract, but that is usually not the case. The market today is moving quickly and most buyers want to secure their position in a contract prior to spending money on a inspection. We have such a shortage of good listings on the market at this time. Even in a matter of days, many, many offers can come in on one property. I wish you luck.
1 vote
Kristina Ros…, Agent, Stuart fl 34997, FL
Mon Jan 4, 2010
This question is answered well - a seller must provide any known material fact about the property. However, there are the cases where the owner says they never lived in the property and not aware of anytihing. This has been more common . There are good responses to the short sale offers and inspections. Good Luck! TnT Realty & Associates
Web Reference:  http://www.tntrealtyfl.com
1 vote
Debbie Reddi…, Agent, Palm City, FL
Fri Apr 10, 2009

Both Gabe and Mike answered the inspections and disclosures questions that you had--quite well, I might add!

To answer your additional question--what are the cons of a short sale---there are numerous "cons" to a short sale. The worst one is that you have to be very patient when making an offer on a short sale. It can take sometimes 3-4 months before you even get a reply from the lender on your offer. True, it sometimes can take less time, but, if that happens, then you are happier! The other "con" is that not all people who are selling in a short sale situation even know if their bank will consider their property in a short sale situation. My suggestion to you is to make sure that you have a qualified Realtor working for you--making sure that they have been through the short sale process before, so they can guide you through the process.

If you have any further questions, feel free to call me or email me...
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