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Home Selling in Lake Mary : Real Estate Advice

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  • Home Buying54
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Activity 3
Tue May 24, 2011
Alma Kee answered:
You would ask the Seller to provide a copy of the most recent financials. If you're going after a bank owned listing or a short sale, you may not be able to get this info from the seller.

You should be able to pull up the governing documents (Declaration, Articles of Incorporation and ByLaws) from the Seminole county clerk's website.

The financial statements may not be available to non-owners so you may have to get written permission from the owner to request the financials from the management firm. Or your Realtor may be able to ask other agents with listings in that community if they might have a copy they would be willing to share.

You can make your offer contingent on your getting a copy of the financials (if this is not a bank owned listing). You need to see if they are putting sufficient money in reserves for things like roof replacement and if private roads for the very expensive road maintenance.

Good luck!
Alma
www.SoldOnTampa.com
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0 votes 3 answers Share Flag
Sun Dec 27, 2009
Ronald Hobbs esq answered:
Michelle,

As a matter of law, a seller is required to disclose to the public "all know facts that materially affect the value of the property", both to you and to any subsequent buyer once the seller becomes aware. This situation must also be fully disclosed to any Mortgage Lender to whom you make application, at the time of application. WDO and termite damage (whether currently active or not) all properly fit into this category.

However, minor or major past damage that has been properly repaired does not necessarily affect the present value of the home, in fact it likely does not. Though past insurance claims for the same may. While it is good to over disclose, it is not always strictly necessary if the property has been fully and professionally repaired and the problem entirely corrected. WDO damage is Not a Scarlet Letter.

That said, if you fail to disclose and damage is then detected (as happened in your case when Buyer) then as a Seller you would likely be subject to liability for damages as a result of any lack of disclosure. For this reason many seller’s choose to over-disclose, though it may not be strictly necessary… though more often the issue is one of under-disclosure, for one reason or another.

My recommendation is to have all of the damage properly and professionally repaired and inspected. Based on the results, and your personal feelings, decide then how you should precede… if there is any doubt, disclose your concerns to all parties.

Ron Hobbs
Palm Springs Realty (Commercial & Residential)
U.S. Housing and Urban Development Approved Broker
Licensed Real Estate Broker, Mortgage Banker, CPA (inact.)
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2 votes 6 answers Share Flag
Sun Dec 28, 2008
Rebecca Levinson answered:
Jim,
I would say steadily network on three. If I were a real estate agent and had to choose three:
1. Localism- The consumer portal of ActiveRain.
2. My own blog- And build a community.
3. Facebook- Yes, by inviting current and past clients and updating on their walls and meeting their friends, etc., you broaden your community, which is what it's all about.

O.K. I will throw in a third- Twitter, because its easy to microblog. It makes sense. Conversations happen, and you can get business from it. Plus you can syndicate twitter to Active Rain, Facebook and your own blog.
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