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#462292 - 09/01/18 02:13 PM Property disclosure required?
raginagent Offline
Junior Member

Registered: 08/31/18
Posts: 1
Loc: TX
Are companies that purchase bulk REO properties and resell them required to have a property disclosure? Stonecrest, for example, under an LLC is in another state and one of the properties in their bulk purchase of REO properties is in my state.

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#462293 - 09/01/18 02:57 PM Re: Property disclosure required? [Re: raginagent]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
As a practical matter, NO; they're probably required to disclose "whatever they know" or what a reasonably observant party would know; but unless Texas Law specifically requires that they perform further investigation to uncover latent defects . . . . this research should be performed by every alert Buyer.

Check your Texas Statutes to be sure.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#462296 - 09/02/18 12:16 PM Re: Property disclosure required? [Re: raginagent]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2357
Loc: Outer Banks
How can someone who has never lived in the house fill out a property disclosure? Same thing goes for estate sales.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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#462299 - 09/02/18 05:37 PM Re: Property disclosure required? [Re: raginagent]
barb43 Offline
Veteran Member

Registered: 08/01/08
Posts: 1167
Loc: SW Okla
In the state of Oklahoma, we have three types of property disclosure forms:

- Residential Property Condition Disclosure, which is typically filled out by someone who has lived in the property.

- Residential Property Disclaimer Statement Form, which is typically filled out by owners who allowed someone else to live in the property, like tenants, but do not have the knowledge they'd have if they'd lived there themselves.

- Residential Property Condition Disclosure Exemption Form, which applies in the case of REOs, estate sales, transfer of property between spouses in a divorce decree, and also used with new construction that has not previously been lived in.

Does your state not offer form varieties like these?
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


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