topic Re: Home Seller's Disclosure Report in Mortgage Loans

Home Seller's Disclosure Report

veracious — Wed, 23 Feb 2011 16:47:56 GMT

Can a prospective buyer ask for a C.L.U.E.® Home Sellers Disclosure Report?

Is this considered an unusual contingency.

What's the best method to determine aproperty's insurance claim history.?

Thanks

Re: Home Seller's Disclosure Report

Anonymous — Wed, 23 Feb 2011 18:01:14 GMT

you can ask for about anything. Does not mean you will get it and it does not mean that even if you do get it, that the sellers will pay for it. I am not familiar with the program you are dealing with, but I am assuming it is similiar to carfax but for homes.

As far as insurance stuff, I am pretty sure they are repsonsible to inform you of any known issues with the house, but if there was an issue and to the best of their knowledge it has been taken care of, they are not likely repsonsible to disclose anything.

One thing to consider about contingencies is that every one you make is either going to make your offer seem really unattractive or drive up the costs on your end. Sellers have x amount of money they are generally willing to accept as a cost of the transaction and x amount of hassle (i.e difficualt loan programs, contingencies, extensions, etc). Anything beyond that is going to either scare them away if they have other bidders or make them want more $ for the house. Does that mean it is not worth the contingency, that depends. You should not need insurance or the above disclosure if you are having a good home inspection come in. Pay a few dollars more and get a really thorough inspection and any major issues should be apparent to the inspector. Minor issues are always going to be there.

In any case, just remember to do what makes you feel comfortable with the deal whil understanding that there are two groups involved and it is not a one sided transaction.

Re: Home Seller's Disclosure Report

veracious — Wed, 23 Feb 2011 18:15:01 GMT

Thanks, mickie08.

I brought this up because, as an example, if I purchased a property in an area where some homes

have a tendancy to flood and others do not, the seller would likely state that his home didn't flood during

the most recent storm. However the seller made a claim for coverage 2 or 3 years earlier.

This would indicate to me that the sellers property has a tendancy to flood.

I hope that makes sense.

Re: Home Seller's Disclosure Report

IOBA — Wed, 23 Feb 2011 19:37:01 GMT

I would ask for one. Be willing to pay for it.

Will you PM me with more information on how to obtain those reports please? Thanks!

Re: Home Seller's Disclosure Report

veracious — Wed, 23 Feb 2011 22:31:19 GMT

IOBA,

Check your mailbox, message sent.

veracious