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Old 10-08-2014, 07:53 AM
 
52 posts, read 59,864 times
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A new house listing that I found very appealing turned out to have some issues. The local RE office site where I first found the listing did not disclose anything, and neither did Trulia or Zillow. On realtor.com (which still carries BHM metro listings, but not HSV properties), I learned that the house is in foreclosure. After searching for a while, I discovered that the house has been through Chinese drywall remediation. Nothing about that is mentioned in any RE listing.

Do RE agents here have to disclose upfront when a house is in foreclosure? (I know buyers will eventually learn.) How about when a house has been through remediation for Chinese drywall or any other serious problem? The one form I've seen for drywall disclosure is all about whether the house currently has Chinese/defective drywall and says nothing about past removal and remediation.

I've read that some homeowners lost their HO ins. when they attempted to make a claim for Chinese drywall damage and then faced foreclosure when their mortgage company learned the property was no longer insured. Since records of such information are shared among insurers, will these houses be uninsurable even after remediation? I've read that's happened to some houses with serious mold problems. If so, do RE agents here have to disclose that up front also?
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