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Old 01-27-2016, 06:23 AM
 
Location: Port Charlotte
3,927 posts, read 4,786,829 times
Reputation: 3409

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If you are selling and thinking of 'well, I will just let this issue go' when filling out the disclosure form, think again. It can and will come back to haunt you.

Story 1: man adds onto home, doesn't secure the foundation through moving water away and around the home. Addition moves due to water, seller does not mark settlement on the form. Cost him thousands in settlement costs and attorney fees. I knew this man personally and he knew better.

Story 2: this one is extreme but...a Spring Hill couple had a sinkhole damage the home. Got a big insurance settlement, did some repairs,pocketed the bulk, then put the home up for sale and didn't disclose the sinkhole and damage to the new buyer. They have been found guilty of wire fraud, facing prison.
Spring Hill couple who hid sinkhole from home buyer could get prison time | Tampa Bay Times
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Old 01-27-2016, 06:24 AM
 
Location: Mount Airy, Maryland
10,473 posts, read 5,939,796 times
Reputation: 16170
As for the second couple, good. That is a terrible thing to do to an unsuspecting buyer.
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Old 01-27-2016, 06:28 AM
 
Location: Cary, NC
33,647 posts, read 58,408,960 times
Reputation: 32399
Lawdy, Lawdy, Lawdy.
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Old 01-27-2016, 06:35 AM
 
412 posts, read 321,992 times
Reputation: 834
Disclosure laws differ around the US and may not even exist in other countries. Since the Real Estate forum is not region or location specific, it would be a good idea to mention where your examples are located. The second one is obvious from the link, but not the first.
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Old 01-27-2016, 11:55 AM
 
Location: Needham, MA
6,489 posts, read 9,670,721 times
Reputation: 5500
Quote:
Originally Posted by MikeJaquish View Post
Lawdy, Lawdy, Lawdy.
It was probably the evil real estate agent's fault.
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Old 01-27-2016, 06:34 PM
 
Location: Port Charlotte
3,927 posts, read 4,786,829 times
Reputation: 3409
First one was Texas.
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Old 01-29-2016, 09:52 AM
 
8,204 posts, read 11,925,738 times
Reputation: 18020
Quote:
Originally Posted by Restrain View Post
Story 2: this one is extreme but...a Spring Hill couple had a sinkhole damage the home. Got a big insurance settlement, did some repairs,pocketed the bulk, then put the home up for sale and didn't disclose the sinkhole and damage to the new buyer. They have been found guilty of wire fraud, facing prison.
Spring Hill couple who hid sinkhole from home buyer could get prison time | Tampa Bay Times

Really? This outright crime is a "cautionary tale" for people to ensure that they make the proper disclosures when selling a house?

Isn't that analogous to creating a thread titled Cautionary Tale - Be Careful When Withdrawing Money from your Bank, and then writing in your OP that you should always make out the withdrawal slip correctly while linking to a story about someone who used a gun to rob the bank?
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