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I just saw a listing for a house and it says that the seller is exempt from disclosure. The house also costs a LOT less than that person paid for it a very short time ago. (Keep in mind that the prices there had flattened, not fallen at all.) They are listing at 60% of what they paid. What are the possible reasons for this? I love real estate mysteries
Last edited by hello13685; 09-03-2008 at 04:24 PM..
don't know why they are exempt, but if they are selling for a lot less it sounds like a short sale. Or has the real estate market adjusted in that area and that is just the going rate of homes there now?
Hello, yes banks use agents. They want to get the house sold as quickly as possible, so they use the experts in the market. HOWEVER, then they try to reduce commissions and all kinds of other things. But that is another kettle of fish.
An owner that has acquired a home and has never lived in the house would be exempt from filling out a disclosure.
This would be basically banks, lenders, trusts, inherited homes due to death, some relocation companies. If you don't know a history of a home there is no ability to disclose.
Many times family members of an inherited home will fill out a disclosure for what they do know such as a death on the property.
An owner that has acquired a home and has never lived in the house would be exempt from filling out a disclosure.
This would be basically banks, lenders, trusts, inherited homes due to death, some relocation companies. If you don't know a history of a home there is no ability to disclose.
Many times family members of an inherited home will fill out a disclosure for what they do know such as a death on the property.
Another regional difference exposed by CityData!
That person would complete a disclosure form in North Carolina.
They would have the opportunity to mark the selection, "No Representation."
Which means just what it says, that the Seller is making No Representation" about the item.
They might make a note as to never living there to clarify why there is no representation, but they will do the form.
New Construction and bank-owned foreclosures are exempt from disclosures here, as in other areas.
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