Quick question about listing terminology (disclosures, agent, banks, property)

[missik999]

What does "disclosures: defects/SR" mean on a real estate listing?

Thanks.

[dontaskwhy]

Essentially, the seller indicates any known issues/defects that exist on the property.

[missik999]

Originally Posted by dontaskwhy

Essentially, the seller indicates any known issues/defects that exist on the property.

It is a bank-owned property. Does that mean the bank will indicate any known defects?

Another property I am looking at states: "as is." Also bank-owned. Does that mean known defects do not have to be indicated?

[FalconheadWest]

Banks are exempt from disclosure when they acquire the property through foreclosure.

[missik999]

Originally Posted by FalconheadWest

Banks are exempt from disclosure when they acquire the property through foreclosure.

Thanks for that information. My real estate agent didn't mention that.....

[cully]

Originally Posted by missik999

Thanks for that information. My real estate agent didn't mention that.....

You might want to find someone who knows what they're doing. This could get tricky.

[dontaskwhy]

Best advice is to pay a professional home inspector to evaluate the home.

[dontaskwhy]

Originally Posted by missik999

It is a bank-owned property. Does that mean the bank will indicate any known defects?

Another property I am looking at states: "as is." Also bank-owned. Does that mean known defects do not have to be indicated?

In my experience, even with known defects, the seller will not make any repairs. As-Is is exactly that, with a right to inspect (at least in my market).

[jackmichigan]

Originally Posted by missik999

What does "disclosures: defects/SR" mean on a real estate listing?

Stupid Realtor?