Saying "I DON'T KNOW" creates issues for everyone - BEWARE!
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PS If I haven’t thanked you personally, please accept my appreciation for your reading and/or commenting on my posts! Lynn
Why anyone would not protect themselves from future liability is beyond me. Here in the state of Arizona, it is the law that a seller must disclose material (important) facts about the property.
Every day I do searches for clients in our local MLS. There are generally several homes I come across that are investor homes that are being sold. Generally an investor home is one that has likely either been picked up at a foreclosure auction or maybe through a distress sale. Of course, maybe they also came across a hell of a deal. Many investors will look to make repairs on the home and then place them on the market for top dollar.
Many of these investors do not appear to want to protect themselves when selling. The have their agent place in the private remarks comments such as:
"seller never lived in home - waive SPDS and CLue"
"Seller will not provide disclosures"
Not sure why their agent may not inform them, but it is a STATE LAW to disclose material facts about home. While the investor many times HAS NOT lived in the home, I'm sure they can at the very least fill in the address. If they made repairs to home, don't they also know what repairs have been done?
In Arizona, waiving the SPDS (seller disclosures) does not waive the sellers responsibility to inform the buyer of material facts. Translation = NO disclosure can leave you open to future liability for lack of disclosure.
In short, disclose, disclose and then DISCLOSE again. Even if you are an investor. The few minutes it can take you to fill out a form can save you TONS of time and money in the future.
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