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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: fatty who wrote (18826)3/23/2004 9:12:54 AM
From: TradeliteRead Replies (1) of 306849
 
<<Since the agent has no obligation to volunteer any information>>

No obligation to volunteer certain information which might properly be deemed confidential about the owner, but certainly an obligation to be honest about ownership, debt status of the property, and legal issues when asked.

I see no reason why the agent wouldn't be honest if he/she has an ownership stake in the house--it's the law in Virginia to disclose this upfront. Doesn't even sound to me like the agent is the owner, but so far I guess you don't know.

Just ask point-blank who the current owner is (this would be transparent and easily researched under our local MLS system but don't know about yours) and why the owner needs or wants to sell so soon after buying. And whether the former owner/contractor still has any stake in the property, such as owing money on it.

What you're trying to determine is whether the current owner/seller actually has clear title to the property, free of any mechanic liens or other debts which haven't been disclosed.

You could present these questions in a very sincere way, stating that you are concerned about the fast turnover of the property and would really like to make an offer on the home once you're sure the deal could work smoothly without settlement delays or problems.

Part of your "sincerity" approach would be to let the agent know you have a home to sell to make this deal work, so naturally you don't have time to get involved in someone else's problems, because you have enough of your own. <<gg>> good luck!
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