Seller Nondisclosure
I made an offer on my first property and the seller said we needed to use HIS contract, however, HIs contract said that there would be no termite letter, or seller disclosure. I am not trying to buy any fixer uppers, so should I
1-pass on this house
2- Just add that both of those terms need to met before we sign
3- Get an inspection and then offer a lower price than what was accepted if the report is negative (which it might be since they do not want to disclose anything? Please help...we have to respond by the next business day.
Two thoughts. Some states have laws requiring sellers to provide written disclosures to buyers. I don't know that this is waivable. Secondly, it certainly sounds like the seller has something to hide (and who knows about how much?) and I don't think I'd want to get myself in this deal. If you asked them why they don't want to make disclosures, do you think they'd give you an honest answer?
Are you buying this property from a so-called wholesaler?
Does it say "special addendum"?
If so here's my opinion.
Unless you are more experienced, I would not recommend that you buy under these conditions.
At best you would receive a Special Warranty Deed, and that may have some ramifications that go beyond what a new investor will feel comfortable with.
If however the Seller presently lives in the house, Nancy is absolutely right in pointing out that he most probably has something to hide.
In that case It might be best to also pass, unless you can live with what the Inspection may (or may not?) turn up.
It is important that you feel "comfortable" with your purchase, and this is not the case with this house.
[addsig]
"Caveat Emptor"-buyer beware I would probably pass on this deal. But if you are passionate about doing this deal consult a RE Attorney about the non disclosure legality.
Not to beat a dead horse, but I'd really be concerned on what is being hidden here. If everything is being done in good faith there should be no reason for those clauses. Which leads me to believe your other party isn't operating in good faith. I wouldn't want to do business with someone like that...
Ryan J. Schnabel
I think you all are right, and I am going to use some wisdom and common sense here.
I even checked to see if the house was a foreclosure, and it was not (I heard foreclosures might be sold under those terms).