Health & Fitness
Buying Bank Owned Property
Misinformation about the bank's requirements about disclosures.
Frequently I am asked about buying bank owned properties and the liabilities that are inherent with them. Often the concern revolves around the bank (seller) and the bank’s agent’s responsibilities to disclose material facts known to them.
The answer is simple, both the bank’s agent and the buyer’s agent have disclosure requirements in every transaction, bank owned or not. If the seller is a bank that is exempt for certain disclosures, they are still required to disclose any known defects they become aware of. Don’t let the misinformation that they do not have to disclose enter into your next transaction.
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Gary Trieschman is the president of Pacific Realty Property Sales & Management.
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