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Macomb County MI real estate blog

Bank owned homes (Foreclosures) and disclosures – don’t expect any.

August 22nd, 2009 · 1 Comment · tips for home buyers, tips for purchasing a foreclosure

One of the things that really gets my goat (ok, that was an oldie but it applies) is the lack of sellers disclosures on bank owned homes.

In Michigan if I decide to sell my own home I am required to provide a written sellers disclosure about the condition of the home.    Are there any known electrical problems? I better put it on the disclosure if there are.   Any history of infestation? Another question that is answered on the sellers disclosure by you or I if we are selling our homes.

Bank owned homes?   Nothing.  Nada. When I call for disclosures for my buyer clients I receive the forms back with a big X on them and language usually stamped that says something like:  “Disclosure exempt – bank owned”

Not even the Federally mandated lead base paint disclosure is filled out by the owners of these homes.

My advice to home buyers: Have a home inspection.   Have a thorough home inspection.  Make sure the utilities are turned on to the home prior to your inspector arriving.  You only have the one chance to get to the bottom of the condition of the home.   If you skimp and decide to save some money by not having the home inspection, chances are you will be sorry later.

Talk to your buyers agent if you are purchasing a foreclosure in Macomb County MI.  Ask him / her for a list of home inspectors that you can interview and choose one of them.   Or, you can ask your family or co-workers for a recommendation. Do not expect disclosures about the condition of the bank owned home to be given to you.

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1 response so far ↓

  • 1 Steve Paulin // Nov 3, 2009 at 2:18 pm

    Great info, thank you:)

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