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Buying or Selling a Home/Full Disclosure
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Question
I was just informed that the previous owner of my house was notified of a violation by the HOA in Feb 06, I purchased the home in March of 2006 and was not aware of this. The HOA informated me that they never told them that they were selling the property which would allow them to do thier inspection and identify these issues before the property was sold. They did not get notifed that the property was sold until May 2007.
After reviewing the documents I also noticed that the seller had listed the home as his primary residence when in fact I was living there for 6 months renting and the house was rented prior to that.
Can you please provide some insight on how I should proceed, whether I need to contact the Seller, tittle company or higher a lawyer. Your help is greatly appreciated.
Terrence--I'm glad you asked this question instead of calling the Seller regarding this matter! And I'm not sure what help a Title Company could be to you, other than provide you with a copy of the HOA Articles & By-Laws of record. This is definitely a matter that you should take to an Attorney who specializes in Real Estate Law! If the info that the Seller failed to disclose falls within the parameters of your State's "Full Disclosure Law" or causes you to be "damaged," you may have a case against the Seller and/or others who were "third-parties" to the transfer of ownership from the Seller to you!(and that includes the Title Company that you asked about contacting!) So, check it out with a Lawyer ASAP!Let him/her determine your "position" on this matter & "go from there!" Hope this answer helps you-- Good luck, Terrence. (JIM R.)
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Answers by Expert:
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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