How to avoid buying bad real estate
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Ask any experienced residential real estate attorney about his or her most difficult case. The answer will probably involve a “bad house.” While not exactly a legal term, a bad house is one where the buyer alleges the seller knew about a serious structural defect, but failed to disclose it to the buyer before purchase.
Proving the seller knew of the undisclosed defect, which the buyer usually discovers shortly after the
purchase, can be very difficult. Since it’s human nature to look for someone to blame, a home buyer usually looks first to their seller, then to the realty agent, and finally to the professional inspector if one was involved.
But buying a truly bad house can usually be avoided by following the correct steps. Even brand-new houses have their defects. A local building inspector’s approval is no guarantee. However, whether a new or resale house is involved, home buyers can minimize their chances of making a serious mistake.
HOME SELLER DISCLOSURES ARE NOT GUARANTEED ACCURATE. Many states now require home sellers to provide written disclosures of known defects. If the seller lied and failed to disclose a defect, which the buyer can prove the seller knew about, the seller is liable to the buyer for damages.
Incidentally, the easiest way to prove what the seller knew is usually to ask the neighbors. They often know as much about a neighboring house as the seller knew.
For example, shortly after I bought my current home, one of my neighbors came over to get acquainted. After a few pleasantries, he said, “I suppose the sellers told you about………………..
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Tags: bad real estate, home buying tips, home help
