“I’ve been looking at foreclosures to buy and my agent told me the listing agent doesn’t have to tell you if they know something is wrong with the home. Is that correct?”
Answer:
Nope. There’s a lot of misinformation out there about foreclosures.
Both the buyer’s agent and the seller’s agent have the same disclosure requirements selling a foreclosure as selling any other property.
It’s the seller (typically a bank) that is exempt from filling out certain disclosure forms. But they are still required to disclose defects they become aware of.
