Don’t Be Left In The Dark About Your New Hoboken Home

An ad for a Hoboken estate sale catches your eye and you decide to take  a look at the home that is being offered. The home looks like a great deal, but are you aware of the disclosure process when it comes to buying a home from an estate or out of foreclosure?

What many people do not realize is that a property listed by a corporate or institutional seller in many states is exempt from having to make disclosures on the property available to buyers. In contrast, when you buy a home from a private “equity seller,” you must be told about the leaky roof or the bad septic tank. The bank who owns a distressed property does not have to let you know about these problems. What you don’t know can leave you in the dark about a lot of what you need to know about the biggest purchase of your life.

Unfortunately, when this happens, many times buyers are left fending for themselves when it comes to trying to retrieve information about the condition of the home they are considering. As a result of the rising number of foreclosures in the past few years, this is becoming more and more of a problem for many buyers.

It is very common among banks selling foreclosures to complete a disclosure form that will say something to the extent that they have no knowledge or any information about the property, and that you are advised to have it thoroughly inspected. A few states do require all sellers to disclose any information that they may have. However, it will be difficult to prove what information the seller really did have later if it does come down to it.

It is best if you are buying a home in this situation to avoid relying on disclosures and have the property you are considering buying intensively inspected.

Don’t be left in the dark about the biggest purchase of your life. If you are considering purchasing one of these homes, it is important to contact a local Realtor(R) such as myself, Eddie Perez of ReMax Gold Coast Realty, to gain more information on how to protect yourself. You can reach me directly at (201)-795-0100 or check out my InvestHoboken website.

Explore posts in the same categories: Foreclosure, Hoboken Homes, Home Buying

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