I recently had someone call me on the phone and ask:
“My agent told me that on a Bank Owned Foreclosure Property, the Seller does not have to provide a Residential Seller Disclosure. Is that true?”
My Answer:
“Yes it is true. Now tell me why you are working with an agent you do not trust?” It turned out that he had made an offer on another REO (short for real estate owned and actually means bank owned) property and the Bank had rejected his offer and accepted a lower offer that was all cash. His offer, though higher, had been contingent on a 5% down FHA loan. As a result, the buyer doubted his agent’s knowledge and expertise.
Avg. Sales Price: $203,773
Avg. Days on Market: 59
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