Friday, October 31, 2014

Home Buyer Tips: Just because it says so doesn't make it so!

The available information about a particular property can vary greatly.  This is especially true if you are considering the purchase of a foreclosure!

Similarly, if you are considering a purchase from an investor the amount of information provided will be likely limited.  I have seen many investors use the "excuse" they have no knowledge of the property since they never lived in a particular house.

Here in Florida it makes no difference whether one has lived in a house.  The rule is simple...if it materially affects the value the seller must disclose known defects, conditions and issues.  Here is some related reading with links on Florida real estate property disclosures.  

If a seller is owner occupied then the chance of getting information is higher.  But then that information may or may not be correct.

There are some sellers who are unsure if something that happened long ago should be disclosed or if something is important enough to disclose.  My thinking is simply "if it is something you would like to know if you were the buyer, why not disclose it?"

Then there is the multiple listing information.  Most of the time there is a disclaimer indicating the information provided is deemed to be reliable, but is not guaranteed.

Then there is the public records such as the property information on The Brevard County, Florida Property Appraiser website.  Is it 100% accurate?  Here is the disclosure "No warranties, expressed or implied, are provided for the property records and mapping data herein, or for their use or interpretation by the User."

Florida is a caveat emptor state.  What does this mean to anyone wanting to buy a house in Florida?  Due Diligence.

DISCLOSURE:   I am not an attorney, tax adviser, building inspector, architect or anything other than a Florida licensed real estate broker.