BiggerPockets

In my area they are supposed to know & disclose all know repairs needed on most properties, but that does not apply to Foreclosures. Because the bank can not know what is needed, there is nothing to disclose (even if there is something obvious. Only once its inspected does the Real Estate agent have to disclose any repairs needed.

Though that does seem a bit odd to give such a short and some what rude answers.

Banks are not required to fill out a property disclosure.

They are selling "as-is".

During due diligence a buyer has their "right to their own inquiry".Meaning if they want to spend the money to satisfy whatever report or inspection they want they can go ahead.

If a listing agent only has one picture the inside is usually trashed or the agent is just lazy with the pictures.

I like to give a overview of condition but say "information deemed reliable but not guaranteed".

There is simply no way for a broker/agent to know all problems associated with a property.With my listings I want to be 100% transparent with the numbers and the condition I see.

It makes no sense to blow smoke and then pray the buyer will overlook things.What happens is everyone's time is wasted and the buyer cancels the contract.You look bad to your seller and the buyer and have now lost 2 clients for future business.

So give the information you know and be accurate as much as you can with the data.

IMHO agents are salespeople selling houses. They're not contractors nor inspectors. They might be able to point out obvious problems and might give ballpark figures as to costs, but that's not their responsibility.

I'd like to think that anytime you're selling anything, the more information you provide, the better the buyer feels about making a decision.

With that logic, if I'm an agent trying to sell a MAJOR purchase, I should probably provide as much information as possible.

Sounds like the consensus from the investor crowd is that agents should facilitate transactions and get out of the way....

What about the regular Joe who isn't sophisticated? Who does he turn to when it isn't the agent's job to provide these details for him?

I agree. Some real estate agents I know have a great deal of experience with home repair and construction, having worked as or for a contractor in the past, or are active investors. Then there are some that couldn't tell the difference between a 3" box nail and a 3" deck screw. Of course, their job is to show and sell the home, not build one. However, they should be able to at least give you an idea of it's general condition and any specifics they're aware of.

I'm interested in the biggies, i.e., are any windows broken/missing, are any appliances included (working or not), does the place appear vandalized, has any landscaping survived, holes in the walls or roof, what type of flooring and it's condition, etc.? I don't ask about paint since I assume it'll need some. If they seem to have a fair grasp of the items above, I'll ask more, such as the status of the plumbing, electrical, and HVAC and see what they can tell me. If nothing, because they haven't been trained or never got a pre-sale inspection, I'll let it go.

As a LISTING agent, I will tell you what I know or has been disclosed as material fact to me. And I will add the caveat that for your protection I strongly suggest you inspect the property yourself and determine which qualified professionals a buyer should use to help them determine the condition.

It is not that I am lazy or have a lack of accountability. It is that I am an real estate agent not a contractor, inspector, structural engineer etc etc. I will not be put into a position of liability or held accountable because a buyer will not perform their own due diligence.

Working as a BUYERS AGENT, I will tear the property a new one but still give you the same caveat.

I agree, but I don't think anybody is asking the listing agent to perform a house inspection for them, just provide a good idea of what they're dealing with so they can decide if they want to move forward or not.

To the untrained eye, a missing dishwasher may seem about the same as a missing A/C condenser (after all they're about the same size, right?). But we know better, like a 12" hole in the wall is less serious than a 3" hole in a window, a garbage disposal that doesn't run is much better than a furnace fan that doesn't.

This is one reason I like to shop nearby our home so I can view property myself. If you're simply going to buy something clear across the country, sight unseen, you better have somebody out there you trust, with the knowledge and experience you need to properly evaluate the property, and the listing agent isn't that person.

As a listing agent for REO's, I better have an idea about condition...I'm completing a repair addendum ON THE BPO! I'm not a contractor, but I do have to list the repairs and come up with a number on the BPO. Also, if a buyer/investor calls on a property, I'm going to tell them every thing I know about the condition of the property, systems, oil tank, etc. because if that particular buyer isn't interested in doing that kind of work, than I won't be wasting my time running out and showing the property. I get calls all the time from people wanting to buy that REO for $30,000, and they think it is in move in condition. Obviously I'm going to explain that it needs...everything. It's a little part of the process called 'qualifying the buyer'. This person mentioned above is just plain rude, inexperienced, or whatever...

It's off topic I know, but the book 'Delivering Happiness" by Tony Hsieh of Zappos should be required reading for anyone providing any service and we believe in that philosophy so much that our staff of 24 are visiting Zappos headquarters for their Customer Service tour this year. Half in August and the other half in October.

There is no substitute for treating people right and doing just a little extra.