Litigation wasn't disclosed by seller's real estate broker

Litigation wasn't disclosed by seller's real estate broker

Investor · Jersey City, NJ · Member since 2015 · 2 posts · 0 votes

Hi All,

We found a property we want to buy. Made an offer and it was accepted.

We went for financing and but got stuck as the property's association is in litigation with the developer for some issue with the building.

The seller's broker didn't disclose it. We know that financing is hard for the building with litigation that's why we asked this in the first place and they said there is no. We would not even pursue this property in the first place as we know it's very difficult to get financing or would try to go not to agency's lenders...

If it falls apart because I can't get financing what can I do? Was it a mistake of the real estate broker that didn't disclose it?

What should we do?

We have financing expenses, attorney's and etc. already.

Thanks

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  • Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    9y

    There is a form for Seller's Disclosures, but you don't get it before your offer is accepted.

    Neither agent as the authority to disclose any litigation, but the seller sure does - - AFTER acceptance and you get the right to accept or reject it.

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