Updated almost 6 years ago on . Most recent reply
No Sellers Disclosure
How often is it that you’re told a property comes with no disclosure and is sold as is? My fiancé and I are currently looking at a quadplex in Atlanta, the numbers work for the property to cash flow, and all 4 units are currently rented, but we were a bit worried when the real estate agent told us that it came with no disclosure. Thoughts? Is this common? What questions could we ask to cover our bases if in fact we aren’t able to get a disclosure? What would be the reason the seller wouldn’t provide a disclosure?
Most Popular Reply
Hello Justin,
It’s very common for owners of larger portfolios to sell as-is, many feel confident they will get their price and aren’t interested in putting any funds into the deal and pulling out as much as possible. They could be hiding something, but most times they just are telling the seller there won’t be much room for repairs in the negotiations.
If you move forward with an offer make sure plenty of protections are in place in the contract so you can walk away with very little in due diligence expense if there is a problem you don’t want to deal with. Make sure you get a deep inspection, I would suggest one that comes with a warranty for major things inspected.
hope that helps.