Updated almost 5 years ago on . Most recent reply
Disclosure Laws on Foreclosures
Im a newbie and looking for my first investment property. This is in Virginia. I’m looking at a foreclosed property and noticed it said in the listing disclosures exempt. Is this true that they are not required to disclose known issues for bank owned properties?
The reason I’m asking is that it’s listed as a 3bd 2ba. Previous owner started rehabbing and in the process made a bathroom larger to be a master and now has the main breaker panel in the bathroom which from my research is not to code. What is supposed to be the 3rd bedroom is a room without a closet which can’t be listed as a bedroom to my knowledge. These issues look to be from the previous owner attempting to rehab and abandoning it in the middle.
I went to make an low offer due to it actually being a 2bd 1ba since all that will need to be ripped out. The agent doesn’t want to put in the offer. I am wondering if this is due to the listing company not wanting to document and disclose these issues since the agent works for the same company that listed the property. I am looking too much into this?
I’m not going to be broken-hearted if I don’t get it. It’s a huge win for me just doing the research and putting in (or at least attempting to) my first offer.
Thanks for any advice