As first time home buyers, my husband and I were excited to make an offer on a foreclosure home in Gardner, Kansas.

Question: As first time home buyers, my husband and I were excited to make an offer on a foreclosure home in Gardner, Kansas. Everything seemed to be going great until we got to the inspection. There were lots of little and major things uncovered on the inspection. What burns us up is that the listing agent knew of the problems when we made the offer from a previous inspection on the home and never disclosed this to our buyers agent or us. Since we have little money, if we back out, which we will probably do since we were buying the home "As-Is", we will probably not be able to buy a home for another year. We will lose over $1000 because the listing agent didn't disclose known defects. Isn't this fraud what the listing agent did?
Kamile and Derrick O. from Overland Park, Kansas


Answer: When buying a foreclosure home, listing agents and banks, do not disclose anything about the home. Banks don't think they have to play by the same rules and laws as everyone else. This is extremely common. That is why real estate agents recommend ALL inspection possible when buying a foreclosure home. It is at the buyers mercy to investigate the problems in the home. If a buyer doesn't feel it is in their scope of work, they can always backout of the contract.


Another option for home buyers buying foreclosure homes is to get a FHA Rehab loan like a 203K. These types of loans allow the buyer to build the repairs into the mortgage loan.


Hope this helps! Contact me if you have anymore questions.


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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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