Author Topic: Honest Disclosure Issue When Selling An Inherited House  (Read 1711 times)

John Galt incarnate!

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Honest Disclosure Issue When Selling An Inherited House
« on: December 06, 2019, 07:46:25 AM »
If someone sells an inherited  house they never lived in and know nothing about do they just say so on the disclosure  form?

Can the  house be sold with an  "as is"  provision that protects the seller from liability if later on the buyer finds defects/problems/etc.?




« Last Edit: December 06, 2019, 07:50:05 AM by John Galt incarnate! »

SeattleCPA

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Re: Honest Disclosure Issue When Selling An Inherited House
« Reply #1 on: December 06, 2019, 07:55:30 AM »
In role as executor, just sold a second cousin's house I didn't really know anything about (and which he hadn't lived in due to residence in an assisted care facility).

Attorney was very helpful dealing with issues like this. Also, I sold house to another relative and didn't want to inadvertently "con" them so we had an inspector go through this old home and point out all possible issues: asbestos, aluminum wiring, etc. so no surprises later on to buyer.

norajean

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Re: Honest Disclosure Issue When Selling An Inherited House
« Reply #2 on: December 06, 2019, 08:14:25 AM »
Make sure you understand the disclosures for your jurisdiction. Read the form.  If it is well-written it will let you check that you are not aware of any issues, which is apparently true.  You can also include a statement to the effect you did not live there and therefore had no way of being aware of any issues.  If your jurisdiction has poorly worded forms and you have the option to not fill them out, you may elect to do that.  A lawyer can advise.

SwordGuy

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Re: Honest Disclosure Issue When Selling An Inherited House
« Reply #3 on: December 06, 2019, 10:00:52 AM »
Sold my mom's new house after she passed.   What I knew, I disclosed.   What I didn't, I said I didn't know.   No one expected me to.

I've bought several houses that were estate sales or foreclosures.   The seller just says, "Don't know" on the form where they disclose stuff.

You can offer the house for sale as is, but that's not really to your advantage because the price drops.   Be willing to consider fixing things.  You're under no obligation to do so and the buyer can walk if you don't.

Car Jack

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Re: Honest Disclosure Issue When Selling An Inherited House
« Reply #4 on: December 06, 2019, 01:24:19 PM »
My wife's aunt went into an assisted living facility a year ago.  With the help of a lawyer and real estate broker who worked closely with the lawyer, the house was sold as-is and legally agreed.  I am not a lawyer, so can't say what needed to be done or if this is possible in all states.  The house was in need of a LOT, having been neglected for about 50 years and built in 1890.  Zillow said it was worth $269 at the time of sale.  The agreed price was $130k.  Personally, I considered it to be bulldozer ready, but the new owners have put a lot of their own personal labor into slowly but surely improving it.  I guess lead paint and asbestos tied together with knob and tube wiring does a good job of holding an old house together.

SeattleCPA

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Re: Honest Disclosure Issue When Selling An Inherited House
« Reply #5 on: December 06, 2019, 03:45:01 PM »
I guess lead paint and asbestos tied together with knob and tube wiring does a good job of holding an old house together.

Okay, that's funny. Sorry, but it is...