I left the full time service of the LAPD, but remained a Reserve Officer. I am not "foreign" to protecting and serving. In fact, I carry a lot of that attitude and code with me as I work with our exclusive Real Estate clients.
From time to time I will get an email about a listing that someone has found on one of our real estate websites. The person sending me the email wants to make me aware of something.
Even if you were sitting in a black and white with your partner and they tell you that "so and so" said that they did not take a report when they should have. The officer, newly in receipt of this "misconduct", is now tasked with having to report it to a supervisor immediately without delay.
Case and point. The Real Estate related email informed that there is a listing for sale in a City out East from the Santa Clarita Valley. The female that had sent the email explained that she had no interest in the home, but needed to let the listing agent know the following:
"I am not interested in home as I was the previous owner. But I would like to let you know so you can advise potential buyers that my daughter committed suicide in the room with fireplace. I feel that as the previous homeowner I should relate this information"
Heavy right? As a buyer wouldn't you want to know that this happened so you can base all of your buying decisions on a totality of the information?
The agent with this listing, wherein this listing happens to be a bank owned property, was extremely receptive and will make this information known to all prospective buyers and other real estate agents.
Bank Owned properties are excluded from "disclosure". The reason for this is because the previous owner, the one before it was foreclosed on by the bank, is no where to answer questions about the property that foreclosed. So, with all bank properties, when it comes to disclosure forms, they are all stamped "REO Exempt".
That is why information like this is so critical and needs to be passed along. Have people bought homes where it was not disclosed, but should have? Absolutely, that is why it is really important to work with a Real Estate professional that is not commission focused but referral focused. If they are helping their clients as if they are going to refer everyone they know to their chosen real estate professional, then the agent will ensure they are doing everything "above board" and to the best of their ability.
However, if they are focused on the money to be made, mistakes will abound. i.e. disclosing pertinent facts about anything they are aware of that may influence a buyers decision in buying a specific home, condo or town-home.
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