Would you buy a home in Irvine, Orange County if you found out the previous owner died in the home?

by Robert Mack on November 15, 2010

in Buyers, Latest News

In a typical real estate purchase/sale, the owner of the home is required to complete a transfer disclosure statement and a seller property questionnaire and provide it to the buyer, answering questions regarding the home.  In certain instances a seller is exempt from providing this to the buyer and one very common way is when a buyer purchases a bank owned home or REO in Irvine, Orange County.  Since the bank has never occupied the home, they don’t have the ability to answer these questions.  Check out this short video explaining a recent experience I encountered with some investor clients of mine, where they found out from the neighbor, that the previous owner died in the home, and see how it affected the close of the transaction.  It’s not always about price when buying real estate and more buyers are concerned with the big picture.  Check out this video and see why they decided to cancel the transaction and not move forward on the purchase even though they secured the home below market and would have been able to accomplish their goals of creating cash flow!

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Post by Robert Mack

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