Can the REO Listing Agent Hide Behind “AS-IS” Condition?
This topic for discussion is provided by Spectrum Inspection Group. Spectrum seeks your advice and comments on this so they may decide how to act upon this issue. Here is the dilemma: No Disclosure We were recently involved in an inspection on an REO home where the Selling Agent and buyers were very worried about mold. They had somehow gained entry into the home before it was “officially” on the market and observed an extensive amount of water damage and mold. But the Listing Agent, through the Asset Manager, had the damage repaired and mold remediation performed before the home was placed on the market. When the Selling Agent inquired about the damage the Listing Agent informed her that the home was being sold “AS-IS” and that there was no SRPD being provided. No disclosures about the property condition were going to be provided. They had an accepted offer to purchase contract in place. The SRPD is the Seller’s Real Property Disclosure Statement. True enough, especially with a fully s
