Why is a Disclosure Statement not provided with a Foreclosed property?
In the state of Georgia, a disclosure statement is normally provided by the owner of the property when the owner has lived in the property and is aware of any conditions or situations which should be disclosed to potential buyers. In the case of a foreclosed property, the current owner (Bank or Investor) has NEVER lived in the property and has no knowledge of conditions or situations to provide a disclosure. Due to this, the seller will normally not provide a termite letter either, as they have no knowledge of possible or previous termite issues.
