Click here for a great article on disclosures in Kansas City.
It reminded me that people often assume an inspection is a good substitute for a disclosure statement. IT’S NOT!
Many home inspectors are good, but not that good. We don’t have X-Ray goggles. And my personal crystal ball is on the blink (If you know of a good repair shop, let me know). An average home inspection lasts about three hours. In that time, we can generally find many of the defects that may be present in a home. But a well finished basement can hide a multitude of sins. And if its not raining during an inspection, we may or may not find leaks in attics or basement walls.
The point is – always request a disclosure for a property you’re buying. Every seller should provide one. Read through it carefully. Consider talking with the seller to verify the facts.
Question on foreclosed houses: Does anyone understand how a bank can get away with not providing a disclosure? If they don’t know anything about the house, then they should not be able to sell it. I’d like to see banks required to have a house inspected before selling it and be required to make that inspection report available to buyers.