Frequently Asked Questions (FAQ)

Should the real estate agent representing the Buyer disclose a known flooding problem?

If the real estate agent representing the Buyer knows of a flooding problem, must they disclose this information to the buyer? Is it unethical if they do not?

Real estate agents are not going to be as familiar with a property as the seller. If you received a Transfer Disclosure Statement and either the listing agent or the selling agent knew of a problem not listed by the seller, they should have added it to the form. It is generally required that they do so. However, they may not have known - and they cannot disclose problems they don't know about or that were concealed by the seller.

In addition, there are several safeguards that should help you determine if there was water damage or not - termite inspections often point out areas of wood rot caused by water damage - almost all Realtors recommend that a buyer order his own professional home inspection by a professional - and if there was roof damage, an appraiser sometimes can point that out in the appraisal - though it is not their job to perform a full inspection.

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Village Realty
4325 W 9th Ave
Hibbing, MN 55746

Tel: (218) 263-8877
sales@villagerealty.us

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