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  1. #1
    Kevin Luce's Avatar
    Kevin Luce Guest

    Default Wanting to get rid of the Realty disclosure form

    This was written by Gloria Simpson but I wanted to share it over here.

    I could not find anything on this message board about the following. Anyone aware of this information? In a nutshell, legislation was introduced during the past session to illiminate the sellers disclosure statement. A letter from Senator Brent Steele indicates why he introduced the bill. It speaks for itself. He wants to be ready when he introduces it again. As he stated, he wants both industries (Mortgage and Realtors) to be on the same page when he reintroduces the bill. Input from Indiana and Illinois inspectors licensed in Indiana is needed. The bankers and realtors are forming a plan. Home Inspectors need to voice an objection.
    I found this information on www.gniar.com, our area realtor association.
    Attached FilesSB352.pdf (68.4 KB, 7 views)steeleletter.pdf (252.3 KB, 8 views)
    Another step backwards.

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  2. #2
    Join Date
    Mar 2007
    Location
    Lake Barrington, IL
    Posts
    1,363

    Default Re: Wanting to get rid of the Realty disclosure form

    I think the only one who can benefit from the disclosure is the seller. It's useless for the buyer with one exception. Inspection finds several indicators of previous water in the base - stains on foundation, floor and owner possessions. Yet disclosure says nothing of water problems. Now there's reason for the buyer to doubt the seller's honesty. I have had clients walk from a deal based upon this alone.

    Now if the seller was smart he'd include this info on the disclosure. I've seen sellers get out of making repairs because they disclosed the condition up front. But these occurrences are rare.

    How can such disclosures work when the integrity of so many is so low? Very few people that I encounter put any faith in them.

    Eric Barker, ACI
    Lake Barrington, IL

  3. #3
    Join Date
    Mar 2007
    Location
    Cape Cod, Massachusetts
    Posts
    559

    Default Re: Wanting to get rid of the Realty disclosure form

    Hi Kevin,

    I can't get the link to your attachment PDF files.
    They go to the NACHI site and require log-in.

    It is an interesting topic and I would like to review it. Our state - MA board of Home Inspectors is planning on requiring home inspectors to ask many disclosure statements that are not even related to the inspection "standards of practice", including knowledge of hazardous materials, underground storage tanks, condition of septic systems, etc.

    I believe this is a realtors responsibility - not a home inspectors.


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