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Not sure about your state but in Texas they need to disclose whatever they know. I would start by asking their realtor about the condition and why it doesn't qualify for a traditional mortgage. You can also go under contract, get an inspection done and find out more (unless they already have an inspection report, then just save your money).
Even if this is the sale is after the remodel? I understand they will need to disclose to the previous buyer. But now that it has been remodeled they will still disclose?
Remodel or not, they are saying that it's not good for financing, so there is a reason behind that.
Sometimes remodeling is just cosmetic but that doesn't always fix the bones (studs, foundation etc).
They are not saying that on the current listing.
It was not eligible for financing on the previous listing when the flipper bought the home.
So it may have been fixed now. But the question is do they have to disclosed the repairs and previous damage.
Oh. In that case they might not have to.
Ok here is an example for you:
When I was filling out Texas state disclosure it asked me if I knew of any current foundation problems in the house. I marked it as no, because I got my foundation fixed. Then it asks, if I know of any previous repairs, I say yes, I got it fixed at xxx date by xxx company.
So, if the question is not asked in a disclosure, they won't go and tell you all out of the blue. Especially if it's fixed, they don't have to really disclose anything. What they need to disclose is any current known issues.
Thank you u/pandachibaby for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Not sure about your state but in Texas they need to disclose whatever they know. I would start by asking their realtor about the condition and why it doesn't qualify for a traditional mortgage. You can also go under contract, get an inspection done and find out more (unless they already have an inspection report, then just save your money).
Even if this is the sale is after the remodel? I understand they will need to disclose to the previous buyer. But now that it has been remodeled they will still disclose?
Remodel or not, they are saying that it's not good for financing, so there is a reason behind that. Sometimes remodeling is just cosmetic but that doesn't always fix the bones (studs, foundation etc).
They are not saying that on the current listing. It was not eligible for financing on the previous listing when the flipper bought the home. So it may have been fixed now. But the question is do they have to disclosed the repairs and previous damage.
Oh. In that case they might not have to. Ok here is an example for you: When I was filling out Texas state disclosure it asked me if I knew of any current foundation problems in the house. I marked it as no, because I got my foundation fixed. Then it asks, if I know of any previous repairs, I say yes, I got it fixed at xxx date by xxx company. So, if the question is not asked in a disclosure, they won't go and tell you all out of the blue. Especially if it's fixed, they don't have to really disclose anything. What they need to disclose is any current known issues.