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Old 10/5/12, 10:07 PM
Jay C. Murray's Avatar
Jay C. Murray Jay C. Murray is offline
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Default Banks Disclosure Fraud

Performed a home inspection for a client yesterday. Bank owned property. The listing says the property is on sewer. But the neighbor warns us about the drain field.

Get my septic contractor involved, the listing is incorrect. The house is on septic. He knew the house because he inspected it a couple of months back for another buyer who backed out. The drain field is in need of repair/replacement. The bank knows this. The bank even requested and received his estimate as part of the earlier deal that fell through.

But the bank gets away with claiming no knowledge of the property. The bank is in fact committing fraud by not disclosing this or other defects.

I'd love to see one the bankers do the perp walk for this.



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  #2  
Old 10/6/12, 4:06 AM
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Amanda Smith Amanda Smith is offline
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Default Re: Banks Disclosure Fraud

Good thing they had warned you before you proceed to the area.
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  #3  
Old 10/6/12, 4:43 AM
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Jeffrey R. Jonas Jeffrey R. Jonas is online now
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Default Re: Banks Disclosure Fraud

They only get away with it if you do nothing about it. Report them to your Health Department.
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  #4  
Old 10/6/12, 4:44 AM
William H. Smith William H. Smith is offline
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Default Re: Banks Disclosure Fraud

Interesting how facts seem to get lost when it is a negative for the lender. They will never get called on it as the structure is sold "as is" with "no knowledge of the property for disclosure". Would be interesting to see what would happen by sending this info to the local paper though.
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Old 10/6/12, 7:06 AM
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Eric C. Van De Ven Eric C. Van De Ven is online now
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Default Re: Banks Disclosure Fraud

Quote:
Originally Posted by wsmith3 View Post
Interesting how facts seem to get lost when it is a negative for the lender. They will never get called on it as the structure is sold "as is" with "no knowledge of the property for disclosure". Would be interesting to see what would happen by sending this info to the local paper though.
They put the onus on the client and inspector to find things that are wrong or inaccurate. I have inspected the same home twice and on the second time, there was no disclosure. The new trick is to make the buyer do the inspection before signing the contract.
I guess they have to cut corners somewhere......to make up for shortfalls elsewhere!

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