[GoreeGal]

Ask your agent to run a CLU report on the home. Once a home floods or water damage or other stuff, then it takes 5 years with no problems to get it off the report (has to do with homeowners insurance) Some insurance companies will grant you a policy but you will pay higher than the going rate if it shows flooding or water damage.

Any buyer should have a clu report run on any house prior to purchasing. At least in CA it is applicable

Personally walk away. What else could have been damaged by the water in the walls. Electrical, insulation, etc.

bad enough buying as is on a foreclosure but to know about damage which you probably will have to disclose in the future at least for years is bad enough. WALK AWAY.

[GoreeGal]

Originally Posted by lvkewlkid

its not exclusive but its definitely unique, yes there is not much like it in las vegas so it will hold up...

Where is the Lakes that you said is unique? Is there a site that explains this area.

[lvkewlkid]

the lakes is between hualapai and durango and sahara and desert inn...but the area east of fort apache is the nicest part...it is unique because it is one of the only places in the valley that you can live by the water and it has beautiful hills...

search for west sahara homeowners association or the lakes, nv

[olecapt]

Originally Posted by GoreeGal

Ask your agent to run a CLU report on the home. Once a home floods or water damage or other stuff, then it takes 5 years with no problems to get it off the report (has to do with homeowners insurance) Some insurance companies will grant you a policy but you will pay higher than the going rate if it shows flooding or water damage.

Any buyer should have a clu report run on any house prior to purchasing. At least in CA it is applicable

Personally walk away. What else could have been damaged by the water in the walls. Electrical, insulation, etc.

bad enough buying as is on a foreclosure but to know about damage which you probably will have to disclose in the future at least for years is bad enough. WALK AWAY.

Actually how would you know? I suspect 20% of the homes in the US have taken significant water damage. And 90% have taken minor water damage.

Note that the lender was not required to disclose the water damage. The agent likely was not required to either but probably did not know that or just felt obligated to disclose it. Tricky point. In fact he probably committed a violation if he disclosed it without lender permission.

Note that there are some obvious signs which should get picked up by a good inspector. He may however not be able to tell what happened. Just that something did.


Not really that big a deal. Gets a little trickier if you get mold. But even then it can mostly be corrected to new house conditions.

Water is just not that bad a thing if the place is dried out in a reasonably timely manner. This is not a flood condition where things are actually under water. So wiring and appliances and such are generally not harmed.

This one may not be on a CLU. If bank owned at the time or waiting to be foreclosed almost certainly no insurance company involved.

If you get it for a price low enough to compensate for the damage when you sell it can be a fine deal. And no real impact after 5 or 10 years.

[olecapt]

Originally Posted by GoreeGal

Where is the Lakes that you said is unique? Is there a site that explains this area.

Actually I prefer Pecole Ranch to the Lakes. both are directly south of Summerlin. Both are along Fort Apache south of Charleston. First Pecole than the Lakes. Pecole has a nice set of walking trails and is well landscaped. The Lakes has one and some nice well landscaped streets.

Both are predecessors of Summerlin and quite similar. Much smaller. Desert Shores is similar just to the east of Summerlin north of Lake Mead.

All generally are a little older and less expensive than Summerlin.

[rightonbro]

Thanks again everyone. I thought about putting in a good 20% under list, but I'm just going to pass on writing up an offer. I am a first-time buyer and this is just making me too nervous. Plus, there's just too much inventory out there right now. Who knows, I might come back to it in a couple of weeks if the other offer doesn't go through.

Too bad. Quite a nice place overall. If the whole toilet thing hadn't happened I'd probably be on the offer right now (but then again, it would have been a different house 'cos it wouldn't have been rebuilt).

GoreeGal: Do a google maps search on Shoreline Drive in The Lakes, and then go take a drive through there someday. You'll see what I mean as far as uniqueness.

olecapt: Point is moot now that I'm passing, but my agent says that they are required to disclose, and if I bought and resold the house, I'd be required to disclose. Not true?

[surfbh]

The only thing that gets rid of mold for good is a very hot fire of 6000F +. Trust me, it almost killed my wife and I.

[olecapt]

Originally Posted by rightonbro

Thanks again everyone. I thought about putting in a good 20% under list, but I'm just going to pass on writing up an offer. I am a first-time buyer and this is just making me too nervous. Plus, there's just too much inventory out there right now. Who knows, I might come back to it in a couple of weeks if the other offer doesn't go through.

Too bad. Quite a nice place overall. If the whole toilet thing hadn't happened I'd probably be on the offer right now (but then again, it would have been a different house 'cos it wouldn't have been rebuilt).

GoreeGal: Do a google maps search on Shoreline Drive in The Lakes, and then go take a drive through there someday. You'll see what I mean as far as uniqueness.

olecapt: Point is moot now that I'm passing, but my agent says that they are required to disclose, and if I bought and resold the house, I'd be required to disclose. Not true?

There are different rules for owners and agents. If you, the owner, know about water damage or mold you must disclose. However I, as an agent, am only responsible for disclosing known defects. If it has been remediated it is no longer a defect so I therefore do not have to disclose it. But you the owner would if you know about it.

Your agent is also wrong. Though it is a common misconception. She is required to tell you anything she knows that is relevant to the house. So if she knew she must tell you. The other agent however is bound to tell you only about defects he knows of. If it is remediated it is not a defect...hence does not have to be disclosed. The lenders agent likely wants to tell you. He knows it is almost certain to come out and he does not want to get sued. But he also has a duty to his client NOT to tell you anything other than a known defect without the client's permission.

Note that 9 out of 10 RE Agent will get that one wrong. I only have it down because I had this odd case of knowing of a remediated defect that the client did not know about. So I went to the legal beagle for advice and found out how it actually works.

It is no secret that sometimes it pays to use a third party relocation firm. They don't have to disclose it either.

[GoreeGal]

Originally Posted by olecapt

There are different rules for owners and agents. If you, the owner, know about water damage or mold you must disclose. However I, as an agent, am only responsible for disclosing known defects. If it has been remediated it is no longer a defect so I therefore do not have to disclose it. But you the owner would if you know about it.

Your agent is also wrong. Though it is a common misconception. She is required to tell you anything she knows that is relevant to the house. So if she knew she must tell you. The other agent however is bound to tell you only about defects he knows of. If it is remediated it is not a defect...hence does not have to be disclosed. The lenders agent likely wants to tell you. He knows it is almost certain to come out and he does not want to get sued. But he also has a duty to his client NOT to tell you anything other than a known defect without the client's permission.

Note that 9 out of 10 RE Agent will get that one wrong. I only have it down because I had this odd case of knowing of a remediated defect that the client did not know about. So I went to the legal beagle for advice and found out how it actually works.

It is no secret that sometimes it pays to use a third party relocation firm. They don't have to disclose it either.

So in Nevada if I found a realtor, just who legally does the realtor represent> Is it a dual agency state or a single agency state? If I paid the commission I understand I would have a buyers agent but in just typical terms who does the realtor represent if the buyer does not pay the commission?

So if you do not have to disclose other than known facts I would assume that if a seller had a sale and it fell out of contract and the buyer had a home inspection made prior to falling out of contract, would the seller or you the agent be required to share the previous disclosure report wth the new buyer?

i believe relocation companies have to share any known disclosure with a prospective buyer and am I correct on that?

[olecapt]

Originally Posted by GoreeGal

So in Nevada if I found a realtor, just who legally does the realtor represent> Is it a dual agency state or a single agency state? If I paid the commission I understand I would have a buyers agent but in just typical terms who does the realtor represent if the buyer does not pay the commission?

So if you do not have to disclose other than known facts I would assume that if a seller had a sale and it fell out of contract and the buyer had a home inspection made prior to falling out of contract, would the seller or you the agent be required to share the previous disclosure report wth the new buyer?

i believe relocation companies have to share any known disclosure with a prospective buyer and am I correct on that?

Nevada allows dual but discourages it. Requires a disclosure that a dual agent has a conflict of interest. So if you want to hire a conflicted agent you can. The Admiral and I don't normally do dual agency. We have a couple of times where we were paper work agent...ie selling a clients house to her grandmother. Only took one sides fee though and still discounted that.

A buyers agent is strictly loyal to the buyer regardless of how paid. It is a dumb system but it is ingrained. Sub agency does not exist in Nevada.

We do allow designated agency which works pretty well. Effectively the brokerage is designated within a given firm to two different agents, one for the seller and one for the buyer. The agency broker is considered conflicted and has to stay the hell out of the transaction or a dual is created requirning dual disclosure and permission. I always thought it a jury rig...but having done it a number of times it works OK.

The inspection report belongs to the original buyer. So you can do with it only that which the original buyer and inspector allow. However any defect uncovered in the report is a fact which would have to be disclosed. CA has specific legislation about inspection reports that does not exist in NV.

In general one would have to be a little nuts to conceal anything found in an inspection report. It has a very high probability of surfacing. Particularly accessible if a later buyer gets concerned and starts hunting.

Also note that with the exception of water and mold and a couple of other details you do not have to disclose anything fixed.