Buyer Disclosures - What they don't tell you!

It just isn't right that Buyers don't have to disclose to Sellers items that can materially affect a sales transaction, just like Seller must make disclosures to Buyers.

Sellers deserve some security other than just the Earnest Money deposit and the promise of someone to buy their house.  Sellers put way too much on the line when they agree to sell, and relinquish nearly all control of the transaction to the lender and the buyer.  The Seller has a huge stake in the transaction, especially if they are relying on the proceeds of a transaction to own another home.

Buyers should have to disclose things like:

1. Whether or not they are in the middle of a divorce or annulment
2. Whether their job takes them out of town on a regular basis
3. Whether they have owned a home in the past
4. What their motivation is for buying the home they have made an offer on
5. If they are asking for concessions, how much do they really have in reserve
6. Do they or their spouse or children have any medical problems that can drain the reserve
7. How long they have been looking for a home
8. How long they have been with the current Realtor looking for a home
9. What their current job status is - how long have they been there, who do they work for, what do they do, can they get the time off to sign papers
10. Do they have a decent automobile
11. Do you have the entire set of documents necessary for your lender to complete your loan

These might sound dumb, but I am going to start including them as a document for the buyer to provide answers for in all of my listings.

I am getting mighty tired of hearing bunk from a lender that "everything is fine" in a transaction until the lender is finally forced to admit that they cannot fund the loan!  Or, "we can't find the (almost) ex-wife/husband to sign a quit claim deed".

Sellers have rights too!

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