If I read the numbers right, 65% of the mortgages in the 22901 Zip Code (the major Charlottesville Zip) are ARMs. Is this opportunity getting ready to knock (for those real estate investors out there) or a major, major issue we need to get a handle on?Thanks to the Calculated Risk and the Federal Reserve.
Date Archives April 2008
Should you disclose a disruptive neighbor?
What he got was a neighbor who launches into obscene tirades at any hour.So Melton sued the man who sold him the house.At issue is whether the neighbor’s behavior constitutes a nuisance that should have been noted on the “residential seller’s property-disclosure statement” that every home seller has to fill out….Melton eventually asked the former owner to take the house back. When he refused, Melton sued.Nathan Thinnes, the former owner, said that he wrestled with whether to disclose the neighbor’s problems but was told not to by his Realtor…. And the neighbor and her mother, who lives with her.Local and national real-estate attorneys are hesitant to comment about the case, partly because Melton and Thinnes are both executives in the real-estate business…. The owner makes no representations with respect to any matters that may pertain to parcels adjacent to the subject parcel and that purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary with respect to adjacent parcels in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement on a parcel of residential real property; I have been trained my entire career that the seller (and Realtor) are responsible for disclosing problems within the four corners of the property; this is a very wide-ranging case and article – read the whole thing.