CORRECTION: The original version of this article contained errors relating to disclosure requirements by banks in transactions involving real estate owned (also known as bank-owned or REO) properties. Banks selling REOs are subject to some disclosure requirements in some states, and these requirements can vary from state to state.In California, for example, the California Association of Realtors notes at a legal services website for its members: "The continuing foreclosures by banks and other private lenders and subsequent sales of these properties, including (REO properties), necessitates knowledge of the disclosure requirements when selling these properties." DEAR BARRY: We bought our home two months ago and have discovered three defects that our home inspector overlooked. ...
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