This is a YouTube video titled "Sellers disclosure" containing a monologue by Pat Flynn explaining the concept and legal implications of a foreign seller's disclosure in real estate transactions, particularly from the perspective of an out-of-state investor. The content was created on February 23, 2022.
Foreign seller's disclosure is basically a legal document that a seller provides with known fact about the asset or the property at hand and they're obligated to relay any information to the buyer regarding potential unfavorable things that are wrong with the asset or the property. And the disclosures is, like I said, it's a legal document. So it is binding to an extent. And at the same time, if you don't know, you don't know. And one thing that I come into an experience in often being an out of state investor, not in the market, making a ton of offers and a ton of properties is I'm buying from fellow investors. Well, a seller's disclosure is only good if you know about the situation or the condition of the property. And if you've never been there, seen it, lived there, most often than not you'll receive a completely blank or I'm not sure type of a seller's disclosure.
