Is seller required to disclose property not Freddie Mac Fannie approved?
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Is seller required to disclose property not Freddie Mac Fannie approved?
New construction or condo conversion projects
not yet approved by Fannie Mae/Freddie Mac,
does seller need to disclose this info to
potential buyer in writing?
Asked on October 27, 2016 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
No, there is no affirmative obligation to disclose this information--that's for the buyer to determine, if he/she is looking for a Freddie/Fannie loan (or more generally, during the process of applying for a loan, if he/she needs one). Just make sure to not even imply that it is approved: while you don't need to disclose it, you also can't misrepresent the situation. Say nothing about this issue at all.
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