Fri May 28, 2010, 3:45pm
Seller Property QuestionnaireThe Seller Property Questionaire (SPQ) is a required document that the seller of Real Property is required to fill out and give to the buyers of his/her Real Property.
In a shortsale, just like an active sale the seller is required under law to fill out his form to the best of their knowledge. If the property is a Bank Foreclosure (REO) it is a little different. Since the seller in this situation is a bank they are not required to fill out the SPQ becuase they do not know any facts about the Real Property.
Without the SPQ buyers may be taking a risk in not having important information about the property.
It is always suggested to have a licensed inspector do a Home Inpsection and get a Home Warranty just in case.
Article posted by:
Melanie Cortez Franklin
Keller Williams Realty