Disclosure

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I was recently talking with someone about the current state of the real estate market, that it is such a sellers market that sellers are getting away with selling no so great houses at, what to me are inflated prices. And when I say 'not so great houses' I mean houses with flaws and other issues. The person I was speaking with mentioned that sellers are getting away with not even disclosing the problems with the house and mentioned an example in Bloomingdale. If I gave a general description and time period of the sale, some of y'all could pin point the house. I'm not too sure about disclosing the information I got since it was 2nd/3rd hand, but I do believe it. I truly believe a seller, in this case a homeowner, sold their property at a profit, without telling the buyer about some serious problems the house had that would not be revealed in the inspection... if the buyer bothered with one.
Regarding disclosures and DC property transfers I found Rule 17-2708 in the DC Regs. The way I read it, there is a loophole big enough to drive a space shuttle through so that most buyers would not see the disclosure form. If it is a foreclosure, estate sales, or a landlord selling off property, the buyer is not going to get useful information, like, was the house ever on fire or does the basement leak. The disclosure thing looks like it only applies to owner occupants selling their house.
It is a seller's market in this city. The inventory is low and I think buyers are making desperate moves just to get a place, moves that they might regret.

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