Experts recommend that more than one agent come by and do the analysis. Watch out for an agent whose opinion of value is considerably higher than the others. This varies from state to state. In Louisiana, the seller and the sellers' broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. I n the case of residential properties, the seller must provide the buyer with a Real Estate Disclosure Statement, which specifies the existence and condition of all known physical attributes of the property.
Sellers are responsible for disclosing only information within their personal knowledge.
A deposit could be forfeited by the buyers under certain circumstances, such as the buyers backing out for a reason not provided for in the contract. The purchase contract must include the sellers' responsibilities such as passing clear title, maintaining the property in its present condition until closing, and making any mutually agreed upon repairs to the property.