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Foreclosure activity (if it's pending) is very much a material fact in California and probably in most other states. If the buyer is spending money on an appraisal and inspections but the bank is about to take the home back, that is critically important and it would be a serious breach of the disclosure obligation to be silent on this point.

In California, a "material fact" is anything which would impact the buyer's decision to buy or how much to pay. That includes stigmas, hauntings, neighbor problems, neighborhood odors, etc. The exception is anything covered by law such as a disability for a protected class (mental illness is covered so cannot be disclosed, for example).

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