Foreclosure in San Diego>Question Details

Mail4reggy, Both Buyer and Seller in San Diego, CA

I bought a house in foreclosure with a unknown unpermitted room, What can I do.

Asked by Mail4reggy, San Diego, CA Wed Nov 16, 2011

Can I get money from the bank who sold me a house with a unpermitted room, It's going to cost me about $15,000 to get it fixed.

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Answers

1
Most banks require you to sign a "bank addendum" as part of the purchase in addition to the standard purchase agreement. In the addendum, banks will emphasize repeatedly that the home sale is "as-is" and that buyers should research & verify everything about the property. They aren't keeping secrets..."the bank" generally doesn't know anything about the individual property. If it was known by the involved parties it should be disclosed as known items impacting value are deemed "material facts".

You can also check your appraisal. If there was an unpermitted room, the tax records and MLS listing would likely have shown a lower square footage than what the appraiser would have measured.
0 votes Thank Flag Link Tue Sep 11, 2012
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