Home Buying in River Edge>Question Details

Henry78, Home Buyer in River Edge, NJ

Can an offering on a foreclosure be held up for lead abatement? We are trying to bid on the foreclosure, but the Realtor seems to be stalling.

Asked by Henry78, River Edge, NJ Sun Mar 21, 2010

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My fellow realtor is exactly right. When a bank sells a house by foreclosure, you are buying it "as is" with no rights granted by the bank. You are responsible for anything needed for your mortgage approval (such as a termite treatment) or for the C.O. in a particular community (such as railings, sidewalk repairs, working furnace, smoke detectors and carbon monoxide detectors placed properly) -- you will need to go to the township building department to find out the specific requirements. Lead paint abatement is not a requirement the seller has to resolve. You can have an inspection and lead paint assessment, but it's strictly under the "take it or leave it" standard for any foreclosure. If you are not willing to take these risks, or are not handy, or do not have the means to hire contractors to fix these issues -- don't buy a foreclosure.
0 votes Thank Flag Link Sun Mar 21, 2010
In a word NO. with a foreclosure you are normally buying a property strictly "as is" which means the seller is not responsible for the correction of any problems. Furthermore you would be expected to correct the problems before the town will issue a C od O (in some cases)
Too many people seem to think buying a foreclosure is an easy way of getting a house cheaply. Its not since you may be inheriting a boat load of problems that you simply may not be aware of.
At the very least make sure that the bank holding the property will allow you to do a home inspection so that you can at least bail out if something serious is unearthed. and do not assume that an inspection is allowed.
0 votes Thank Flag Link Sun Mar 21, 2010
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