Home Buying in Berwyn>Question Details

unclebubbaro…, Home Buyer in Berwyn, IL

If a foreclosure is sold as is and then afterward you find out that there is a major code violation discovered are you still responsible for the cost?

Asked by unclebubbarocks, Berwyn, IL Thu Dec 6, 2012

I was informed that in the state of Illinois that a house could not be sold by owner if it still had the old Knob and Tube wiring. If that is the case are we still liable for the cost to have it repaired even if it was bought as is, and was not brought up by the inspectors involved in the sale.(city inspector, and paid inspector before sale)?

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Answers

4
Hi There,

I will get an Attorney asap on this one!
0 votes Thank Flag Link Thu Sep 26, 2013
Great question. Most likely you will be on the hook. However im not an attorney so it would not hurt to call one.
0 votes Thank Flag Link Thu Sep 26, 2013
Did the village require monies to be placed in escrow for any code violations? Did you sign an agreement with village that the repairs would be done by you? Typically a signed agreement from buyer (foreclosure), on how code violations will be rectified is required or monies placed in escrow for repairs. Please consult with your attorney asap.
0 votes Thank Flag Link Thu Dec 6, 2012
Hi unclebubarocks,

You need to contact a Real Estate Attorney as soon as possible. They will be able to tell you who is liable: you, seller(bank), or home inspector.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Thu Dec 6, 2012
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