Home Buying in Peoria>Question Details

Efour, Home Buyer in Peoria, IL

Does anybody know what a Paragon addendum is?

Asked by Efour, Peoria, IL Sat Jul 24, 2010

I've been looking at homes online in Illinois and there have been a few stating "Paragon addendums" must be signed.

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2
Efour,
Paragon addendums accompany a sales contract on a house that is corporate owned. Caterpillar is one corporation that utilizes Paragon for sales transactions. They are very common and in my experience have not included anything worrisome. Often, inspections have been done and those are included for a buyer to sign acknowledging they've seen the reports. Additional disclosures, repairs that have been made, etc. may also be included.
Please feel free to contact me directly with any other questions.

Melissa Stevenson
1 vote Thank Flag Link Sat Jul 24, 2010
Paragon is a world wide relocation company. They have certains addendums with homes they are selling (corporate sales). These are usually homes that have been bought from the last owner by a company that the owner works for and was transferred. It is mainly disclosing what the owner knows about the home in the way of anything not working right or perhaps in not good repair. But, in most cases, the company makes the owner repair these items prior to "buying" the home from that seller. It is actually a good thing since many inspections have been done already. However, a buyer can have inspections done again by another home inspector just for their curiosity.
Please let me know if I can be of further assistance. Put my 22 years experience to work for you.

Paul
0 votes Thank Flag Link Sat Feb 23, 2013
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