Normally when you buy a home in Illinois the sellers must provide disclosures about their knowledge of any defects or safety issues. However, such is not the case for foreclosed properties. Since the seller (the bank) didn’t reside in the home, they aren’t obligated to complete disclosure reports such as the Illinois Association of Realtors Residential Real Property Disclosure Report shown below.
Banks not only disclose nothing about the properties they own, the typically require buyers to sign addendums agreeing not to hold the banks responsible for any defects found after the sale closes.
Also consider that the previous owners who weren’t able to make their mortgage payments probably weren’t maintaining the home as it should have been since the money wasn’t available.
Thus, home inspections are especially critical for foreclosed homes. If you’d like a suggestion for a good home inspector in the Chicago area, email me!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
