Foreclosure- Sold As isLegitimate case in negotiating for seller’s credit if undisclosed problems were discovered in inspection?
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Foreclosure- Sold As isLegitimate case in negotiating for seller’s credit if undisclosed problems were discovered in inspection?
Foreclosures are stated “sold as is”. Because the critical issues identified were not disclosed and were unknown to the Bank, at the time of pricing and signing the agreement, nor visible to the general buyer until a professional opinion from an inspector is obtained. Does the buyer have a legitimate case in negotiating for a seller’s credit in the property?
Asked on July 3, 2009 under Real Estate Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If this is your situation as the buyer, you're going to have to take the contract and the inspector's report to an attorney in your area, for reliable advice.
Your best approach when buying a house, whether it's new construction you're buying from a developer, an "as-is" foreclosed property or anything in between, is to hire a lawyer before you go to contract. Most real estate lawyers will agree to take their fee as a closing cost, and by having the lawyer on board from the start, you can prevent problems like this, rather than having to have the attorney start in damage control mode.
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