Are there any laws that prevent banks from selling foreclosed homes that aren’t built to code?
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Are there any laws that prevent banks from selling foreclosed homes that aren’t built to code?
I just brought a house 32 days ago and have found mold, water damage, roofing, plumbing and electrical problems. I’ve spent $7000 in new appliances and different materials to either fix or update the house. Is there any laws that makes the seller or a bank liable to fix these issues? Most of the house isn’t even up to state code.
Asked on July 27, 2010 under Real Estate Law, Virginia
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Generally, homes in foreclosure are sold "as is." You generally do not have the opportunity to do a house inspection for hidden problems such as the ones you are referring to. The idea is that you are getting a "deal" on the property but in reality you can be buying a headache. Did you buy the house at auction or through a broker on behalf of the bank? Did the bank "warrant" anything as to the condition? You may want to seek some legal help in your area on this matter and bring all the paperwork with you. Ask fro a consultation on what happened for a flat fee and to be able to ask as many questions as you want. Good luck.
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