Re ask: What is a bank's responsibility for a foreclosure's interior?
Question:
I realize that it is pretty much an "as is" deal, but when my parents bought a foreclosure the bank had made repairs and whitewashed the entire home before we moved in.
Just curious. We have so much to do before we can start living there. "
I asked this question 3 weeks ago.
I visited the house today to find new RED markered tags grafittied throughout the house. Every room has at least one tag, and I found the AC and the stove on.
We are closing next week. Shouldn't the bank be responsible for securing this property? This is damage that occurred AFTER we went to full contract. I still want the house, but I feel violated that someone has been in my future home and ruined it even more.
The bank should be responsible for the upkeep until it's closed. I would not count on them making any repairs though. You need to speak with a real estate attorney.
It depends upon the contract and the laws of the state the house is in. However, if a property is sold "as-is," then the seller is usually supposed to at least keep the property maintained in the same condition from the time the contract is signed until closing takes place. You may be able to get out of the contract or get the property for a reduced price. Contact a local real estate attorney at the link below.
Normally, a bank will not repair what they call cosmetic items in a foreclosure sale. These properties are normally sold as is. Is this property listed? If so contact the agent and find out why this home has been further vandalized since your contract. I would also notify the legal owner which would be the bank and let them know that there has been significant damage since you made your offer. It would also be a good idea to contact an attorney in regards to the damage after the signing of the contract. Good luck.
If you do not have an attorney, get one. "As Is" actually means "As Is, Where Is" - in short, in the condition it is in the day you put your offer in on the property.
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