You need to understand the condition of a home to make a reasonable offer when seeking to buy a home. In recent years, as demand has surpassed supply, many would-be homebuyers have had to compromise to secure a house.
People have had to offer more money for less house, and some buyers have even waived inspections and submitted offers with no contingencies to improve their chances of success. Even if you go to the closing table without an inspection, Illinois law does require that the seller disclose any known defects, including any latent or hard-to-notice defects.
What can you do if you discover major issues with the property after taking possession?
1. File an insurance claim
Typically, real estate agents have to carry errors and omissions insurance to protect them from professional liability. You may be able to pursue an insurance claim against the agent who represented the seller and secure compensation for the cost to address the issues with the property.
2. Take the seller to civil court
In scenarios where there was no agent or where the seller knew of the defect but the agent did not, you can potentially take the seller to court to hold them accountable for misrepresenting the property.
In such scenarios, you will typically need proof that the seller must have known of the defect, such as evidence of a cosmetic cover-up. Even if they list the property in as-is condition or you don’t require an inspection before closing, you may still have rights if they misrepresented the condition of the property.
Learning more about what protects you during an Illinois real estate transaction can help you take the right steps if someone tries to trick or manipulate you.