What if I Discover Serious Issues in a House I Bought?

 Posted on July 25,2024 in Real Estate

In June 2024, Illinois home sales dropped a bit, while median home prices reached a new high, and home inventory increased. Illinois single-family home and condo sales dropped about 16.7 percent from last June. In the Chicago Metro area, the drop was about 15.3 percent. About 19,404 homes remain for sale across the state—about 1.9 percent more than the number of available homes in June 2023.  

The excitement of searching for the perfect home and then going through the process of buying that home can be dimmed when you later find serious issues that were not disclosed by the seller. Residential real estate transactions can virtually always benefit from having an experienced DuPage County real estate attorney as part of the process, especially for first-time homebuyers. Whether you are an experienced buyer or seller or are buying your first home, an attorney from Whitacre & Stefanczuk LTD can help you buy with confidence.   

What Must Be Listed in the Disclosure Statement?

The Illinois Residential Real Estate Property Disclosure Act is meant to give homebuyers an extra layer of protection for up to a year after purchasing their home. Property disclosure statements are intended to provide potential buyers with any knowledge the current owner has regarding known problems associated with the property or steps taken to repair those problems.

All potential home buyers should definitely have a home inspection done prior to closing, but there are often problems with the home that are not immediately apparent to an inspector. These problems can trigger significant repair costs or even keep the buyers from living in the home.

Any known damage or defects must be listed in the disclosure statement, as well as any repairs undertaken to correct these damage or defects. Sellers are not required to actively investigate whether there are any issues that should be disclosed; they must only disclose known issues. Some issues that should be listed in the seller’s disclosure are:

• Any known plumbing issues or defects—If there are consistent issues with old, cracked pipes, perpetually clogged drains, or water leaks, these must be included in the disclosure statement.
• Any structural damage to the home—Unseen defects stemming from poor construction of a home are rarely immediately apparent. A homeowner may have noticed a compromised foundation that led to the settling of a home. If any repairs have been undertaken to repair structural damage, these repairs must be disclosed.
• HVAC issues—When a home is inspected during the winter months, an air conditioning issue may not be apparent, and a heating issue might not be apparent during the summer months.

Additional problems that must be included in the disclosure statement include damage from termites, issues with black mold or lead, septic system problems, window and door issues, and whether the home was previously used to manufacture methamphetamines.

What if the Seller Did Not Disclose a Serious Problem?

Once a home in Illinois is under contract, the buyer is responsible for finding and scheduling a home inspection. The buyer usually has five business days to complete the inspection after signing the contract. The buyer pays for the inspection, which is usually paid for at the time of the inspection.

If you discover serious home problems after the purchase is complete, you will have to prove that the seller reasonably knew the problems existed and deliberately failed to disclose them. Contact the seller of the home and provide evidence of the specific problems, as well as receipts for repair costs or anticipated costs.

The seller can be asked to pay for the repairs, but if no resolution is reached, the new property owners may have no choice but to file a lawsuit against the sellers for failure to disclose material issues. Buyers only have one year after the purchase of the home under the Illinois Real Estate Property Disclosure Act.

Contact a Cook County, IL Residential Real Estate Attorney

If you are facing serious issues in a home you recently purchased that the seller did not disclose, you need experienced legal help. A knowledgeable DuPage County, IL, residential real estate attorney can help you communicate with the sellers or can assist you in filing a lawsuit against the buyer for failure to disclose a known problem. At Whitacre & Stefanczuk LTD, our attorneys are extremely communicative, treating our clients like family. One of our attorneys is active in the Polish community and speaks fluent Polish. Our goal is to provide accessible representation when you need it. Contact Whitacre & Stefanczuk LTD at 773-622-6100 to schedule your free consultation.