Upcoming Foreclosures

in foreclosure sales after the bank sells the house does the new owner for problems with the home ?

sue the previous owner who the mortgage company foreclosed upon

Public Comments

1. Buying a foreclosed home is an "AS IS" proposition. There is generally no one to sue.
2. No, you are buying the house as is..even if you get a home inspection before the sale banks will not fix anything..totally buyer beware..I have heard of people flushing cement down their toilets to ruin the plumbing of foreclosures before they leave.
3. No. When you buy the house, it is an "as is sale" no warranty no promises, sometime not even an home inspection, although this depends on the state, as some require home owner inspections even on foreclosures. If you do not check out the property before buying, it is up to you to fix any problems.
4. This is a major problem when buying a foreclosed home. They are sold AS IS. In this case, the seller was the bank, not the per that lost the house. Good luck getting anything. I'm sure you got a great deal (on price), but you got what you paid for. You can't have your cake and eat it too.
5. If you bought the house "As Is," then there's no one to sue. It will be pretty clear to a judge from the as-is clause in the contract that you purchased the house understanding that there may be severe problems with it. If the house was not bought in as-is condition, then you would have to sue the mortgage company that you purchased from. It was the previous owner of the house and was responsible for upkeep and making sure it was in salable condition. But there's little chance you'd have any case against the former homeowners. And anyway, they went through foreclosure and lost their home -- how much money for repairs do you think you'll be able to collect from them? They can't even borrow money to pay your judgment against them if you sue. The foreclosure victims have no responsibility for the house after their ownership interest has been transferred. At that point, it is up to the bank that owns the house either to disclose any problems before the sale or have them repaired. Since banks don't care to do much with foreclosures, though, it's more likely they'll sell it in as-is condition and let you know they don't any responsibility for anything wrong with the house. That's why foreclosure buyers usually have their own home inspection done before closing on the house. If the lender didn't sell it to you that way, then it might be responsible for making any repairs to the house for damage that was never disclosed to you during the sales process. But you'd have to sue the bank responsible for disclosing the damage -- not the former owners possibly responsible for causing the damage. Hope that helps. ForeclosureFish