Legal Question in Real Estate Law in Illinois

Chicago

Fannie Mae Home path Property

I have an executed contract. Inspection turned up 7000 of unaccounted repairs.

My lawyer said that if i ask for credit and Fannie mae denies this request, then the entire deal will be killed. I found that odd, i asked another lawyer if it was possible, they said yes, that an request for credit could be written in a way that would not void the initial accepted executed contract.

Can you ask for credit after an inspection without fear of breaking deal if credit is not accepted?


Asked on 8/23/11, 10:49 pm

1 Answer from Attorneys
Stephen Messutta

Your sale contract dictates what your rights are if you are not satisfied with a home inspection. One form of contract in use today says if the parties can not work it out (credit, work, mix) the buyer has the right to walk. If you do NOT use your contract rights to walk, you could wind up having to buy and put the money in yourself. GET A LAWYER TO LOOK AT THE CONTRACT IMMEDIATELY!!!!!!!

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Answered on 8/24/11, 4:39 pm


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