Legal Question in Real Estate Law in Kentucky
We bought our home as a foreclosure and the agent we bought it from did not mention that we needed an inspection and so we bought the house without an inspection and are no noticing a ton of costly problems. Being this house was a foreclosure and was not in the agents listing, what is he liable for?
1 Answer from Attorneys
You will probably want to check with the real estate commission on that one and review what documents you signed, but likely, the agent has no liability or even an ethical obligation to tell you to get the place inspected before you take it. You probably signed something to the effect that you are accepting the property "as is" and that you had the opportunity to inspect for defects. But again, you'd have to review the documents to be certain.
Even if you intend to accept a property "as is," it is ALWAYS important to have the property inspected prior to making a purchase, and make sure that the sales contract allows you to withdraw from the agreement and get your earnest money back, should the inspection reveal something that changes your mind about making the purchase. Even if you want to still buy the property because (as in the case of a foreclosure, it is a really good deal), it is important to know what problems, if any, already exist, and what could come up in the future so that you can plan accordingly. In addition to a property inspection, a termite inspection should also be conducted.
Also, an inspection should be done by a certified inspector. I have seen numerous buyers discover much too late that their inspector missed something major and ultimately costly. There is a national certification called ASHI that is very difficult to obtain, and I would recommend searching their website for a local certified inspector.