Comments for Chicago Short Sale Law by Real Estate Attorneys Lawyers Cook County Illinois http://chicagoshortsalelaw.com Reda | Ciprian | Magnone, LLC 773-399-1122 fax 773-399-1144 Wed, 27 Jul 2011 02:02:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 Comment on Real Estate Agent’s Fiduciary Duties in Illinois by Richard Magnone http://chicagoshortsalelaw.com/real-estate-agent-2/real-estate-agents-fiduciary-duties/#comment-125 Richard Magnone Wed, 27 Jul 2011 02:02:12 +0000 http://chicagoshortsalelaw.com/?p=115#comment-125 Ed, your buyers need to speak to their attorney. Generally, an "as is" sale is for a condition as the property was in at the time of the contract - not the time of closing. The Buyers might not be obligated to close if a property is in materially worse shape than at the time of the contract. (Of course, a review of the contract and facts are necessary to make that determination). It is possible to go back to a lender to try to get a repair credit - HOWEVER, with many lenders, it means starting the process over - usually from the beginning - all over again. I can't say that a lender would not approve it, however, it would be uncommon. Ed, your buyers need to speak to their attorney. Generally, an “as is” sale is for a condition as the property was in at the time of the contract – not the time of closing.

The Buyers might not be obligated to close if a property is in materially worse shape than at the time of the contract. (Of course, a review of the contract and facts are necessary to make that determination).

It is possible to go back to a lender to try to get a repair credit – HOWEVER, with many lenders, it means starting the process over – usually from the beginning – all over again. I can’t say that a lender would not approve it, however, it would be uncommon.

]]> Comment on Real Estate Agent’s Fiduciary Duties in Illinois by ed http://chicagoshortsalelaw.com/real-estate-agent-2/real-estate-agents-fiduciary-duties/#comment-118 ed Fri, 08 Jul 2011 18:40:06 +0000 http://chicagoshortsalelaw.com/?p=115#comment-118 My buyers are purchasing a short sale home in Crystal Lake. They entered contract about 5 months ago. At that time, the appliances were on and in working order and the property was occupied by the sellers. Recently the short sale was approved and so our clients went back to the property to have a 2nd look. Not to mention, the sellers moved out to Florida about a month back. Now, comes the curve ball; the buyers noticed the appliances unplugged and notice a fowl smell coming from the fridge and dishwasher; apparently mold is now growing... When the listing agent was questioned, he stated that the seller's had move out to Florida to relocate and that they had turned all the utilities off. So, in an effort to protect the home from any possible floodings, (due to all the recent storms) he took it upon himself to turn the utilities back on in his name and unplugged, the appliances. The listing agent admitted doing this in an effort to save money on the utilities. He has since plugged the appliances back on but our buyers are very angry and claim that there is mold in the fridge and diswasher and that they are emitting a fowl smell. Do our buyers have any recourse? Has the listing agent failed on his fiduciary duties? Can we go back to the short lender with an inspection report to prove the mold? Of course, our clients are aware that they are buying "as is". But, this was not the issue when they signed the contract... My buyers are purchasing a short sale home in Crystal Lake. They entered contract about 5 months ago. At that time, the appliances were on and in working order and the property was occupied by the sellers. Recently the short sale was approved and so our clients went back to the property to have a 2nd look. Not to mention, the sellers moved out to Florida about a month back. Now, comes the curve ball; the buyers noticed the appliances unplugged and notice a fowl smell coming from the fridge and dishwasher; apparently mold is now growing…
When the listing agent was questioned, he stated that the seller’s had move out to Florida to relocate and that they had turned all the utilities off. So, in an effort to protect the home from any possible floodings, (due to all the recent storms) he took it upon himself to turn the utilities back on in his name and unplugged, the appliances. The listing agent admitted doing this in an effort to save money on the utilities. He has since plugged the appliances back on but our buyers are very angry and claim that there is mold in the fridge and diswasher and that they are emitting a fowl smell. Do our buyers have any recourse? Has the listing agent failed on his fiduciary duties? Can we go back to the short lender with an inspection report to prove the mold? Of course, our clients are aware that they are buying “as is”. But, this was not the issue when they signed the contract…

]]> Comment on Odd side effect of slowdown in foreclosures by Sophie http://chicagoshortsalelaw.com/uncategorized/odd-side-effect-of-slowdown-in-foreclosures/#comment-109 Sophie Wed, 29 Jun 2011 23:56:53 +0000 http://chicagoshortsalelaw.com/?p=229#comment-109 Funny how the market fluctuates. I heard similar things about the housing market in Arizona. Funny how the market fluctuates. I heard similar things about the housing market in Arizona.

]]> Comment on Property owner gets Bank of America to pay up by Sophie http://chicagoshortsalelaw.com/foreclosure-defense/property-owner-gets-bank-of-america-to-pay-up/#comment-108 Sophie Wed, 29 Jun 2011 23:55:23 +0000 http://chicagoshortsalelaw.com/?p=232#comment-108 Kudos on the article. It's nice to hear about a victory for the average person against the big bad banks Kudos on the article. It’s nice to hear about a victory for the average person against the big bad banks

]]> Comment on Bank of America Shortsale Seminar by Sophie http://chicagoshortsalelaw.com/general/bank-of-america-shortsale-seminar/#comment-107 Sophie Wed, 29 Jun 2011 23:53:00 +0000 http://chicagoshortsalelaw.com/?p=218#comment-107 Typical BofA saying they are not at fault in delaying short sales. But, it is nice that more people are becoming educated about the process of short sale. Typical BofA saying they are not at fault in delaying short sales. But, it is nice that more people are becoming educated about the process of short sale.

]]> Comment on Real Estate Agent’s Fiduciary Duties in Illinois by Richard Magnone http://chicagoshortsalelaw.com/real-estate-agent-2/real-estate-agents-fiduciary-duties/#comment-103 Richard Magnone Mon, 06 Jun 2011 15:08:26 +0000 http://chicagoshortsalelaw.com/?p=115#comment-103 In most cases, an licensed Illinois real estate agent has a fiduciary duty to their Seller to present all offers to the Seller. The Illinois Association of Realtors <a href="http://www.illinoisrealtor.org/magazine/Jul10_Legal" rel="nofollow">verifies</a> this proposition. In most cases, an licensed Illinois real estate agent has a fiduciary duty to their Seller to present all offers to the Seller. The Illinois Association of Realtors verifies this proposition.

]]> Comment on Real Estate Agent’s Fiduciary Duties in Illinois by monty http://chicagoshortsalelaw.com/real-estate-agent-2/real-estate-agents-fiduciary-duties/#comment-102 monty Thu, 26 May 2011 14:56:17 +0000 http://chicagoshortsalelaw.com/?p=115#comment-102 Are real estate agents required to present all offers in written form to the seller? Are real estate agents required to present all offers in written form to the seller?

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