mrhcaphill
Junior Member
What is the name of your state (only U.S. law)? Minnesota
We recently put a deposit on a home to purchase contingent upon inspection. We soon learned that the home has significant mold infestation and structural issues. We backed out of the deal and our earnest money was returned. The home is still on the market and we are still trying to purchase it. We have gotten numerous reports and estimates which exceed $200,000 to abate and rebuild.
The house is in foreclosure and the property holders are selling it in "AS IS" condition. Their contract to purchase "admits no knowledge of mold." However, after contacting the previous owner, I learned that the mortgage company/bank WAS informed of the problem well prior to foreclosure. The company also has a copy of the air and surface samples we had taken. In effect, they DO have knowledge of the issues yet are still selling without disclosing.
MY QUESTION: Are they liable if health issues arise (for unsuspecting buyers) and are they open to potential litigation for not disclosing?
We recently put a deposit on a home to purchase contingent upon inspection. We soon learned that the home has significant mold infestation and structural issues. We backed out of the deal and our earnest money was returned. The home is still on the market and we are still trying to purchase it. We have gotten numerous reports and estimates which exceed $200,000 to abate and rebuild.
The house is in foreclosure and the property holders are selling it in "AS IS" condition. Their contract to purchase "admits no knowledge of mold." However, after contacting the previous owner, I learned that the mortgage company/bank WAS informed of the problem well prior to foreclosure. The company also has a copy of the air and surface samples we had taken. In effect, they DO have knowledge of the issues yet are still selling without disclosing.
MY QUESTION: Are they liable if health issues arise (for unsuspecting buyers) and are they open to potential litigation for not disclosing?
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