Legal to sell a house without a working furnace?
I’m looking at buying a house and the one that I’m interested in doesn’t have a working furnace. The house was a foreclosure, but the neighbors nearby tell me that its not even legal to sell a house in Wisconsin without a working furnace. Can anyone shed some light on the situation?
Tags: buying a house, foreclosure, furnace, neighbors
September 7th, 2011 at 9:18 pm
Because the house has no furnace and you will have to install one, you may qualify for a "green mortgage". These are mortgage programs that reward energy efficient homes, or homeowners willing to commit to energy efficient upgrades.
There are several programs and, if you really like this place, I would suggest you look into it as soon as possible.
The application usually involves some leg work and some extra paper work as well. The home need to be audited, and the mortgage is usually issued based on a report and a list of recommended upgrades, which need to be implemented once the home is purchased.
Below are some links with information.
September 7th, 2011 at 9:18 pm
probably not
since it gets really cold in Wi in winter, a furnace or some heat source is a health r’qrment and it the existing one doesn’t work it needs to be repaired before sold or adjustment made to the selling price to allow the buyer to get it fixed or replaced
September 7th, 2011 at 9:18 pm
Sure it is legal. Just make sure you put in less for an offer to make up for the cost to replace it.
September 7th, 2011 at 9:18 pm
Ask your agent! That’s what your agent is there for. It’s most likely legal as long as it’s disclosed. This is why you don’t listen to "neighbors" unless they are attorneys, lenders, or real estate agents.
The problem may end up being the ability to get a mortgage. Without a working furnace, the bank may choose not to fund.
September 7th, 2011 at 9:18 pm
Your neighbors are entirely incorrect. Foreclosures are sold ‘as is, where is’, and it is the responsibility of any potential buyer to have the premises inspected so that the buyer is aware of what he is purchasing. If the furnace is inoperable, the buyer needs to make his offer on the basis of such.
September 7th, 2011 at 9:18 pm
Sure it is legal to sell without a working furnace. If the furnace is not working I would also really check out the other mechanical systems in the house. Electrical, plumbing, roof etc. If the previous owners could not even afford a furnace repair they probably couldn’t afford to maintain other things.
September 7th, 2011 at 9:18 pm
sure it’s legal. The question is, will you be able to get a loan?