New investor & Latent Defects Discovered after 1 yr & 3 months

[Account Closed]

Hello, 

I am currently in the process of doing some cosmetic renovations to my investment property and my contractor is constantly coming across bad mold, water damaged cover ups, and structure defects all throughout the units. I’ve had the property for 1 year and 2 months now and upon doing some research on Google, statue of limitations Illinois law , I would’ve had to report the issues within the first year. Is anyone familiar with these type of situations ? Please help. 

[Jake McVey]

Quote from @Account Closed:

Hello, 

I am currently in the process of doing some cosmetic renovations to my investment property and my contractor is constantly coming across bad mold, water damaged cover ups, and structure defects all throughout the units. I’ve had the property for 1 year and 2 months now and upon doing some research on Google, statue of limitations Illinois law , I would’ve had to report the issues within the first year. Is anyone familiar with these type of situations ? Please help. 

 Unfortunately, even if you found these right away you'd need to have proof the seller knew about the issues and intentionally hid them. Often it's cheaper just to fix it and move on than paying for litigation that may not lead anywhere.