Most members of the Illinois Association of REALTORS® should have received an email Call for Action on Wednesday alerting them to a bill that would add $500 or more to the cost of selling a home. (You can click here to take part).
HB1376 calls for homeowners to pay for a sewer video inspection prior to a sale. The bill is up for a House vote perhaps as early as this week. That means REALTORS® need to contact their legislators to make sure they know where the real estate industry stands.
The bill makes little sense from a practical standpoint. There’s been no demonstrated need to have widespread costly inspections. A homeowner who bought a brand new house and tried to sell it a short time later would also be subject to the rule, even if the house had undergone a rigorous code inspection prior to occupancy.
For a first-time homeowner, or someone who has just managed to save enough for a home, the rules can be a deal-breaker. And in short sale situations, the added cost could easily kill a deal.
Illinois is perceived as being an expensive place to live. HB1376 just adds to that narrative.
Read the policy paper prepared by IAR’s Government Affairs team, and make sure to take part in this important call to action.