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Real Estate disclosure statement.
Anonymous4 views1 answers
Purchased home that seller had disclosed no water problems, 1 wk after closing, basement had water. seller wont do anything. We have had 2 basement waterproofing companies inspect property and both have said that the basement has had water many times before. Have been told to file small claims petition. Is there anything else we can do and is this enough to void the sell all together?
Unfortunately, you may be a victim of fraud. The rule in real estate is "buyer beware." The property disclosure statement was meant to be a document to you a "heads-up" and not a warranty as to the condition. However, small claims court is full of claims by injured parties who relied on the disclosure to "look no further" into the condition. Your relief may be to go to small claims court. However, before taking that step, consult with the attorney who represented you at the closing. If you used no attorney or relied on the attorney representing your lender, then you may need to find counsel. Things to discuss and determine: What did the homeowner know, what did the realtor, if any) know, what was known by the neighbors, how difficult would it have been for you to make the discovery before closing, what steps did the homeowner take to hide the problem, were there unusual circumstances when the basement now leaked. These and other questions should be discussed and discovered when talking to your attorney.
Voiding the sale is unlikely, just from a practical standpoint, the sellers have probably moved on to another home and would not have financial ability to take back another house. I suspect your attorney may advise that your best remedy may be monetary damages.
