Water damage occurs when pipes burst or water seeps into a basement through a leaky foundation. Water damage can be expensive to fix and in some cases home buyers want to hold sellers accountable for it. Who should pay for water damage depends on when it’s discovered. Same is true for how to fix it – the fix will depend on how extensive the water damage is. Learn about water damage and how to resolve it here.
A home seller disclosed a basement water problem before closing on her home. The buyer now wants the seller to pay for waterproofing the basement even though the problem was disclosed. Most states have a seller disclosure law for residential real estate transactions that require a seller to disclose to a buyer defects or major problems with a home.
When it comes to proving disclosure fraud, the buyers have to prove that the sellers knew or should have known about the problem. This recent home seller's buyer claims he knew about the potential for water damage and should have mentioned it as part of seller disclosure prior to the home sale. The home seller says he had minimal water damage while living in the home and wants to know how to interact with the home buyer concerning the issues of water damage and seller disclosure.
A home buyer asks about water damage and mold in the basement of the home they purchased after the seller disclosed there was a one-time event and the problem had been fixed. The buyer now wants to know if the seller is liable for the mold from the water damage and not disclosing it properly. Having documentation and a home inspection to back up the buyer's claim will help her going forward in this seller disclosure situation.
Water erosion can turn into water damage. Before you buy a home you should check for water damage and the potential for water damage caused by water eroding away land. Sometimes when a home has water damage it may need other repairs. Is there a way that the home could be sold despite the risk of water damage?
When you buy a home the seller is supposed to tell you certain things under seller disclosure - items that may not be visible to the naked eye. Does this include a home's proclivity to water damage? Whether seller disclosure requires a seller to discuss water damage depends on the state where the home is located. Each state has different seller disclosure laws.
A homeowner bought a home that has a serious mold problem. He is wondering if he can sue the seller even though he purchased the home four years ago. He has to prove that the sellers knew, or should have known about this problem. That's the standard for most seller disclosure laws around the country. However, depending on the state, the time to sue may have run out, since it's four years later.
A new home has major problems that seem to have escaped the attention of the home inspector, the seller and the real estate agent. A basement wall collapsed weeks after the new owner moved in. What kind of recourse does the new owner have? The owner should should call the inspector, the agent and a real estate attorney to help figure out what the problem is, if it is a new problem or an existing problem that was missed, whether the seller knew about it, and what needs to happen to resolve the situation.
Residents of the 9th ward in New Orleans were hit perhaps the hardest by Hurricane Katrina. Ronald Lewis was the first person to move back into the 9th ward, and still remains one of the few to return. With the help of students and an architect he has rebuilt his home to be an example to other residents to return and help rebuild the 9th ward. Ilyce wonders if a neighborhood can still survive without its neighbors.
Ilyce takes a tour through the Broadmoor neighborhood of New Orleans to see how the rebuilding effort is moving forward. Nearly two years ago, after Katrina hit and the levees broke, this neighborhood of pastel-colored homes was submerged below 10 feet of water. Today, many of the homes are in the process of being fixed up. However, even with millions of dollars of federal money, grants, and the work of non-profit groups, life is far from normal.