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.
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.
Two years after Katrina hit, New Orleans resident Oscar Escobar is recovering from the storm. He lost everything in his home to water damage, but he says he started rebuilding almost immediately. He didn't wait for help from FEMA, but began doing the work on his own. Four months after the levees broke, he moved back into his house. While he was relatively fortunate and he has been helping neighbors rebuild their homes, he says other people have been satisfied to live in the FEMA trailers.
A home owner bought a house that has several problems. The home inspector did not include any of the issues in his report. Some home inspectors are better than others, but one thing is always clear in a home inspection, if the problem is not visible, home inspectors can't pry walls open to inspect the insides of a home. If the issues you have raised should have been uncovered by a competent inspection, you have a good claim against the inspector.
What happens if you buy new construction and the home has a lot of water damage? You can try to work with the new construction builder to repair the water damage. But if that doesn't work and you still have water damage, you'll likely want to talk to a real estate attorney.
When you own a home covered with synthetic stucco you may decide to install a water barrier system. Some water barrier systems work, but many fail, and you should ensure that your system is in working order. A synthetic stucco-certified home inspector can look at the exterior of the home to find potential damage.
A buyer recently bought a home that now has water in the basement. His home inspector has mentioned poor gutters and a grade problem. Since these problems were revealed during the inspection, and the buyer did not request to have them fixed, the purchasers are most likely responsible for the damages.
What can you do when your earnest money gets held up due to a damaged pool? It's up to the seller to disclose water damage and if he doesn't the buyer may have to hire a real estate attorney to get his earnest money back from the seller. Learn about breach of contract and seller disclosure in this situation.