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Updated about 2 years ago on . Most recent reply
Got a good deal until the seller did not disclose water damage- Should I buy?
I have under contract a split level 4/3 2400sqft, 1 acre home that can be easily converted into a duplex. This will be my second duplex conversion. I am in inspection phase and my question is whether or not to buy the property. The big ticket items, roof, AC, water heater all new. Got it down to 75K below apraisal value with 2% concessions. The seller agreed only if I took it as is. It needs upgrades and it looked like an easy project until the inspection came. The house was on the market for 4 months, water and heating turned off in freezing tempuratures. Long story short, during inspection, the 2 upstairs baths had a leak that went down the pipes in the walls and all the way below into the downstairs bathroom and flooded the floor. The center walls in the house may all need to be opened up and new piping for all bathrooms. The seller did not disclose any of the water issues and the drywall clearly has been replaced before. Becuse I took the property "as is", and the seller did not disclose the existing problems as well as turned off heating and water that likely damaged the plubming I am not sure if the property is worth buying or who needs to settle the plumbing cost? Would anyone back out on the deal if the seller does not agree to repair or compensate?
Most Popular Reply
Yes, if the major water damage was not disclosed, I would definitely consider backing out of the deal. They most likely do not want to repair the issue since they are selling "as is." I would get a couple of contractors out there to see what it would cost to repair; see if the seller will come down in price further, and then see if the deal still makes sense.
"Selling a property “as is” does not mean the seller can misrepresent the condition of the property or fail to disclose undesirable conditions. A seller must still legally disclose any material known facts regarding the condition of the property."