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Updated almost 3 years ago,

User Stats

116
Posts
57
Votes
Randall Re II
  • Rental Property Investor
  • Colorado Florida Arizona Texas, Nevada and Ohio.
57
Votes |
116
Posts

Seller lied on disclosure

Randall Re II
  • Rental Property Investor
  • Colorado Florida Arizona Texas, Nevada and Ohio.
Posted

Hey everyone. I bought my first property. I close in a few days and my insurance company pulled up the property that had water damage on two separate incidents and currently, both are open insurance claims. The seller never said anything about water damage and the info from the insurance claims is very vague. I've paid for inspections already, and now I'm a few days out and this comes up. The most recent water damage insurance claim is $4,000 it says and only 3 months ago it happened, so I know they lied about it when they never mentioned it or roof damage to the property. Do I have any legal course of action, or any other action? My insurance company says insurance will go up, and even though they say they will cover anything that comes up like mold or something down the road, I know better then to believe an insurance company. It's unknown if it was a bandaid fix on the property or professionally done with legal responsibility or not. What are my options?

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