Looking for Some Guidance for Major Issue

[Daniel Sabato]

Hello Everyone, 

New investor here looking for some guidance from people with experience. Long story short I bought this property a year ago, had all the inspections done and such, did everything by the book. A year later I am being told that there's a foundation issue. Water is leaking up through the floor in the basement. Obviously I'm in panic mode a bit because this is the first major issue I've had with one of my properties. I am trying to understand how something like that was missed in an inspection, if I have the ability to do anything legally regarding that, how I should proceed now. Just looking for any advice from people on here. Thank you!

[Michael Robbins]

I would find out if the seller was aware of the problem and if it was not disclosed during the purchase.  You might pull permits to see if any work on foundation has been done in the past.  In my opinion the key is determining if the seller would have been reasonably aware.