Seller Disclosures Clarification

[Chris Witt]

Hi all. I tried posting this in the general forums and was told it is state specific so figured I would try here. Here is a fictitious scenario to illustrate my question.

 I'm selling my house. My buyer has his inspection and finds a major issue with foundations and rightfully requests a reduction in price. We try to negotiate but cannot come to terms so he backs out using inspection contingency clause. Week later I have a new buyer who knows the previous deal fell thru as a result of inspection so he asks what that inspection found. Am I obligated to inform him of anything? If not, what is the difference between disclosing that info and anything else such as the basement floods sometimes. 

Thanks all!