Water damage insurance claim not disclosed
With in due diligence period in SFR. When called for insurance claim agent found water damage claim on the property . Sellers did not disclose this information when our offer was accepted .
When asked sellers sent invoice which is lower than the amount claimed on insurance . Appears that they fixed the problem but haven't done inspection yet .
I have following concerns love hear from the fellow BPers.
1. Does the water damage history impact the value of property. Will it create issue when I sell the property . Unlike current seller will I be required to disclose scaring off potential buyers when I sell.
2. Will the insurance companies charge higher premium because of negative history . This is going to be rental unit . What will be impact another incidence in the property .
3. Does this discovery warrant price reduction ? We like the property and its location .
Thanks in advance for your comments .
Cheers
Shan