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Disclose, disclose and disclose some more!
I took a listing in Nov of 2006. The seller told me she never had water in her basement for 11 years. EXCEPT one time Mothers Day 2006. She indicated that she had "no moisture or leakage" in the basement area.I asked what happened on Mother's Day 2006? She said that water starting coming in and she had the condo association came to look at it. They took care of it right away and with in hours there was no evidence of water. Upon hearing this, I move to the basement with her to look at the "water" or not in that area. After thoroughly looking around and noticing NO evidence of any kind of water, I was content with the information that she had written on the "disclosure". During my listing period of two months, I never noticed any type of water in her basement, I showed it 12 times.
We closed in February of 07 and in April of 07 the new buyer had a FLOOD in his basement. He had over 12 inches of water. He lost his personal belongings and significant time and energy . He ultimately installed a permanent sump pump to insure that this would never happen again.
Since this time, ... more

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