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The Insurance Company Will Rat You Out!
As a followup to my post earlier this week regarding property disclosures, I got to thinking about the handful of transactions that turned south once the buyer realized that the seller had been less than forthcoming about the condition of the property.
In this case, it had severe consequences for the buyers in the first week of their ownership.
The buyers had a thorough inspection and the seller had disclosed that they had a few inches of water in the basement a few years prior to the sale. They had filed an insurance claim and because the basement was unfinished, there was what the termed "minimal damage". The insurance quote for the home seemed reasonable and the buyer confirmed that the seller had disclosed this insurance claim.
Fast forward to the week after the closing....the buyers had not moved in yet. They were painting and replacing the flooring prior to moving in. There had been a lot of rain and the buyers decided to go over to check on the house. When they got there, there was almost a foot of water in the basement. Resulting in the need for replacing the furnace and the water heater. When they started talking the to the ... more
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