I have a question about a house I bought a month ago. It was sold under no disclosures.?

Question

The developer of the subdivision came to my house to tell me that this house floods every year. Water in the house and the whole yard. He says there is a lawsuit going on right now that involves the house and area around it because there is not a drainage system around the pond in my backyard. He says a old lady that lived here about 3 years ago had to be rescued from this house because it was so flooded. I am getting a lawyer tomorrow to try to get out of the mortgage. My real estate agent knew about it and so did the sellers of this house. Nobody can believe this house was sold and nobody told us about it's problems. Does anyone know enough anout the law to give me some advice on what to do or expect?

Answer 1

It floods, but is it in a flood zone? If the agent knows this, this is material fact and must be disclosed to the buyer.

Answer 2

I  would get a good lawyer to find out what is going on!

Answer 3

Very strange.  Don't know what state you are in, but in the state of Texas, the only principals exempt from disclosures are foreclosures.  Furthermore, who carries your insurance?  They would have known if it's in the flood plain and if so, flood insurance would have been required.  Was there no one assisting you or representing you through the transaction to have guided you in your due diligence with inspections and inquiries into this property?

What a shame.  A reputable real estate attorney for your area is perhaps your only recourse at this time.  Knowledge known and not revealed is certainly a liability on those who've withheld information material to the transaction.  It will have to be proven they knew to make your case.

While I don't see an attorney getting you "out" of your mortgage, there is one possible strategy.  IF you can prove the listing agent held back knowledge of this property material to the transaction, your attorney could possibly require the brokerage firm to buy back the property.

Best of luck!

Answer 4

You don't mention under what circumstances you purchased the home? Was it a foreclosure with a waiver regarding disclosures and/or buying "as is"?   You attorney will need to know this.  I think you are wise to consult and/or hire an attorney to assist you in this matter.  Because you did not give us enough information, I am unable to provide much advise regarding your circumstances. There are too many variables that could impact the situation.

Answer 5

There was no disclosure about flooding or FEMA or lawsuits? very odd.... That should've been the first thing your lending branch picked up on, they would've required you flood insurance.

definetly talk to a lawyer.... and your mortgage lenders!