Comments on: Bought a home with problems? http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/ Everything to do with thickening your wallet by entrepreneur turned President of an Investment Company Tue, 16 Mar 2010 10:02:39 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Halloween Edition of 4P Traffic And Some LinkStuff http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/comment-page-1/#comment-19842 Halloween Edition of 4P Traffic And Some LinkStuff Sun, 01 Nov 2009 14:18:38 +0000 http://www.thickenmywallet.com/blog/wp/?p=1284#comment-19842 [...] to put the deal in jeopardy – you can bet they will do everything they can to make it happen. Part 1 and Part [...] [...] to put the deal in jeopardy – you can bet they will do everything they can to make it happen. Part 1 and Part [...]

]]> By: Tax Guy http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/comment-page-1/#comment-19816 Tax Guy Thu, 29 Oct 2009 13:31:32 +0000 http://www.thickenmywallet.com/blog/wp/?p=1284#comment-19816 Thanks! I have a fairly good relationship with the lawyer who helped us close all of our house purchases. I always forget to call him ... but will now. Thanks! I have a fairly good relationship with the lawyer who helped us close all of our house purchases. I always forget to call him … but will now.

]]> By: Thicken My Wallet » Blog Archive » Bought a home with problems? Part 2 http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/comment-page-1/#comment-19815 Thicken My Wallet » Blog Archive » Bought a home with problems? Part 2 Thu, 29 Oct 2009 09:02:39 +0000 http://www.thickenmywallet.com/blog/wp/?p=1284#comment-19815 [...] Comments dj on How would we do in a world without financial advisors?Mom2KG on Bought a home with problems?Tax Guy on Bought a home with problems?Nurseb911 on How effective are dividend stocks in [...] [...] Comments dj on How would we do in a world without financial advisors?Mom2KG on Bought a home with problems?Tax Guy on Bought a home with problems?Nurseb911 on How effective are dividend stocks in [...]

]]> By: Mom2KG http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/comment-page-1/#comment-19811 Mom2KG Wed, 28 Oct 2009 15:37:15 +0000 http://www.thickenmywallet.com/blog/wp/?p=1284#comment-19811 You should asolutely speak with a lawyer or two (you shouldn't have a problem getting a free first consult). However, I'm not sure you'll have recourse against the inspector. They only look for obvious problems. I do not think home inspectors are regulated, so pretty much anyone with a ladder and a flashlight can call themselves home inspectors. However, there probably is case law setting some sort of standard of inspection, and the question is whether your guy met it. If the damage could only have been discovered by breaking into a wall, then it probably wasn't an obvious or patent defect. There is also the question of whether the homeowner knew the work was bad. This is pretty tricky, but you won't know what you can do or get until you speak to a lawyer in more detail. Sorry to hear this happened to you. At least you have a new dry basement and good roof now. You should asolutely speak with a lawyer or two (you shouldn’t have a problem getting a free first consult). However, I’m not sure you’ll have recourse against the inspector. They only look for obvious problems. I do not think home inspectors are regulated, so pretty much anyone with a ladder and a flashlight can call themselves home inspectors. However, there probably is case law setting some sort of standard of inspection, and the question is whether your guy met it. If the damage could only have been discovered by breaking into a wall, then it probably wasn’t an obvious or patent defect.

There is also the question of whether the homeowner knew the work was bad. This is pretty tricky, but you won’t know what you can do or get until you speak to a lawyer in more detail.

Sorry to hear this happened to you. At least you have a new dry basement and good roof now.

]]> By: Tax Guy http://www.thickenmywallet.com/blog/wp/2009/10/28/real-estate-problem/comment-page-1/#comment-19809 Tax Guy Wed, 28 Oct 2009 13:17:22 +0000 http://www.thickenmywallet.com/blog/wp/?p=1284#comment-19809 We purchased a home back in 2005 on condition of a home inspection. The inspector pointed out a few items that needed "attention" but left us with the impression noting major was wrong. This summer we discovered a leak in the basement and after we removed the interior wall found that a prior owner had installed a wood burning fireplace and that ten chimney was part of that installation. At some point after the installation the same or another owner decided to get rid of the fire place. Bricks were stuffed in the hole and the wall was covered up. The poor installation meant water had been seeping into our basement and over the last few years had managed to open rather large cracks. When the rain storms came in August, we had water gushing into the basement. Our insurance covered the damage inside, but I had to foot the bill for the foundation repair, removal of the chimney and a new roof (totalling $20,000). We are the third owners of this home and I'm fairly certain the prior owners did have anything to do with the damages to my home. What are your thoughts on recourse? Is there any against a prior owner? What about the home inspector? We purchased a home back in 2005 on condition of a home inspection. The inspector pointed out a few items that needed “attention” but left us with the impression noting major was wrong.

This summer we discovered a leak in the basement and after we removed the interior wall found that a prior owner had installed a wood burning fireplace and that ten chimney was part of that installation. At some point after the installation the same or another owner decided to get rid of the fire place. Bricks were stuffed in the hole and the wall was covered up.

The poor installation meant water had been seeping into our basement and over the last few years had managed to open rather large cracks. When the rain storms came in August, we had water gushing into the basement.

Our insurance covered the damage inside, but I had to foot the bill for the foundation repair, removal of the chimney and a new roof (totalling $20,000).

We are the third owners of this home and I’m fairly certain the prior owners did have anything to do with the damages to my home. What are your thoughts on recourse? Is there any against a prior owner? What about the home inspector?

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