On Jan 27, 12:28*pm, Big_Jake wrote:
We are landlords and manage a house similar in age to what you have,
with very similar issues. *The owners successfully sued the seller of
the property and are waiting for the Spring thaw to get started on the
work, which is going to cost about $15K. *The court case took about 18
months. *Here are some thoughts:


I'm just curious as to the definition of success. The repairs are
going to cost $15K. Unless the buyer was awarded attorney's fees,
which I don't believe is usual, then the buyer had to pay an attorney
to pursue a case that took 18 months. Around here, that would have
consumed most, if not all of the $15K. Which is why it doesn't make
sense, unless the amount is a lot larger, especially considering you
could spend a lot on legal fees, expert testimony, etc, and still
lose.





1) The house has been settling for a long time. *You could probably
wait several years to fix the basement, maybe much longer. *You aren't
going to come home one day to find that the basement has collapsed.

2) It looks like you might have recourse against the seller, the home
inspector, and the Realtor. *Sounds like the seller has a pile of
money from the sale, so they might be the best bet.

3) The ammunition that you need for the lawsuit is costs and scope of
work from several reputable sources. *In my area, there are 2 or 3
very reputable basement specialists, who do not actually do the work,
just inspections. *These are the kind of people who spend their days
looking at problem basements and testifying in court. *How do you find
one in your area? *I don't know. *Check the yellow pages, ask around,
maybe post your location in a follow up so we know where you are.

4) Now that you are aware that there may be a serious issues issues
with the house, you cannot sell the house without disclosing it to
potential buyers and agents. *You have already stated that you
wouldn't lie to sell the house, so, simply put, you can't sell the
house right now.

The market is sliding right now, practically everywhere. Even if you
had the $$ to fix the house, you would lose out if you sell it right
away.

BTW, for this house that I am managing with similar issues - The
seller caulked and painted over a horizontal crack that was about 1/4"
to 3/8" wide. *The court considered this an attempt to conceal the
problem and this was a major nail in his coffin in court.

Learn to love the house that you are in. *Do your homework, get your
lawsuit going, and take things step by step.

JK