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Bought Home
Bought a home asked if they had flooding issues
was told they flooded 5 years no other problems
two months at my new home basement gets water
twice ruins carpet new walls get wet mold starts
floors buckling screws they put in cermet for
brace for new walls break through foundation.
please help this wasn’t disclosed at time of
negotiating or final contract signing
Asked on April 7, 2017 under Real Estate Law, Illinois
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
You can sue the seller for fraud. Fraud is the intentional misrepresentation or nondisclosure of a materlal fact made with knowledge of its falsity and with the intent to induce your reliance upon which you justifiably relied to your detriment.
In other words, you would not have bought the house had you known of the recurring flooding.
Your damages (monetary compensation you are seeking in a lawsuit for fraud) would be either the benefit of the bargain or your out of pocket loss.
Benefit of the bargain means a defrauded purchaser may recover the difference between the real and represented value of the property purchased regardless of the fact that the actual loss suffered might have been less.
Out of pocket determination of damages for fraudulent misrepresentation permits recovery of the difference between the price paid and the actual value of the property acquired.
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