disclosure

What is the name of your state? Alaska

We bought a house from the original owner/builder in Feb. 2002. We are now in the process of trying to sell the house and a number of issues have come up that were not on the original seller's disclosure. First, the property is waterfront and the house is set back about 150 feet on a level lot about 60 feet high with advanced vegetation growing on the face of the cliff. The problem is that there is a slight undercut of the embankment which several potential buyers have commented as a concern. Since we have lived in the house, we have not noticed any change in the status of the embankment. But, our realtor has heard "rumors" to the contrary and insists that we follow up on this and state it in our disclosure and says that if we do not perform geological studies, we are liable in the future. My question is, if we discover the prior owners knew about this issue, sought opinions and chose not to repair the embankment, do we have a recourse with them since they did not disclose it in the original sale?

We have the same situation with the roof. The roof started to leak, we called a repairman who told us it has numerus patches. The answer to 'known roof problems, repairs' was marked no on the original disclosure. We did have an inspection and this was not noted at the time. How much do we have to find before they have to take the house back?

[HomeGuru]

[quote]Originally posted by raining
[b]What is the name of your state? Alaska

We bought a house from the original owner/builder in Feb. 2002. We are now in the process of trying to sell the house and a number of issues have come up that were not on the original seller's disclosure. First, the property is waterfront and the house is set back about 150 feet on a level lot about 60 feet high with advanced vegetation growing on the face of the cliff. The problem is that there is a slight undercut of the embankment which several potential buyers have commented as a concern. Since we have lived in the house, we have not noticed any change in the status of the embankment. But, our realtor has heard "rumors" to the contrary and insists that we follow up on this and state it in our disclosure and says that if we do not perform geological studies, we are liable in the future. My question is, if we discover the prior owners knew about this issue, sought opinions and chose not to repair the embankment, do we have a recourse with them since they did not disclose it in the original sale?

**A: possibly, but as part of your due dilegence when you bought, you should have completed these investigations, studies and inspections.
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We have the same situation with the roof. The roof started to leak, we called a repairman who told us it has numerus patches. The answer to 'known roof problems, repairs' was marked no on the original disclosure. We did have an inspection and this was not noted at the time. How much do we have to find before they have to take the house back?

**A: as much as your attorney feels to prove fraud and misrepresentation in the court of law for rescission.