Do we have any legal rights

What is the name of your state? Ohio

My husband and I just bought our first home. We had been dealing with our realtor for about a year and a half, so we felt pretty confident with her and her company (we ended up buying a home that was being sold by them).

The previous owner lived in the house for 27 years. We specifically asked if they had ever had water problems with their basement (since NW Ohio had a huge flood last year). On the disclosure form, they marked everything NO- claiming they had no leaks, water intrusion, mold, dry rot...nothing of this nature. Going by the faith of our realtor and the owner's signed disclosure we did not have an inspector come in b/c we are a young couple and did not have the extra money. My father, a certified electrician, came in an inspected the wiring and other things that we thought were most important.

We have been living in our home for less than a month (3.5 weeks to be exact). After the first and second rain we got, we noticed water trickling out of the wall behind the "nice paneling" they had put up. We have had two basement contractors come in to inspect and sure enough...they said the previous owners had water damage. They showed us where they had sealed off cracks and painted over them and also told us the "new, pretty panel" could be hiding a big problem; they also pointed our water marks on the walls. On the bottom of the paneling there is dry rot, in another part of the basement- mold is starting to form and there is evidence of more dry rot and moisture in the walls.

We have informed our realtor of the problem and needless to say- they don't want to keep in contact with us. Is there any chance we could have legal recourse on the previous owners? We did decide to waive the inspection, but they are the ones who filled out the disclosure. We have evidence that there was severe water damage in the past (a lot of the evidence is on the newer paneling). We would not pursue this if the bill was small, but we've been advised the fix up cost would be between $10-$15,000 (that's a lot of money for a newly married couple). We know we were naive for not getting an inspector, but we also know we were lied to on the disclosure.

[Shay-Pari'e]

(QUOTE)Going by the faith of our realtor and the owner's signed disclosure we did not have an inspector come in b/c we are a young couple and did not have the extra money(QUOTE).

You have no legal recourse, and please make sure if you ever buy another home, you make sure to get the house inspected.

[HomeGuru]

Originally Posted by a_r_m94

What is the name of your state? Ohio

My husband and I just bought our first home. We had been dealing with our realtor for about a year and a half, so we felt pretty confident with her and her company (we ended up buying a home that was being sold by them).

The previous owner lived in the house for 27 years. We specifically asked if they had ever had water problems with their basement (since NW Ohio had a huge flood last year). On the disclosure form, they marked everything NO- claiming they had no leaks, water intrusion, mold, dry rot...nothing of this nature. Going by the faith of our realtor and the owner's signed disclosure we did not have an inspector come in b/c we are a young couple and did not have the extra money. My father, a certified electrician, came in an inspected the wiring and other things that we thought were most important.

We have been living in our home for less than a month (3.5 weeks to be exact). After the first and second rain we got, we noticed water trickling out of the wall behind the "nice paneling" they had put up. We have had two basement contractors come in to inspect and sure enough...they said the previous owners had water damage. They showed us where they had sealed off cracks and painted over them and also told us the "new, pretty panel" could be hiding a big problem; they also pointed our water marks on the walls. On the bottom of the paneling there is dry rot, in another part of the basement- mold is starting to form and there is evidence of more dry rot and moisture in the walls.

We have informed our realtor of the problem and needless to say- they don't want to keep in contact with us. Is there any chance we could have legal recourse on the previous owners? We did decide to waive the inspection, but they are the ones who filled out the disclosure. We have evidence that there was severe water damage in the past (a lot of the evidence is on the newer paneling). We would not pursue this if the bill was small, but we've been advised the fix up cost would be between $10-$15,000 (that's a lot of money for a newly married couple). We know we were naive for not getting an inspector, but we also know we were lied to on the disclosure.

**A: now you need to hire an attorney.

[HomeGuru]

Originally Posted by --PARIDISE--

Guru? Hire an attorney for what? No one know's what was disclosed, and the mere fact that the buyers did not have the home inspected? Wouldn't this be a lesson learned?

They waved the home inspection, so they purchased it with only what is on the disclaimer, and who is to say the previous owners lied? It could be a fluke.

Absolute stupid move.

**A: why are you posting in bold font?

[Shay-Pari'e]

Originally Posted by HomeGuru

**A: why are you posting in bold font?

Because I like it?????????????

[HomeGuru]

Originally Posted by --PARIDISE--

(QUOTE)Going by the faith of our realtor and the owner's signed disclosure we did not have an inspector come in b/c we are a young couple and did not have the extra money(QUOTE).

You have no legal recourse, and please make sure if you ever buy another home, you make sure to get the house inspected.

**A: no legal recourse? Do you know the law?
I suggest you read the ORC ( Ohio Revised Code) 5302.30 D commonly known as the Ohio seller disclosure law.

[Shay-Pari'e]

I know the code. If it's ok with you, I would rather see how this thread pans out. I have no problem with being wrong, but I'm not going to argue with you just to say we did.

[HomeGuru]

Originally Posted by --PARIDISE--

I know the code.

**A: no you don't because if you did you would not have posted that garbage in your first 2 posts, the second of which you deleted. And for your information, the seller dislcosure law is not called a code but rather a state statute.
*********
If it's ok with you, I would rather see how this thread pans out. I have no problem with being wrong, but I'm not going to argue with you just to say we did.

**A: so prevent yourself by being wrong and do not post unless you really know the correct answer and are truly giving the proper advice. That way the writers are not mislead. And I appreciate you not wanting to argue since you have nothing too argue about anyway.