strollerfreak
Junior Member
What is the name of your state? - Michigan
My husband purchased a home in Oct. 2004, I had a bad feeling about the house and did not want my name on the mortgage, so it is in his name alone. We had a home inspector come through, and according to his report there were 2 items that were red flagged; the roof & the furnace. We rolled $3000 off the purchase price into our mortgage to "cover" the cost of re-roofing the house. The furnace we let go, since it was still working, only red flagged because it was past it's life expectancy.
Weeks after moving in (Nov. 2004) the plumbing started leaking from everywhere. One main pipe had a crack about 4' long in it that the inspector didn't mention. We looked into what we could claim from the home inspector for not noting such a fatal flaw, and found that he had an air tight clause in his contract.
6 months later (July 2005) the furnace "died". Upon further inspection a seal was gone and it was emmiting carbon dioxide into the home, and also flooding the basement from the condenser.
Everything was quiet for about 9 months, then our basement started getting damp in places that showed previous water damage (Mar 2006). Now (Aug 2006) our basement is constantly flooded with 1-2" of standing water. Since it was from rainwater (lots of recent storms), our home owner's insurance won't cover any repairs or replacement of damaged items as we don't have flood insurance (not sure why you'd normally need it in the middle of a field?! LOL) and after several competing businesses quotes, it will take at least $10K to fix the basement.
We have dumped close to $30K into this house already that we haven't expected to, and it's just eating us alive.
We (as in my husband) owes roughly $189K on the home between 2 mortgages...I don't know the specifics of this, I know one was a fixed rate and the other wasn't, and it was so that we didn't have to pay PMI on the home? The home appraised at $204K last year, and it's currently on the market (not being shown right now!) at $209. We can't even break even at that price and no one is looking.
The sellers had to have known about both the plumbing issues & the basement walls as there was evidence of water damage to both which they disclosed as "damage from a water line breaking"...however we beleive that that water line breaking was from it freezing and destroyed all the plumbing in the process. Do we even have any legal actions we can take against the original owners, or do we just have to suck it up, and know that karma will work it out in the end?
My husband purchased a home in Oct. 2004, I had a bad feeling about the house and did not want my name on the mortgage, so it is in his name alone. We had a home inspector come through, and according to his report there were 2 items that were red flagged; the roof & the furnace. We rolled $3000 off the purchase price into our mortgage to "cover" the cost of re-roofing the house. The furnace we let go, since it was still working, only red flagged because it was past it's life expectancy.
Weeks after moving in (Nov. 2004) the plumbing started leaking from everywhere. One main pipe had a crack about 4' long in it that the inspector didn't mention. We looked into what we could claim from the home inspector for not noting such a fatal flaw, and found that he had an air tight clause in his contract.
6 months later (July 2005) the furnace "died". Upon further inspection a seal was gone and it was emmiting carbon dioxide into the home, and also flooding the basement from the condenser.
Everything was quiet for about 9 months, then our basement started getting damp in places that showed previous water damage (Mar 2006). Now (Aug 2006) our basement is constantly flooded with 1-2" of standing water. Since it was from rainwater (lots of recent storms), our home owner's insurance won't cover any repairs or replacement of damaged items as we don't have flood insurance (not sure why you'd normally need it in the middle of a field?! LOL) and after several competing businesses quotes, it will take at least $10K to fix the basement.
We have dumped close to $30K into this house already that we haven't expected to, and it's just eating us alive.
We (as in my husband) owes roughly $189K on the home between 2 mortgages...I don't know the specifics of this, I know one was a fixed rate and the other wasn't, and it was so that we didn't have to pay PMI on the home? The home appraised at $204K last year, and it's currently on the market (not being shown right now!) at $209. We can't even break even at that price and no one is looking.
The sellers had to have known about both the plumbing issues & the basement walls as there was evidence of water damage to both which they disclosed as "damage from a water line breaking"...however we beleive that that water line breaking was from it freezing and destroyed all the plumbing in the process. Do we even have any legal actions we can take against the original owners, or do we just have to suck it up, and know that karma will work it out in the end?