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Sue the seller?

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I purchased my first home in 1999. Anxious, exicted and very naive, I made my offer (asking price) quite quickly. The seller was a realtor and the listing agent. I purchased the home through FHA and when my agent asked if I'd be getting a home inspection, he mentioned that I receive one through FHA. I decided to forego the private inspection (DUMB!).

Shortly after moving in, I noticed water in the basement after a rainfall. I immediately called the seller and his reply was that it didn't happen to him. The disclosure revealed water in the basement at one time, but after sealing the chimney stack, the problem was resolved. Go figure?!
It's 2 years later and I've begun paying closer attention to the basement. Obvious long-term water damage to the walls, some major cracks and water after it rains.

Can I go into arbitration against the previous seller? I've heard conflicting theories about the statute of limitations. Does the fact that he was an agent have any bearing?

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