Disclosure and Saving for a Rainy Day

Real Estate Investing for Dummies Purchasing a used home is certainly an important part of the American dream. Millions of Americans scrape together their savings in order to come up with a [tag]down payment[/tag]. And when they move in, they don’t want the euphoria to end. For most it doesn’t. But while with homeownership comes the expected [tag]mortgage payments[/tag], [tag]insurance payments[/tag], and costs of [tag]home maintenance[/tag], there are unexpected exceptions.

Obviously, there are no limits to the number of instances in which sellers have failed to disclose hidden problems that become apparent only after the purchase. It might be a leaking roof after the first post closing rain fall, a leaking pipe after the first post closing bath, or the appearance of mold when lights are turned on for the first time in the attic (something a home inspection would surely catch). In all cases, the question is: What legal rights do these home purchasers have? Of course, the first place to begin this inquiry is an evaluation of the contract and of local state law concerning issues of misrepresentation.

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