Did you use a Realtor on the purchase? Did you sing an arbitration agreement? Did you get the property inspected? If so does the inspection company warranty any issues like this? My understanding is that you cant "un-purchase" the home but if you think the issue is serious you should consult legal counsel.
Wallin Residential Properties
You need to speak with an experienced real estate attorney. Underline experienced. I can provide referrals for you.
Few things to consider; if the seller to you didn't have the water issue, it wasn't disclosed to them when they purchased and the neighbor didn't share this information with them itâ€™s possible the seller to you didn't know. It happens and it's an inherent risk of purchasing a home. Which goes back to inspections, disclosure, due diligence by all parties.
Things to do: 1 - if previous sellers sold with a realty company contact them to determine if they company has the disclosures from the sellers before your seller. This may give added information.
2 - Determine if the sellers you purchased from received assistance from the neighbor to "deal" with the water issue and or if it was disclosed by the helpful neighbor to them that the prior owner had water issues. If so you would have possible grounds to pursue the option of mediation or court to determine cost to remediate and cure based on lack of disclosure.
3-Have and Inspector that is educated in water intrusion; is there evidence that the seller that sold to you couldn't have not known? Its another possibility -
My understand is you have to prove that the seller was aware of the issue -
This is not legal advice for that you would contact an attorney -
Best of Luck.
Chances are you are stuck with the house but may have a lawsuit for misrepresentation. I'm not an attorney, so you'll have to discuss this with one to be certain, but you may have a case. If the owners before the one you bought the home from disclosed to them, then a case could be made that they had knowledge. If the problem never reoccurred in their ownership, they may claim they forgot about the previous disclosure and considered the problem resolved.
In either case, it sounds like you'll be spending time in court to get a resolution.
Jennifer Kirby- Broker
Kirby Fine Homes