Reply to Leaky basement-would you buy?

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[quote=Anonymous][quote=Anonymous]Can we list it knowing this problem? Everyone I know has water issues in the basement-and just hides the fact when they sell.[/quote]

Yes, you can list with this issue, but you MUST disclose it.  If you know about the issue, fail to disclose and the problem manifests within a certain amount of time (the length of time varies by jurisdiction), then you will be liable for repairs, damages and penalties.  Something that might cost you $3-4K to fix now, could cost you $10K if you fail to disclose and the problem becomes significant.  Do not do this.  It is illegal and unethical.  You also will have to explicitly hide this from your realtor and have to perjure yourself.  When you list, your realtor will ask you if there are any problems that you know about that need to be disclosed.  If you answer yes, then the realtor is obligated by law to notate it.  If you answer no and it is later found that you were lying, then the penalties are unforgiving.

Either fix the problem or disclose the issue and be prepared to either fix the problem after inspection or give an allowance for what the buyer thinks is reasonable to fix the problem after settlement.  I personally think fixing the problem now, on your own schedule and with the professional of your choice (rather than the only one that is available on short notice when you must repair to be able to close) is the cheapest and best solution.  At a minimum, I would get someone in to do an evaluation and estimate so that you also know how much allowance to agree to if you don't fix if yourselves.  Otherwise, you may have to agree to a larger allowance that you need to just to close the deal.
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