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Home is located in Grant County KY. Property has flooded 5 or 6 times in the 10 months that we have lived there.
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Posted: Jul 09, 2008 at 2:17 PM
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Was the property exempt from a property disclosure for any reason: new construction, owner was a non resident, bank owned, etc? If so, did you have a home inspection performed before you closed on the property?
There are several factors involved in this answer. You might want to contact the agent that helped you purchase the home. If you did not utilize the services of an agent, you might want to talk to a Real Estate attorney to see if you have any recourse.
Jul 19, 2008 at 10:47 AM
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If this question exists on property disclosure and previous owner knowingly answered it incorrectly, there are legal ramifications and remedies you as the buyer can take issue with.
Have an attorney review your entire purchase and sale contract and look for discrepencies in the addendum.
Jul 16, 2008 at 11:07 AM
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No matter what state, honest and fair is the rule. You should disclose the issue of flooding. In addition, does the property need flood insurance by FEMA, if so that also should be disclosed.
Fair and honest treatment to all parties is necessary in a successful real estate transaction.
I hope this is helpful.
ST
Jul 14, 2008 at 11:59 PM
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