Have Legal Questions? Ask a Lawyer Now.
The general rule is that all contract rights are extinguished once you take title at closing. The exceptions are in cases of fraud or misrepresentaion. The seller is obligation to inform you of any adverse condition in the premises. Here, if an expert can testify that the condition had to have been in existence before the contract, then you can sue the seller to get your money back.
The warranty applies to rental property only. Unfortunately your gripe is with the seller...the bank won't want to know about the problem. Get a lawyer and see if he/she can negotiate a settlement without a suit to save money.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).