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I have a real estate question: I purchased a rental property

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I have a real estate...
I have a real estate question: I purchased a rental property 8 years ago in Portland, OR, without having inspection done because I was naive enough to believe the developer's words that the house was gutted and everything except the foundation and supporting beams were replaced. In Disclosure statement they recorded everything including foundation as good for 20 years, 30, and 40 years. Two years later when I had to replace carpets, I noticed the floors were sinking at both ends of the house. I am now trying to sell the house and I am afraid the prospective buyer will have the inspection done and inevitably demand me to discount $30-40K off the price. Can I go back to the seller-developer who remodeled it to fix it? Or sue him if he says no? What is the statute of limitation on something like this?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 4 minutes by:
10/22/2015
Real Estate Lawyer: Dimitry Esquire, Attorney replied 2 years ago
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41,221
Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
Verified

Thank you for your question. Please permit me to assist you with your concerns.

I am genuinely sorry to hear that you find yourself in this situation. But I am afraid that you waited too long. If you are alleging 'fraud' and 'misrepresentation', the statute of limitations on that in Oregon is 2 years from the date the fraud took place as per Or. Rev. Stat. § 12.110(1). And, since you knew about it within the 2 years but failed to pursue, you essentially sat on your rights. I do apologize if the news are not as you hoped, but I do not see any judge accepting this case now, 8 years later, if you found out about this 2 years after purchase, or at least had a reasonable ability to find out then as to the failure to disclose. I am sorry!

Sincerely,

Dimitry, Esq.

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Dimitry Esquire
Dimitry Esquire
Dimitry Esquire, Attorney
Category: Real Estate Law
Satisfied Customers: 41,221
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Experience: JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

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