A better home inspector would have been able to see the signs of termites and mold. The sump pump should have also been checked by the inspector, but it could have failed after the inspection. Sump pumps can burn out, lose power, become clogged or misaligned, or malfunction in a variety of other ways. It is valuable to have a warning device installed that will signal water buildup. These alarms can alert homeowners or neighbors of flooding, so that it can be resolved before water damage occurs. Be careful. Be smart. These horror stories are real and happen every day. Do your homework before signing paperwork or jumping into a new home. Too many people spend more time shopping for a car than they do on a home — a much larger and more permanent investment. I am not familiar with other state guidelines, but in Texas, Section 5.008, Property Code requires a seller of a residential property to deliver a Seller's Disclosure Notice to a buyer on, or before the effective date of a contract. It is a checklist which not only identifies which features are present (or not) in a home, but also allows the Seller to identify repaired items in and outside the home, and/or items in need of repair. This notice is completed to the best of the Seller's belief. In the event of a potential lawsuit for home issues after closing, the new homeowner will be advised to consult with an attorney. As a REALTOR®, we are not authorized to provide legal counsel at any time. Bottom line, you have time to educate yourself. I hope that this has helped you move forward in making the right direction.
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