02 Jul Do we have to disclose this?
It’s been a super rainy spring/early summer in the Midwest. We are selling our house.
At the time we put the house on the market, we could honestly say there was never water in the basement.
Now, we are awaiting closing, maybe 2 weeks out at most. Appraisal and inspection all have been done for a while.
Yesterday I went into the basement and lo and behold! Water marks! Not actual water, just wet marks going up the walls in two basement corners and definitely some mold.
Do we have to report this to the buyer? If so, how do we do so? Can they back out of the sales contract if the contingency period has closed?