Real Estate Statute of Limitations ?

[halsteadfrost]

I bought a house quite a few years ago (back in 2000) and am now trying to sell it. It's had settling problems, but I thought it was always due to location (central Austin). When I bought it the sellers disclosed "all the foundation reports" which stated it was OK and that the movement was normal to the soil in the area. I had my own inspections done, and was told the same thing.

Now we're trying to sell it and are trying to get a foundation report. We called a local guy who tells me that he did an extensive report right after the people I purchased it from bought it, and that it was a BAD report. Basically saying that the house was way out of level, that it needed peering, and that there were actual gaps/holes in the soil under parts of the house. The previous owners didn't disclose this report to me.

During the years I lived there I found various things that led me to believe that I had been screwed on the purchase (broken pipes under the house and previous flood damage behind drywall) but this is the final straw.

So I'm looking to see what the statute of limitations is regarding a lawsuit. I'm sure it's passed, but I'm pretty pissed off right now, and am just looking at my options.

Thanks.
Hal

 

[CleverNickname]

I'm pretty sure you won't have many SOL problems, as the defect was hidden. It probably hadn't started tolling. On the other hand, it might a hugely expensive legal fight.

 

[Bookman]

Any cracks in the walls?

 

[NCAAFBALLROX]

Do you have a chimney? I often see large gaps where a brick chimney has started to pull away from the roof deck (or a brick chimney with the rest of the house in siding) & the brick on the chimney is cracking.

Also, if you had your own report done that didn't say anything about needing new piers or there being a substandard earthen foundation, then your report is in conflict with theirs & in a court of law, you would basically have "The Case Of The Battling Engineer Reports" & for a jury to find in your favor, they would need to think that your guy (foundation guy) is better than their guy.

 

[BattleshipTexas]

What makes you think the prior owners have any money? It isn't worth a lawsuit unless they can pay pretty big dollars, like six figures. Could you write a check for six figures to someone? What makes you think they could?