I recently wrote a contract on some beautiful Laurel real estate. The property was a beautiful five bedroom townhome in Laurel’s Stone Lake community. The home had a large Master Bedroom on the first floor, complete with a washer and dryer in the Super Bath. The Stone Lake community in Laurel, Maryland is a beautiful development that is a gated community. Stone Lake has a large lake that use to be a stone quarry. The lake offers fantastic views.
My clients fell in love with the neighborhood and the home. My buyers offer was accepted and everything was fine up to the day of settlement.
The buyers did not apply for home owners insurance until the day of settlement. What their insurer told them, shocked them. The property had over $21,000 worth of water damage to it less than two years ago.
The seller did not disclose this.
My buyers were flabbergasted! They have had issues with water in the basement before and it wasn’t pretty. Whats worse, is the seller not disclosing the previous damage. The buyers felt the seller purposefully deceived them.
My buyers decided not to buy the home. I was able to get them out of the contract and their deposit back.
If my buyers had applied for home owners insurance shortly after we were ratified, they would never have wasted so much time and money on this home.
It pays to do things in a timely manner.
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