I purchased a home 6 months ago. The house appeared to have an addition added on to it. A neighbor recently informed us, the addition was there originally and it was converted to a home and the two story portion of the home was actually added on to it. The appraiser didn't catch this, I reviewed the public records and one of the forms said Modular Home on it. That same appraiser said if they knew that addon was actually previously a modular home the appraised value would have been less. They should have caught that in the records and the sellers should have disclosed it from the beginning. They got the home at auction for $55,000 and we bought it from them for $155,000....we didn't know about the auction until later either. Should I sue for a new appraisal and get the difference so I can pay it to the bank or should I make them take the house back? We wouldn't have bought the house knowing the addon was a modular home that now has drywall and shingles so it would look like an addon.
Have all paperwork, planning on speaking with a lawyer tomorrow to decide if I should sue. I don't want to sue as the seller lives across the street, but we only plan on living in this house for three years.
See attached, as you can see unless you know it was a modular home. It looks like an addon to what I thought was the main house. The inside is just as convincing, at least until I went looking for evidence. I found a separate fuse box, it's dry wall inside. When it warms up and drys outside I'll crawl under the house and check the foundation.
Have all paperwork, planning on speaking with a lawyer tomorrow to decide if I should sue. I don't want to sue as the seller lives across the street, but we only plan on living in this house for three years.
See attached, as you can see unless you know it was a modular home. It looks like an addon to what I thought was the main house. The inside is just as convincing, at least until I went looking for evidence. I found a separate fuse box, it's dry wall inside. When it warms up and drys outside I'll crawl under the house and check the foundation.
