‘Rigorous’ inspections becoming de rigueur

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: My buddy bought this incredible house on the beach for more than $1 million. It was really stunning and had awesome views -- he fell in love with it at first sight, and closed the deal pretty quickly. He did have inspections by a contractor friend the seller was able to get to come out really fast. My friend bought the house in the summertime, but when it started to rain, the rain literally poured inside the house. In the course of getting the roof replaced, he started to discover all these other issues wrong with the place that the seller had to have known about and concealed, including the fact that the whole foundation has some kind of dry mold issue. To make a long story short, the place needs to be torn down. My friend actually sued the seller and got a good judgment, but the seller won't pay and now my friend is in the hole $50,000 for attorneys' fees and is living in a rented apartment while he lets the house go back to the bank because it's not livable and he c...