The Moneyologist: My dream home has turned into a $40,000 money pit of mold and water damage

Terrence Horan/MarketWatch

Dear Moneyologist,

I purchased a home this summer. Four days after I moved in I discovered mold in what was supposed to be the finished basement space. Five days after I moved in I discovered water comes in every time it rains hard. The home inspector says he couldn’t have known about the problems because they were not visible when he was there. The sellers were flippers, didn’t disclose the problems, are not accepting responsibility, and now it looks like I’m heading to arbitration. A lawyer is going to cost somewhere over $10,000. That will wipe out what I have in liquid cash.

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