Selling Your House With a Basement Leak

Is selling your house “as is” a way to avoid the expense of waterproofing? The direct answer to this question is yes, but this must be qualified. Real estate law requires a seller to “disclose” all defective issues in writing. This means you must provide all negative information to any prospective buyer. The “as is” simply means that you have made full disclosure, including your leaking basement, to the prospective buyer. It is then the buyer’s prerogative whether or not he/she will purchase the house knowing that the basement leaks. It’s important you know that failure to disclose or hide a leaking basement could be grounds for costly litigation.