Help! My basement flooded! Did I mention I just accepted an offer on my home yesterday? Talk about the highs and lows of real estate.
At about 1am last night the first storm rolled in to Edmonton, and then at 3am I was woken up by the house shaking from thunder and kept awake for an hour by the torrential downpour.
Basements all over Edmonton flooded last night, including some currently for sale or pending. If you’re one of those homeowners, here’s what I’d recommend you do:
- Don’t panic.
- Contact your insurance company.
a. Find out what your coverage is
b. Find out what the remediation process is like and a basic framework for how that goes. Remember they maybe busy with other homeowners in a similar situation.
- Contact your REALTOR® if you are using one. They will discuss the different options available to you.
- I recommend you authorize your agent to disclose what has happened to the buyer’s agent, and what you have done, and let them know that you will keep them updated
At this point they may bail on the transaction, but that is not the most important consideration. The most important thing to do is: GET THE PROBLEM RECTIFIED and CLEANED UP as soon as possible. If you don’t tell them, they will find out eventually and you will have a bigger problem on your hands.
Depending on your buyer’s tolerance, their desire to buy your property, and how much good will you have with them, they may remove or extend their conditions, negotiate new conditions or let them lapse. If the buyers have already removed conditions, keeping them up to date is a very good way of avoiding problems as closing approaches.
PS – if you’re basement didn’t flood, this is an excellent reminder to check your sump pump and put extensions on your downspouts so they are draining away from the house.