The law in NY is "buyer beware." Whether or not you can recover damages depends on whether you performed a home inspection and, if you did, whether the former owner intentionally concealed any defects. If neither of the foregoing occurred, then you are probably out of luck.
In addition, it sounds like your home is situated in a high flood area. If you are indeed in a designated high flood area, then your title policy and/or mortgage commitment probably required you to purchase flood insurance, which may be your only avenue for recovery (i.e., by filing a claim).
Jennifer Polovetsky, Esq.
Law Offices of Jennifer Polovetsky, Esq., PLLC , Lake Success, NY.
(Practice areas include Residential and Commercial Real Estate in the Metro NY area)
Answered on Nov 06th, 2011 at 4:48 PM