Bought house Oct. 2010. Had inspection and appraisal. Neither document said anything about basement water intrusion. I have lost use of my basement due to water leaking into basement from foundation. Outside grade has begun to slope towards house. Walkways are becoming uneven due to dropping and heaving by several inches. Massive amounts of mold is beginning to show on inside foundation. Block foundation has been compromised and has started cracking horizontally along mortar joint. Basement will leak with small amounts of rain or snow melt.
You would want to talk to a real estate litigation attorney. You will want to move quickly. One problem I can foresee is your comment that, "Outside grade has begun to slope towards house." This may be the source of your problem, and if the grade was adequate when you purchased the property, and this is the first year you have had flooding, it may be that no one is liable to you.
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