Hi I appreciate some advice. We just closed on a house yesterday. Paid 580,000 for it. It needs remodeling, which we were planning on. It was built in 1979 and the seller has owned it for 20+ years. All through the inspection period, I had a feeling that something was wrong, but everyone said it seemed fine. There were some weird things, the seller had installed a sump pump outside next to the patio, and there were some minor signs of water damage in a corner in the basement. The carpet in the basement was badly stained and there is a musty odor. We asked about flooding in the basement and why the carpet was in such bad shape and why a sump pump was installed, he said he had a roommate that would wear muddy boots inside and that there was a low spot in the yard that would get soggy during the winter. He said to his knowledge the basement had never flooded. The inspector didn’t come up with anything major and I brought out mold inspectors and a drainage person out, both found nothing major. The drainage person gave us an estimate of 5,000 to fix the gutters and improve some drainage around the property so we could get rid of the sump pump. Fast forward to today, I got the keys and went into the basement and pulled back the carpet. The underside of the carpet was damp, the pad was damp and the concrete was damp with soft black spots and mold. This wasn’t just close to the walls or door. It was the entire floor. So it seems like it’s coming up through the ground. We live in portland Oregon and are just coming off the dry season, we’ve only had like 3 days of rain so far, it typically rains everyday from October until June. So how would the seller not know this after living there for more than 20 years?! We are likely going to have to rip out the bathroom, walls and have a sump pump put in and a new concrete sub floor poured. Seems like a big unforeseen cost. I called our lender and realtor, neither had much to say. I can’t get any contractors out to look at the basement until next week. And I’m still waiting to hear back from the lawyers I’ve called. We closed yesterday, can we not rescind the purchase? This is a nightmare! What to do?