Posted on 10/24/2020 11:04:08 AM PDT by CaptainPhilFan
COMPLETELY off topic.
Buying a home in a unknown market, just hit with horrendous and unexpected Inspection Report
“I don’t know much about these things, but it seems like the house is kinda being sold at an ‘as is’ price perhaps?”
An agent told she would not counter-offer on a contract us we couldn’t negotiate the price of repairs listed on the inspection report as we were buying the house as-is.
I told her if she didn’t immediately pick up the phone aand call the seller’s agent she was ‘fired’.
She quickly called him with the new offer.
House sounds impossible to finance. If the bank hasn’t seen it yet, they will probably pull the rug out from under you, which would be a mercy.
Trouble is, they take a very long time to say no. (Or require additional collateral, at which you say no.)
“Bring your findings to the seller...via your RE agent and make them bring the property up to code “
What is not up to code?
“Sounds like a walkaway situation to me, or a 20,000 dollar reduction in price.”
Where did you get $20k?
You are a smart man.
Sounds like fraud.
The home inspector could be doing you a favor by making it sound worse then it really is. Because who has old galvanized pipes still? This is a clear sign the house hasn't been maintained in a very long time. This is my opinion. (walk away)
I replaced the last piece of galvanized pipe to my shower shower +15 years ago (house was built '59) When was this house your looking at built?
“rewiring and replumbing an entire, 2500 square foot, 4 bed, 2 bath house, and what does it cost to replace replace a furnace and central AC”
I would budget no less than $40k and hope there’s no water damage.
How’s the roof and foundation?
agents know all the angles- that’s for sure- they like to push the buyer and seller for that matter, around- wisely she responded to you standing up to her tactics the right way- she knew she was out a sales commission if she didn’t-
Once you open up the walls and floor you can expect a TON of other stuff to pop up I would say WALK AWAY!!!
I wouldn’t walk away, I would run away.
What if the inspector missed something? It happens.
What if the repairs aren’t done perfectly, need to be redone.
What’s the value of your time and stress for arranging repairs, overseeing them, checking their quality.
And after they’re all done, you still have an old house with something more waiting to go.
Then what happens when you want to sell, and the buyer’s inspector finds new problems or something yours missed...
Good times await
Nope. He could have canned it. Buyer’s offer was contingent on making the repairs. Not sure if that’s a state thing, but I was there. He was allowed to refuse and did refuse on a couple items.
“You are a smart man.”
That was easy!
My previous purchase was a short-sale.
I ended up firing my agent and had the seller’s agent notify the mortgage bank and title agency to work directly with me in negotiating terms.
Yeah, I think he’s just learned a valuable lesson in looking before leaping.
In my state all offers must be presented ... by law ...
Electrical contractor here - if you need to have a complete electrical rewiring you will need to tear out most of the drywall. So while a house like you describe might cost $6k to rewire to new and meet 2020 codes you will need to add a complete drywall and paint job also.
“Nope. He could have canned it. Buyer’s offer was contingent on making the repairs. “
Contingent on whom?
” He was allowed to refuse and did refuse on a couple items.”
Sounds like if he will not comply with the contract he could be sued if he backed out.
If the whole house needs to be rewired and the plumbing all needs to be replaced, there will be walls that need to be repaired, and perhaps even some flooring. Better to start high, and let the owner get estimates to do the repairs and have them come back with a counter and estimates to fix the issues and any other damage that might be involved in the repair process. 8>)
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