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summerskye_gw

rewiring older home?

summerskye
16 years ago

I have been browsing this board for a couple months now, as we are relocating and in the process of selling and buying, and have found a lot of great information. Now I have another question if anyone knows more about this and can give me some advice. We are a few days from closing on a 35-year old home. We were very glad when the inspection did not reveal any major issues. We did ask for GFCI devices to be installed on the bathroom and kitchen outlets, and the seller agreed.

Now, we just found out that two electricians told the seller that the whole house will have to be rewired or the GFCI devices won't work. The seller says they don't want to rewire the house, because they have already done a great deal of remodeling and can't put any more money into it. At this point we are unsure what to do. I feel like it is convenient that the seller waited until a few days from closing to tell us this; they know we really like the house and need to move to the area soon. Also, if we walk we agreed that the appraisal and escrow fees could be deducted from the deposit, but we agreed to this with the understanding that any inspection issues would be ironed out before the fees had been incurred. We aren't exactly getting the house at a steal; we have seen the comps for the area but over the last month have seen other houses in the area drop prices.

Are we overreacting here? We have kids and are concerned about safety. We are also worried about resale value. My husband thinks we should ask for a price reduction equal to the cost of rewiring, but I am wondering if that is expecting too much for a house this age.

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