Home Inspection Revealed lots of issues.. what should we ask for?
HU-304719880
3 years ago
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Comments (23)
maifleur03
3 years agolast modified: 3 years agoLindsey_CA
3 years agoRelated Discussions
Foundation issues on an inspection report on older home.
Comments (12)Well, the point is obviously that the repairs aren't overcoming the structural deficits in the foundation. Jacking that house up and putting a new foundation under it is pretty clearly in the cards, and in fact I would love to do that to ours - it's currently being done frequently in my neighbourhood and the bonus is that instead of a 200-y-o basement you get a solid, modern, and probably higher basement (if zoning allows) with a charming old house on top of it. Best of both worlds, in my opinion. But the long and short of it is, this house is a renovator, not a move-in. You've probably got cosmetic repairs as well as reconnecting and possibly redoing all its systems after a lift, so you're going to have live somewhere else for a while and make a bunch of decisions. Above all, you're going to have to spend a bunch of money. So even if you are game for the work, the price you pay for the house should be the resurrection price, not the renovated price. THAT way, if you do fade in the face of the work, you can resell to a renovator without too great a loss. If the price of the house can go down by about 50K or more to reflect your anticipated expenditures, then you're OK as long as you know what you're buying - a project. I think I remember the photos you've posted, and it's interesting to speculate whether the previous owners were just bandaid people in denial about gravity, or deliberately spiffing up a structural disaster in hopes that they could have their cake and eat it too - unload a failing house and still realize its full potential value. By the way, I seem to remember too (too lazy to check) that you had some issues with yard spaces - when a house is lifted, it can potentially also be moved on the lot, within zoning allowance, so maybe you can make things more to your liking in that regard. A big project is nothing to run away from as long as a big project is what you want and as long as the price you are paying is fair FOR A PROJECT. So ask yourself, if it were 100K cheaper pending a year of work, how would you perceive it? If you want it, negotiate the price at which it is worth it to you. Or run away :-) Karin L...See MoreHow concerned should I be about skipping home inspections?
Comments (40)From what I am reading, you were lucky enough to secure a contract on an unusually large home in a hot market. In circumstances like that, being in the right place at the right time gave you the opportunity to buy a desirable home. If you choose to back out, you will spend more money trying to secure alternative housing, fees and charges duplicated on the next house you find and likely pay a higher price for the replacement. If you back out now, you are guaranteed to lose money, but if you close, you have a fairly good chance that you haven't bought a problem house. Most issues found in a home inspection are not deal breakers, especially if the property was built in the past few decades. Old houses are more likely to have expensive problems but if this is a newer home, serious issues aren't as likely. In my area, most sales are as-is with an inspection clause which allows the buyer walk away if there are substantial defects found. In common practice, buyers request certain items to be fixed and sellers often fix issues to avoid losing the sale. However in a hot market, sellers are likely to refuse to fix issues unless lenders refuse to finance the purchase....See MoreHome inspection for old house; should we walk away?
Comments (43)It was probably a good idea to walk. As a first time buyer, you don't want to be saddled with repairs that are beyond your ability. Let's talk about what you have learned and what you might have done. Norm Abram from This Old House advised us to think of a house as an old man in winter. Does he have on boots, coat and hat. Or, is the foundation, exterior and roof okay? If yes, proceed. If no, it's going to cost a lot to get the house properly dressed. Those are the areas where you must spend a lot of money to keep the structure from falling down. In the case of the house you were considering, the next step would have been for your realtor to get an inspection extension in order to find a structural engineer to conduct and report on the status of the foundation, the water intrusion and cracks in the walls. Many people think that a home inspection is the only inspection that is needed. To stop with a general home inspection is to buy something without a full understanding of the features and potential costs. To fully understand and be able to quantify your purchase, you may need to employ additional specialists to inspect the structure, the HVAC plant, the roof, the plumbing and the electrical. While it makes sense to do this with older homes, newer homes have just as many problems. A skeptical eye should be used on any property that you will be paying good money to acquire. The general home inspection is just the start of the process, not the end. Often 10 days isn't enough. This is where your realtor can help by arranging for inspection contingency extensions. If a seller won't grant an extension for an additional inspection, my answer would be to walk away. I want to know what I am buying. I'm never embarrassed to inconvenience someone in order to get my questions answered. You did the right thing. Hopefully, the next home you place a contract on will be in better condition with fewer issues....See MoreShould I waive inspection if house was inspected 3 years ago and good?
Comments (11)You are rolling the dice. I would rather make it abundantly clear that you are not worried about sweating the small stuff in an inspection or requesting anything on the previous inspection report, but will be doing one to know what's needed before you move in, and just to make sure there's not something huge and unknown. That protects the buyer from a big expense, and the seller and both agents from a lawsuit. Both agents involved should want this inspection to take place. I'd question the ethics of one that was okay with no inspection taking place. That agent's disclosure paperwork you will be required to sign will say otherwise. I don't know what state you are in and what contingencies will remain in place for you after the inspection, but another way to achieve your goal of standing out is to shorten you inspection contingency time period to something you can manage quickly (I can do it in under a week, easily, and even a couple of days if I call an inspector in advance to hold the appointment). If you are having an inspection but simply waiving your contingency, make sure you get it done early and that you have other statutory disclosure contingencies in place that allow you to cancel without losing your deposit. There are many other ways to make your offer stand out among others that are more meaningful to the seller and will give you a bigger advantage. If this is the seller's hot button, I'd be worried as to why that is the case. I win a high percentage of multiple offers situations for my clients because I explore the hot buttons for the seller and listing agent. If you have a highly reputable agent, you are many levels above the other offers in that you have years of insight and experience on your side. I do agree with Jim Mat in that you should be getting the advice from your agent, not Reddit. None of us know the nuances of your real estate laws in your state or know the particulars of this house or situation....See Morecat_ky
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