home inspection NIGHTMARE
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Comments (79)akkw, so sorry this is turning out like it is, but I think you are making a wise decision. Even if this means a little chaos to start with schools etc. it probably means less chaos in the long run for your family. You don't know if you would have to move out of the other house for any period of time to fix problems and re-mediate the mold so better some chaos now than a lot more later. It will most likley just seem like some chaos of moving anyways and you'll be better off long term....See MoreInspection about to kill our home sale
Comments (40)Mini Soda wrote: "Oh boy.... what a roller coaster. Buyer #1 went off the reservation and never even bothered to respond to us with their intentions by the 5pm deadline yesterday." I thought they never responded to you by the deadline? If they did not respond to you by 5:00, that would mean that they were wanting to go ahead with the contract or were in breach of the contract after the 5:00 deadline. Unless I am missing some details of the contract. If 5:00 was the drop dead deadline for them to make a decision, and they backed out after that time, you would have been entitled to the deposit. Again, unless your contract has some other wording. Anyhow, I hope this one goes smoother for you....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 MoreAmy A
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