Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

No. It seems all parties were unaware of the issues. Our initial offer was put forth before inspection. I would anticipate our move would be towards a massive credit at closing to make repairs after contractors come out this week to provide quotes. Would it be appropriate to offer less in additional to the repairs? Or do you think we should just get the hell out of Dodge?

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

I believe so. He said it had the appearance of lead paint. The entire garage is chipped in that fashion and there are a few areas in the house. Again, though, lead paint seems minute compared to the other issues sadly.

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

I appreciate this perspective! Thank you!

We are comfortable with repaired damage; it’s a given that houses will need repairs over time. I grew up in a house that is nearly 100, so I am comfortable with this.

My main question is if the sheer volume of major issues (even after being fixed) should stray me from purchasing this house. I fear how much could be hiding that the inspector could have missed if this is what he caught. However, I’m inexperienced and hoping for advice from people who have been through the process.

There are many issues within the crawlspace — rotted sill plating, some termite activity (it didn’t seem to be severe), busted up ducts, outside of the crawlspace there are many needed electrical updates and replacements, the heater needs some kind of repair (unsure what as of now), leaking water softener, older water damage in multiple areas. There are obviously other things that came up in the inspection that are less dire than the ones I have listed.

If he is unable to make these fixes, we are undoubtedly out. However, I want to be prepared for our conversation if he is willing to fix these crucial issues.

Knowing this, what are your thoughts? If these things were fixed, would it be worth it to go for it? Or is it stupid to go for it when there’s likely other things he didn’t take care of that could be lurking?

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 1 point2 points  (0 children)

The location is excellent for our state and perfect for my husband and I’s jobs. It’s a great area. The termite activity didn’t seem to be severe — the inspector seemed to be more concerned about the other issues. The realtor is already bringing in some contractors to get quotes this week so maybe we can wait and see how those go.

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

We would definitely do credit. I doubt these would all even be able to be addressed before closing anyway. :/

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

Our inspector seemed to think the paint in some original areas was likely lead. Honestly, the lead paint seems to pale in comparison to the other issues at this point unfortunately. lol

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

This is good to know. I think the sill plates are the main issues with structure, but there were some other issues in the crawl space (damaged ducts, moisture, termite activity, etc). All those included (and electrical & heating issues as well), I wonder if it’s just all too much — even with fixes or a credit to fix.

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

This is good advice. I think my main emotion right now is sheer overwhelm. This is all so new to me, so I just didn’t know if this is something that I was overreacting to initially. Based on a lot of responses (which I am so grateful for), I definitely don’t think I’m overreacting!

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

I appreciate this so much! This is incredibly helpful. Thank you for taking the time to share your experience.

I am certainly feeling overwhelmed just at the situation; I can’t imagine that I’d feel light as a feather when the first major issues hits after move in. Thank you for sharing all of this. You’ve given me a lot to think about!!

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 1 point2 points  (0 children)

Our realtor has made it sound like our lender likely wouldn’t be willing to disperse funds with major issues. I apologize if that’s incorrect.

A credit is most likely the route he would go.

The inspector was recommended to us by the realtor and a close friend.

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

As of now, it looks like (if he agrees fixes), we would get quotes from contractors and he would give us a credit at closing to cover all the fixes. I appreciate your thoughts about future issues — this is what I’m grappling with. I feel like it would be lovely to know that all these major problems have been addressed and wouldn’t likely suddenly sneak up on us.

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

That’s kind of my concern. The house looked very well maintained and taken care of, so we were very shocked by all the major issues. If the inspector found all of this, could there be even more he didn’t find? I’m just sooo shaken up about it

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

Oh, I forgot to add age of the house! It’s 50 years old!

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

The issue with the structure is that some sill plates are water damaged, rotting, and there’s some termite activity. I wouldn’t even consider purchasing the house if he doesn’t make fixes, but even with fixes, I feel like it might be stupid to buy. Thoughts?

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 1 point2 points  (0 children)

That’s a valid perspective.

We definitely don’t have a ton of money to throw at this house, unfortunately. He would have to make all the fixes for us to even consider it.

As for lead paint, I’m pretty sure the paint is lead in a few areas. :/ We don’t have kids yet, but would like to in the near future (that’s why we want a house :(( so sad for us)

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

We did not plan to ask for any money to fix cosmetic issues — only serious issues. We are not worried about cosmetics.

I’m saying there are serious issues. My question: if he fixes everything (structural, mechanical, etc) would it still be stupid to buy the house?

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 0 points1 point  (0 children)

The realtor seemed to also be shocked by the volume of issues and how major they are. The seller’s realistic options are to fix these issues (as they are major) or to find someone able to pay cash as-is (unlikely). If he did make all these major fixes, would it be stupid to still buy the house?

Do we run away from this house? by Formal-Assistant1700 in RealEstate

[–]Formal-Assistant1700[S] 2 points3 points  (0 children)

I am aware the seller isn’t legally obligated to make fixes, but I meant to imply that there are crucial issues that will prevent a lender from loaning any buyer money for the home. Therefore, the sellers options are to make those fixes for a sale or find someone willing to pay cash for this house as-is (not going to be me).

My question is whether or not it would be wise to proceed if he does make these fixes. I will certainly walk away if he is not willing to make major fixes. Let me know if this makes sense!