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Old 05-07-2010, 08:45 AM
 
Location: U.S.
1,582 posts, read 4,785,440 times
Reputation: 1103

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Quote:
Originally Posted by skel1977 View Post
Still wether or not its working the home owner should have it serviced. When I bought my house i asked the home owner to service the AC unit because it was old.
That I agree with - or he should be willing to show when it was last serviced. Ours is about 20 years old and we have it serviced yearly. If I were to sell my house tomorrow I would be willing to show its service records, but would I be running to replace it for a new owner - sorry, nope.
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Old 05-07-2010, 09:03 AM
 
Location: In a house
13,258 posts, read 34,807,301 times
Reputation: 20198
The OP didn't say anything about the hot water heater. They said the oil furnace is over 25 years old and possibly on its last legs. An oil furnace provides heat to the house. Hot water heaters are not typically powered by oil, they're typically electric. An oil furnace can be a major, serious deal to replace, especially if the old one needs to be removed in order to fit the new one. It isn't always obvious to a potential home-buyer when an oil furnace needs to be replaced.

I would definitely do some research on the cost of replacement, and ask the current owner to have the tank thoroughly cleaned and checked for leaks or damage, and repair any part of it that needs repairing (gaskets, seals, wiring, etc).

25 years isn't -that- old for an oil furnace; being on its last legs could mean it "only" has another 10 more years of life in it. Or, if it is in serious disrepair, it could result in a Connecticut homeowner not having any heat in the winter this year. It's enough of an issue that you'd want to really have it checked out more thoroughly before finalizing the transfer of ownership, and negotiate at -least- a full servicing/tuneup be covered by the current owners.
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Old 05-07-2010, 09:06 AM
 
Location: Coastal Northeast
15,806 posts, read 22,105,163 times
Reputation: 5299
Quote:
Originally Posted by Uconn97 View Post
The term "functioning" would indicate that it's working - i.e. producing hot water. The OP didn't indicate that it wasn't - just that it was old.
Unfortunately even though it was "functioning" it was not producing enough heat (in my case). What I'm saying is that the inspector will still give it a pass because [even a small amount of] heat was produced. It's up to the buyer and seller to meet eye to eye on what is acceptable and what is not.
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Old 05-07-2010, 10:21 AM
 
Location: U.S.
1,582 posts, read 4,785,440 times
Reputation: 1103
Quote:
Originally Posted by kidyankee764 View Post
Unfortunately even though it was "functioning" it was not producing enough heat (in my case). What I'm saying is that the inspector will still give it a pass because [even a small amount of] heat was produced. It's up to the buyer and seller to meet eye to eye on what is acceptable and what is not.
well apparently we would need more info from the OP before jumping to conclusions.
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Old 05-07-2010, 10:34 AM
 
Location: Beautiful Rhode Island
6,328 posts, read 10,533,733 times
Reputation: 6140
Cast iron oil furnaces can easily last 75 years.

BTW--I have a house that has a hot water heater from 1950 in it- still going strong. It is copper lined and they do not self destruct like the ones today. Old is not always bad.
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Old 05-07-2010, 10:49 AM
 
Location: Yucaipa, California
9,616 posts, read 17,780,366 times
Reputation: 6270
My water heater is 35 yrs old & My furnice is 45 yrs old & they both still work good.
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Old 05-07-2010, 11:04 AM
 
519 posts, read 401,182 times
Reputation: 958
Quote:
Originally Posted by kidyankee764 View Post
If you stand firm, you could/will probably lose the deal. Entry-level homes in CT are a hot item right now.
If the buyer walks, the seller is faced with trying to find a new buyer in a very different market than only 7 days ago GIVEN the fact that the first time buyer credit has expired. Extrapolating recent activity (with credit) to future activity (w/o credit) is likely to proof incorrect especially as the government credit pulled buyer demand foward...
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Old 05-07-2010, 11:20 AM
 
Location: Cheshire, Conn.
2,102 posts, read 6,824,172 times
Reputation: 521
Quote:
Originally Posted by larsm View Post
If the buyer walks, the seller is faced with trying to find a new buyer in a very different market than only 7 days ago GIVEN the fact that the first time buyer credit has expired.
True. This buyer also potentially loses the tax credit for the same reason.
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Old 05-07-2010, 11:30 AM
 
5,065 posts, read 13,325,329 times
Reputation: 3507
Quote:
Originally Posted by BucsLose View Post
The damper in the fireplace needs replaced. Those are the issues of concern.

I am guessing, the seller will want to take care of as little as possible. Those two issues, appear to be the most costly, and I have a feeling they will fight in having to deal with them.
I'm not sure what kind of damper you would need, but I don't think are very expensive to replace. We just had one replaced for about $300.00.
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Old 05-07-2010, 11:39 AM
 
519 posts, read 401,182 times
Reputation: 958
Quote:
Originally Posted by Rich Lee View Post
True. This buyer also potentially loses the tax credit for the same reason.
My guess is that the lack of buyers (ie less competition with the pool of buyers deeply exhausted) will more than offset the loss of the credit. Of course, YMMV...

EDIT: My real point to the OP is that both seller and buyer have something to lose AND the negotiating position is by no means skewed to the seller's favor as KidYankee implied given the expiration of the tax credit.
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