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There are numerous defectives and problem areas that should be addressed or corrected in order to preserve the integrity of the structure:
1. The roofing surface appeared to be outdated with cracked shingles, blisters, buckling and exposed roof nails. There is mold growth and mildrew found inside the attic along the roof sheathing due to inadequate ventilation. Provide additional soffit vents to facilitate cross ventilation and eliminate any source of mold growth.
2. Repair and secure the vertical support post for the rafters inside the attic.
3. There is evidence of live termite infestation detected inside the garage near the wall. Have a licensed exterminator treated the entire premise.
4. Replace the two defective electrical outlets inside the rear bedroom at the top floor.
5. The drainages at both the tub and sink are slow and sluggish where strong odor is detected from the sewer trap. Have a plumber cleaned the system accordingly.
6. Owner should provide documents indicating that the rear wood deck was constructed as per local building department rules and regulation.
7. There is a buried oil tank inside the premise. The tank must be inspected for leakage and contamination to the adjacent soil.
8. The boiler appeared to be corroded along the base and the heating exchanger shows sign of severe corrosion and leakage. The unit should be replaced immediately.
9. Repair the cracked and crumbling cement crown around the masonry chimney at the roof top.
10. Repair the buckled and craked support for the rear wood deck.
Here are the seller's reponse to the above problems:
Seller will give $2500 to fix problems listed in 1,2, 4, 9, 10. And he will schedule a chemical treatment for termite problem listed in No.3. Seller is willing to abandon the underground oil tank at his expense and we (the buyer) are willing to pay for the new above ground oil tank (cost of new tank plus installation). In the disclosure form, the seller's agent did mention the roof needs to be replaced in 3-4 years and the boiler needs to be replaced soon, so we are willing to buy a new boiler after closing at our expense.
My questions is : Can $2500 cover all the cost to fix 1,2,4,9,10? Is there anything we can negociate or the seller has to fix before closing?
We are first time home buyer and appreciate any comments from you guys! Thanks!
No, it won't cover the cost of a new roof, which usually cost 8k to 10k. $2500 covers the cost to put on another vent in the attic. I just don't know how much it would cost to repair defective electrical outlets, cracks etc which are listed in 1,2, 4,9,10?
That won't even come close to covering half the price of the roof. I am no expert, but you could easily be looking at over $30,000 in repairs depending on the size of the property.
Thw roof will definately be around or over $10,000 and buying an oil tank and boiler could run you another $15,000 +.
even taking those out of consideration #1,2, 4,9,10 will definately be over $2500. (make sure to get estimates)
If it was me, I would run far away from this home or have the seller reduce the price by quite a lot (meaning $30,000+)
Mold and termite damage are also scary to have in a home and very hard to get rid of. No inspection is perfect, but those are major issues.
Good luck. With the current market, you shouldn't have to settle for this deal and you can easily break contract with no penalty because of the bad inspection.
That won't even come close to covering half the price of the roof. I am no expert, but you could easily be looking at over $30,000 in repairs depending on the size of the property.
Thw roof will definately be around or over $10,000 and buying an oil tank and boiler could run you another $15,000 +.
even taking those out of consideration #1,2, 4,9,10 will definately be over $2500. (make sure to get estimates)
If it was me, I would run far away from this home or have the seller reduce the price by quite a lot (meaning $30,000+)
Mold and termite damage are also scary to have in a home and very hard to get rid of.
Good luck. With the current market, you shouldn't have to settle for this deal and you can easily break contract with no penalty because of the bad inspection.
I agree. Please post the asking price and what you are currently offering so any out-of-town lurkers can gasp, "OMG! They are paying that for such a wreck? Where we live for that we could buy a brand new McMansion with a 5 car garage!"
Wow, I am scared! The seller got an estimate of a new oil tank plus installation for around $1200. Does that sound reasonable? If that is the case, then a new boiler will cost more than 10k? Wow, that is a lot! Can anyone tell me how much would it cost to replace a boiler? Is furnace the same thing as boiler?
The agreed price on this property is 335k after $2500 credit from seller. Its lot size is 50x100 with 4beds and 2bath and 1.5car garage.
I think the house has major issues.... as someone suggested, get 2 estimates for each job that needs to be fixed.... I can tell you that $2500 is not going to get you anywhere as some of the things (like No. 2) are vague and may cost you more than you think....
Do not sign the contract before you have a ballpark number for your expenses if the seller is not going to fix anything.... You can keep looking at other houses meanwhile, maybe you will find another house you like that may not have so many issues.
I would forget this house. I'm sorry, but I'm just telling you the truth. There are MAJOR issues with this house and could become a real money pit for you. Keep looking. Good Luck to you!
I agree with many of the others in this thread. Keep looking for another house. There are way too many problems.
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