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We are already pre approved and have a decent down payment for a conventional loan.
Yes, you are approved...... but the house is not approved. Typically what happens with houses like this, you pay the bank for an appraisal say $600 or so, they will say the house will be approved if this long list of repairs is made, the seller will say no and the deal is dead. And you loose all the money you spent.
Yes there is a chance of that. But I don't think it had too long of a list of repairs. Most of it is cosmetic (cabinets) and things that would save on energy costs (windows). The electrical plugs have some that aren't working and are dangerous but most are just outdated but were up to code when house was built. Normal roof was good, HVAC was so far deemed to be in good working condition, foundation in good shape with no cracking or apparent damage, outside chimney is good shape, termite treatment is more routine than anything, pool is in good shape with better than average setup with a nice fence around it...
Now if the plumbing is bad then that is a different story and I won't care what the bank says because I won't be interested.
In particular what did you think would have a bank refuse to finance? We haven't heard that concern from any of the inspectors or realtors. Not to say you are wrong I'm just curious what you are seeing I'm not.
After hearing the circumstances, I suggest you try to walk away - biggest clue being the neighbor complaints. A three year vacancy, while living so far away, leave many unanswered questions. Many things are not included in the 2/10 warranty - my fear is you will figure out exactly what they are within the first year.
In particular what did you think would have a bank refuse to finance? We haven't heard that concern from any of the inspectors or realtors.
Inspectors are not banks. Realtors are not banks, but many have seen it before, they simply hope your too far invested and simply pay for it or the seller pays for it to make the deal go through. They help negotiate between the parties. That...... is what a realtor does. They get paid as long as the deal completes, they really dont care who makes it happen.
Plumbing not working is the #1 issue.
House roof leaking and need repairs #2 issue
Patio roof is #3 issue.
If chimney appears to be structural #4 issue.
Last edited by 399083453; 12-26-2015 at 08:18 PM..
Old homes and foreclosure sales scare me. I am too old to be mr handyman. I want a home inspected and things fixed or no go. You can lowball offer or take the home as is.
Plumbing isn't necessarily not working, just not hooked up for the washer and for the kitchen sink. There weren't any current leaks, just evidence of old ones that we cant confirm until it's hooked up in those two places and tested. The roof isn't leaking at all, it's in decent shape. Two layers which isn't ideal but no real damage or need for big repairs aside from replacing a handful of missing shingles. The patio roof does need to be redone though that is true, quoted $1050 on that. Structurally the chimney is fine. The refractory cement part of the fireplace inside is cracked, but it's a removable, replaceable part that is common to be replaced in fireplaces, I've already found the piece online and installation isn't much, no structural work needed. Just $600 to do so before we can safely use it.
But yes the vacancy is a concern and may be a good enough reason to walk. I figure well ask for these repairs and see what happens. I wonder what history the company got on it when they acquired it.
The only put unknown in one box. The rest they put a firm no on. Which I do understand since they don't know but it was very misleading. Since that is the case things that didn't line up with all those nos, such as an unusable fireplace that could lead to the house burning down and a patio roof that needs redoing right away, shouldn't they address those?
I'm not arguing with you either by the way, just asking honest questions.
Plumbing isn't necessarily not working, just not hooked up for the washer and for the kitchen sink. There weren't any current leaks, just evidence of old ones that we cant confirm until it's hooked up in those two places and tested.
Well everything we were able to test worked without any leaking while we had it on. If the kitchen sink leaks or the washing machine does that mean that there are significant plumbing issues for sure?
The attic showed the exposed PB pipes replaced, they just didn't remove the old PB pipes. There wasn't any evidence of leaking up there. Just the inspector said he couldn't confirm if anywhere else had replaced the PB pipes or not and couldn't comment on the not hooked up sink or washing machine. Without more info from sellers there's just not a lot to go on but I didn't necessarily think that meant it didn't work.
I may be naive though, that's why I'm here asking away.
If it's range pricing, can we go lower than the lowest end of the range?
Being only 27 I'm actually somewhat excited about learning how to do more home repairs myself, I always relied on others to fix things and my dad dying has inspired me to not be that person anymore. But then there is time... So yeah aspirations versus reality may not line up.
What we are looking for though isn't easy to find with the price I want to pay and the area we want to live, so I expect to have things to fix up either way. If I found something perfect I'd be afraid.
I need to ask my realtor more questions, glad I posted here! Thanks everyone.
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