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Old 12-30-2018, 08:06 PM
 
Location: Raleigh NC
8,115 posts, read 6,395,820 times
Reputation: 7154

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if you're going to proceed, then YOU get the estimates for these repairs that are critical, and you get that amount off the price, if you can. If what $$ you can get off eventually satisfies you, then you proceed understanding you either need to fix the stuff or build new.

As noted by a couple others, and intimated in your own answers, if you're getting a great lot and a thrown-in house, that's far different than a routine lot and a suitable house.
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Old 12-30-2018, 08:15 PM
 
Location: Cary, NC
32,085 posts, read 56,115,441 times
Reputation: 30754
Quote:
Originally Posted by steiconi View Post
If he repairs everything we asked for, we'll probably buy the place. We will have it inspected again.

Most of the value is in the land--2.5 acres with spectacular views. The house is an older manufactured home which we may replace with a newer mfg or stick built home in a few years.

I agree about the realtor; this seller flips a lot of houses in this area, and has more to offer our realtor than our single transaction. We've had to push her to stand up for us. If this deal fails, we'll find a new realtor.
That casts an entirely different light on the topic.
You are buying land.

Quote:
Originally Posted by oceangaia View Post
In that case, I'd decline the repairs and insist on the value of the repairs in price reduction.
Agreed.
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Old 12-31-2018, 07:41 AM
 
2,471 posts, read 3,108,397 times
Reputation: 4829
Sounds like one of those guys trying to flip houses that knows absolutely nothing about construction and remodeling other than he has watched a bunch of HGTV. I would walk. If you already found major flaws like this in plumbing and electrical, it is most likely just the tip of the iceberg. There is no telling what kind of structural issues have been covered up that you can't see and will surface in the next couple of years.
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Old 12-31-2018, 08:27 AM
 
Location: Raleigh
7,309 posts, read 5,444,831 times
Reputation: 10008
Quote:
Originally Posted by steiconi View Post
We are that all cash buyer.
And you should expect to pay what a house with electric problems and no water would cost, no matter what tinsel the seller has added.
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Old 12-31-2018, 12:19 PM
 
Location: In a vehicle.
4,668 posts, read 2,902,096 times
Reputation: 7465
Quote:
Originally Posted by steiconi View Post
We're under contract for a house that was just flipped.
The appearance is good, fresh paint and new appliances, but our inspector found found several issues.

For instance, they put in a new kitchen sink, but there's something wrong with the pipes and there's no water coming out of the pretty new faucet. There's a brand new air conditioner that pulls 50 amps, but the house only has 60 amp service, so if the a.c. is running, you can't use any other appliance.

Seller originally sent a disclosure statement that hadn't been filled out, saying he'd never been on the property. We insisted, and it turned out he knew quite a bit about the place.

We gave him a list of fixes we want. Time just ran out and he hasn't replied, so I guess he's not making any repairs.

I guess we'll just walk, though we love the property. Our offer was a little over market value because the land is so nice, but that means we probably shouldn't put more money into it.

And I feel like the seller's a sleezebag.

Advice? Suggestions ?
Walk. If the seller doesn't care, then you should run.
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Old 12-31-2018, 01:04 PM
 
Location: Cary, NC
32,085 posts, read 56,115,441 times
Reputation: 30754
Upon further review....
Hold on a second....

A manufactured home with a 60 amp main?
What year of manufacture IS this little loveshack? 1970?

Is it even worth $5000 to begin with?
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Old 12-31-2018, 02:08 PM
 
4,264 posts, read 3,603,512 times
Reputation: 8594
What is the lot worth?

How much will it cost to remove existing structures including permits to do so?

Those are the numbers you need work with. If the lot is not worth that final cost, then walk away.


The cost of repairs to get house to pass inspection is just for purpose of getting a reduced purchase price. You would be silly to pour any money into the existing house.....either doze it or sell it to someone for $100 to move it. Then build on the lot or sell lot to someone else.
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Old 12-31-2018, 03:11 PM
 
Location: El paso,tx
1,576 posts, read 620,641 times
Reputation: 2500
Quote:
Originally Posted by YorktownGal View Post
I brought a flipped house - worse decision ever!

Inspectors work for the realtor - helping make their sales. Only once in awhile, you'll find a decent independent inspector. Even an independent inspector don't have x-ray vision to see behind sheetrock.

I would ask the seller for names of the contractors used. Are the contractors licensed? Go to the town's building department for construction records. Get the names of contractors and call them to see if they really did the work. See if the town actually make inspections on the work done. My town let the flipper get away without using licensed contractors and he sign off on his own certificate of occupancy.

Honestly RUN!
Inspectors don't work for the realtor. Buyers hire whoever they want, can be present at the inspection, and get inspection report. We cannot get kickbacks from inspectors. Since most realtors rely on referrals and repeat business, it behooves us to be honest and upfront about whether a house seems to be a moneypit, or a good investment. I've talked buyers out of buying certain homes based on inspections, even when they like the home. It was still their decision but when they asked my opinion, i would elaborate why i wouldnt buy it.
I also refuse to list new expensive homes for a builder that does shoddy work, and won't stand behind his work.
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Old 01-01-2019, 10:53 AM
 
266 posts, read 91,427 times
Reputation: 606
Quote:
Originally Posted by Spottednikes View Post
I also refuse to list new expensive homes for a builder that does shoddy work, and won't stand behind his work.
Unfortunately, my real estate broker recommended our inspector who didn't do her job - either did the town building inspector.

As we were moving from out of state, we asked our real estate broker to give access to the propane company to set up a tank. We wanted to test the stove before signing the papers. She refused for unstated safety reasons.

After the sale, I had the propane company in. He brought a tank and hooked it up. The stove wasn't working. . . because the propane pipe was open in the basement . . . and the basement was filling up with propane. We had to install a pipe to the stove and put in an emergency shut off value.

There was an open COO on the house which the town allowed the flipper to sign off on without ever inspecting.

I didn't mean inspectors pay off real estate brokers - but many do let things slide.
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Old 01-01-2019, 10:59 AM
 
Location: Rochester, WA
4,089 posts, read 2,252,202 times
Reputation: 11307
I would never use an inspector that I thought would *fail* to point out all knowable defects in a house.

Trouble is, not all defects are knowable without taking things apart, and inspectors are not allowed to take things apart.

So in any house, there can be surprises later, and things you can only learn as you go.
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