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Ok I have a question. I had an inspection done on a house I'd like to buy. It came back with some potentially high dollar issues.
Since the inspection, I had someone come to look at the foundation but I'd like to also have someone look at the exterior walls (main part of the issues) and give me an estimate.
Is it ok to ask for one more person to go there and get an estimate before I say yay or nay on the deal. I'm worried the cost of repairs will be quite high. I thought the last guy, the foundation guy would be able to repair the exterior of the house when we talked initially but no.
The realtor met the the inspector and the foundation guy. The house also has tenants so I'm really feeling bad about bothering people but I don't want to make a costly mistake either. Not sure what to do.
No, the seller would likely not do any repairs. It's either we choose to buy with the issues or pass. There are other issues with the house we were already aware of that need pretty immediate attention such as the roof but some of the structural issues we would like more information on. If the repairs are not too far out there price wise we'd likely still buy.
.... The house also has tenants so I'm really feeling bad about bothering people but I don't want to make a costly mistake either. Not sure what to do.
You need to look out for YOUR OWN interests, and not even worry about anybody else.
How would you feel if after making the purchase without bothering people, the issues turned out to be way costlier than you thought at first?
It's good to be considerate, but not to the point of detriment of your interests.
Inspect and get estimates until YOU are satisfied. If they don't want to play, take your ball to another court.
Thanks for the replies! I'll see if I can find someone reputable to give me an estimate and then I'll give the agent a call back to see if it will be ok to set up.
You know, I have to say that given the fact that there is a FLOOD of pretty decent property that is available you would have to be kinda nuts to buy a place that is in bad shape if you have not done this sort of thing before...
Let me explain. I have owned single family homes as rentals in the past. I started with ones that I lived in for a while and then as I found better deals on ones that needed work before I could rent them I got more comfortable being able to evaluate what made sense as far as initial investment vs a finished product. Doing this I developed relationships with tradespeople, attorneys and other real estate professionals. This happened over decades.
I would hate to see anyone buy a place that could really be a huge money pit when there are so many quite nice places that people simply overbought...
You know, I have to say that given the fact that there is a FLOOD of pretty decent property that is available you would have to be kinda nuts to buy a place that is in bad shape if you have not done this sort of thing before...
Let me explain. I have owned single family homes as rentals in the past. I started with ones that I lived in for a while and then as I found better deals on ones that needed work before I could rent them I got more comfortable being able to evaluate what made sense as far as initial investment vs a finished product. Doing this I developed relationships with tradespeople, attorneys and other real estate professionals. This happened over decades.
I would hate to see anyone buy a place that could really be a huge money pit when there are so many quite nice places that people simply overbought...
It does sound a little nutty with all the properties out there, agreed. There are plenty of houses that are in healthier shape in the same price range but this is a particular historic home I have had my eye on.
DOUBLE ALERT -- I have looked at historic home too, and believe me when they are in good shape they are like a precious gem that even the unskilled will drool over. BUT when you encounter a historic home that has "issues" you really have to build in a HUGE contingency fund for your annual budget. Even the most skillfully restored historic home is prone to have problems creep up that NO ONE would expect. The problems is not usually that the place was not "well built" but that VERY OFTEN some previous generation of "repairs" fails in a dramatic and spectacularly expensive way and NOW current code allows only a VERY costly method of making things right...
If the foundation problem and wall problem reveal some hinky engineering details that ONLY will be uncovered upon "opening up" the existing issue hold on to your hat trying to get the contractors to live within their estimates...
If you have not lived through the joy of having the local building authorities tell you that the only repair they will approve will cost more than the whole house is worth then you have not experienced the kind of "pride of ownership" that only comes from owning a historic home. Please oh please do not tell me this in a sesmic zone. I see N.Cal in your profile...
DOUBLE ALERT -- I have looked at historic home too, and believe me when they are in good shape they are like a precious gem that even the unskilled will drool over. BUT when you encounter a historic home that has "issues" you really have to build in a HUGE contingency fund for your annual budget. Even the most skillfully restored historic home is prone to have problems creep up that NO ONE would expect. The problems is not usually that the place was not "well built" but that VERY OFTEN some previous generation of "repairs" fails in a dramatic and spectacularly expensive way and NOW current code allows only a VERY costly method of making things right...
If the foundation problem and wall problem reveal some hinky engineering details that ONLY will be uncovered upon "opening up" the existing issue hold on to your hat trying to get the contractors to live within their estimates...
If you have not lived through the joy of having the local building authorities tell you that the only repair they will approve will cost more than the whole house is worth then you have not experienced the kind of "pride of ownership" that only comes from owning a historic home. Please oh please do not tell me this in a sesmic zone. I see N.Cal in your profile...
Oh no, I'm moving back out of Ca. We've owned other houses and all of them fixers at one point. I've never had to get more than an initial inspection. Hubby used to work as a drywall taper and we're pretty familiar with most repairs above the foundation. Masonry and concrete work we don't do, and this house happens to have masonry issues. Foundation is currently stable according to the foundation guy. Masonry on house is still needing repairs so I'd really like to know what that will cost before I make a decision. I'm going into it otherwise with the understanding that anything can go wrong because it is old and hasn't been regularly kept up.
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