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Offer accepted on home, seller ask $106,000 accepted offer at $104,500, home built in 1991, house completely flipped by seller, inspection revealed numerous repairs needed, such as but not limited to:
1. roof needs replacing
2. water stains on ceiling
3. Main electrical panel missing knockout, also panel is located on outside of house
4. Several outlets not GFCI protected
5. Gas furnace does not operate properly
6. Exhaust fan exhausts into attic
7. Furnace vent pipe not properly installed
8. Water heater is located in living room and does not have overflow tray
9. Gutters and down spouts filled with debri
Should seller be required to fix all these repairs?
That's what i thought too but i believe they focused on cosmetic things making the house look good. I didn't find out all of this until after the inspection.
Thanks! After this inspection I'm starting to see why the house was on the market for over a year. This is a huge let down.
I am inclined to agree that they fixed up a "sweetheart house" -- looks good on outside, but the "innards" have problems.
I would ask for everything on the list -- and when they aren't willing to do it, I would walk. The one thing that might keep me from doing that is . . . if the house is SIGNIFICANTLY under market compared to the surrounding homes, i.e., $35K or more. Then, if the seller were willing to do SOME of the repairs, and I had the cash to finish off the rest myself . . . under those circumstances I might consider going ahead with the purchase.
Run. Do NOT walk away from this house. I'm not an expert by any means, but some of these issues signal code violations AND safety issues. Your real estate agent should have steered you away from this house, period. If you did not have an agent and relied on the seller's agent, get your own agent. If you had an agent, I question their qualifications. They don't have to be inspector certified, but a little common sense would tell an agent this is not a house on which a contract would be signed.
I will stick my neck out and say this house will not pass a code inspection and if the seller wants to push it, call in the building inspector.
Good luck.
Last edited by paulosfm; 05-11-2014 at 08:51 AM..
Reason: Left out a word.
If you're buying a house for 100K you can probably expect some issues.
None of your listed "issues" are especially expensive or unusual in my opinion. I'm sure it's intimidating for a first time homeowner, however.
If you like the house and the location, ask for repairs. The seller will likely balk at the entire list though, and that may be ok. I don't know what you'd need to call in another "building inspector" though, lol. Your inspector found the issues already, right? How many inspectors do you want to pay?
1. Probably 3500, ask for it.
2. You should have seen that when you looked at the house? Make sure it's not an ongoing issue (see number 1).
3. missing a "knockout"? Simple fix. Many older homes have exterior boxes, no big deal IMO.
4. usually only have GFCI in kitchen and bath, and not on older homes at all. It's not a requirement unless it's brand new construction. If the outlets are on a GFCI circuit then none of the GFCI should work... confusing description, not a deal killer IMO. Ask for repair.
5. This could be a significant issue, but "not operating properly" could describe a wide variety of problems, from the simple and cheap to the life-threatening and costly. More detail needed, but ask for repair, and know exactly what that repair consists of.
6. Simple fix, a couple hundred at most, ask for it.
7. Could be significant, likely an easy fix. Certainly ask for repair.
8. Minor issue, doesn't hurt to ask.
9. minor issue, akin to "dirty air filter", lol.
Repairs could total from as little as $4K to as much as 10. If you take a price reduction and close the deal, make sure you get quotes for all repairs first!!
If you have water stains on the ceiling, and the fans vent into the attic, you more than likely have a mold problem going on as well. To what extent only a further look will tell. Proper mold abatement isn't cheap either.
Is it on a slab, crawl space or does it have a basement? Whatever it is, did you have the foundation checked? If the gutters have been clogged for a long period of time, you could have wood rot on the fascia behind the gutters. And if the water is not draining away from the foundation and coming straight down the exterior, it could compromise it.
Right now, from what you've stated, more than likely, you will need:
A new roof
Replace ceiling drywall / mud / tape / paint
New electrical control panel and relocated inside
Plumbing: to re route the water heater. If it's more than 5 years old, toss it and get a newer, more efficient one.
Replace the furnace with a newer, more energy efficient model. I wouldn't even bother repairing it if it's more than 5 years old. And then, have it vented correctly.
Properly vent the exhaust fan
Replace the gutters or repair what's already there
I agree with Native_Son for the most part, but I'm a little bit more pessimistic about the costs involved. In my estimation, without the mold abatement, I think you're looking at around 15-17,000.00
New roof, new electrical panel relocated along with the GFCI outlets, new ceiling drywall complete with new paint, new energy efficient furnace, correctly vented, exhaust fan vented correctly, new water heater, relocated and plumbed, with an overflow tray, and gutters completely replaced with a screen guard.
Unknowns would be the mold up in the attic, and condition of both the fascia behind the gutters and condition of the foundation.
Just curious.
What did the house appraise at?
What are the comps going for (Within the neighborhood, similar quality, construction and design?)
Square footage?
Land area?
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