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Old 03-06-2011, 12:10 AM
 
2 posts, read 24,461 times
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Hello ,

We are first time home buyers and we decided to put an offer on one of the house we really liked. House is build in 2005 well priced and a cul-de sac lot.
We liked the house but in home inspection we found some issues.Since we are first time home buyers need some expert advice if these issue are minor and can be fixed or they are major and we should reconsider buying the house.
I have attached the inspection details. Since house is 2005 build we were not expecting any major issues but home inspection report seems very detailed and we want to know if the issues are really a deal breaker .
Can some one please give us an idea which issues are okay to live with and can be ignored and which are major and approximate estimate on how much will it cost to fix them.
Attached Thumbnails
Home Inspection expert advice needed-hi2.jpg   Home Inspection expert advice needed-hi1.jpg  
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Old 03-06-2011, 03:23 AM
 
Location: Louisiana
290 posts, read 541,267 times
Reputation: 70
The water heater will definitely need to be looked into before many lenders will finance it. The insulation needs to be looked into, as well.

The other items: The Real Estate Appraiser may or may not request additional repairs before the sale takes place. If I were the Real Estate Appraiser for your purchase, I would possibly recommend the electrical and plumbing issues to be resolved.

The value may be subject to or "as-is." However; The Real Estate Appraiser may recommend repairs before closing.

As for as deal breakers: the only item I see that could derail the purchase would be the slab. Hopefully, the slab wasn't just rolled out without reinforcement.
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Old 03-06-2011, 07:11 AM
 
Location: DFW - Coppell / Las Colinas
39,665 posts, read 45,143,846 times
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First let me ask if you attended the inspection with your agent and reviewed the issues with the inspector while he was there? Always go to the end of the inspection to talk with the inspector. When you don't it always sounds worse then it really is. I always show up at the end with my buyers and my inspector prints out 3 copies of the report and we spend as much time reviewing as needed. That way you will understand what is important and not important.

There are no deal breakers I see from reviewing the 2 pages you posted. These are normal issues and a couple that should (possibly) be asked to be repaired. The foundation has "Corner Pops" which is common & normal for slab foundations. If I was there with you I could show and explain better.

Do you have an experienced agent ? This is where you need one to guide you through repair requests or how much to ask for in a repair allowance. Personally I would rather have money and do the repairs correctly once I moved into the house.

Greenback above talks about the appraisers & repairs. If you are doing a conventional loan the appraiser and lender will never see your inspection report. I don't see how he can say the appraiser may require repairs. It's best to not have the lender involved in normal type repairs since this becomes part of the loan. You and your agent can verify they are completed. If you get money in lieu of repairs, that amendment will go to the lender.

This is where a good experienced buyers agent earns his money in guiding you with what's important, what to ask for and how to handle.
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Old 03-06-2011, 08:34 PM
 
Location: Louisiana
290 posts, read 541,267 times
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Quote:
Originally Posted by Rakin View Post
If you are doing a conventional loan the appraiser and lender will never see your inspection report. I don't see how he can say the appraiser may require repairs. It's best to not have the lender involved in normal type repairs since this becomes part of the loan.
To the OP:

It doesn't matter what loan type it is (and whether it is "subject to" or "as-is"), the Real Estate Appraiser will see the Inspection report if one is performed, unless they decide to look the other way. Real Estate Appraisers will do their own inspection, which will involve an inspection for condition, in addition to a home inspection report. Looking the other way, and not disclosing, is misleading and may be as serious as fraud. They should have all pertinent information to determine a credible market value (or whatever value is being considered) for mortgage loan purposes.The Real Estate Appraiser observes the condition and may recommend repairs before closing. The condition, actual age, and effective age is valued. Recommendations and suggestions are just part of what they do.

If it is reported "as-is" then the value should reflect it as such, but the condition and needed repairs should be reported. If it is valued "subject-to" repairs, then the value should reflect it as such, as if the repairs have been completed in a timely manner.

There have been plenty of times when we've recommended repairs before closing (conventional) and had to go back, then provide an additional report.

Hope all goes well Good luck to you...

Disclosure: I am moving away from this thread.
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Old 03-06-2011, 11:00 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,041,920 times
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Quote:
Originally Posted by Greeenback View Post
...It doesn't matter what loan type it is (and whether it is "subject to" or "as-is"), the Real Estate Appraiser will see the Inspection report if one is performed, unless they decide to look the other way. ...
Maybe in your state but not here. The only people that get to see the buyer's inspection report are the buyer, seller, and their agents (per our purchase contract). The lender and appraiser is not included.
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Old 03-06-2011, 11:29 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 21,296,671 times
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Quote:
Originally Posted by rjrcm View Post
Maybe in your state but not here. The only people that get to see the buyer's inspection report are the buyer, seller, and their agents (per our purchase contract). The lender and appraiser is not included.
Same here. Except even the seller wouldn't get to see the report automatically.

I'm particularly interested in any part of an electrical system that has aluminum in it an requires a "paste" of some kind to prevent corrosion. Any home built in the last 30 years shouldn't have any aluminum portions of the electrical system. I think the bus bar of electrical panels is steel, but even it it was made of aluminum, no coating is going to prevent di-electric corrosion.

Even though I spent many years in the construction trades, I'm not qualified to pass judgment on many parts of home construction. Neither is an appraiser.

I don't see any deal breakers in your report. Any home inspector I've ever dealt with would have called out the depth and width of any "cracks" in the slab. From this report, I couldn't tell if there was anything serious or merely surface cracks in the slab.
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Old 03-06-2011, 11:51 PM
 
Location: Columbia, SC
10,584 posts, read 20,599,871 times
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I second Rakin's post and I'll add that I've never shared nor had an appraiser even ask or receive a copy of the inspection. Loan type is irrelevant so it doesn't matter if it's FHA, conventional, USDA, etc.
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Old 03-07-2011, 12:26 AM
 
Location: Louisiana
290 posts, read 541,267 times
Reputation: 70
To the Original Poster:

I am sending you a direct message with a link. In this link, you will find serious, professional, answers.
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Old 03-07-2011, 07:37 AM
 
Location: DFW - Coppell / Las Colinas
39,665 posts, read 45,143,846 times
Reputation: 51117
Quote:
Originally Posted by rjrcm View Post
Maybe in your state but not here. The only people that get to see the buyer's inspection report are the buyer, seller, and their agents (per our purchase contract). The lender and appraiser is not included.
It must be a Louisiana thing cause in TX the appraiser and lender does not see the reports either, just the contract.
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Old 03-07-2011, 08:48 AM
 
Location: Salem, OR
15,204 posts, read 38,012,380 times
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In Oregon the appraiser doesn't see the inspection report either. It is strictly for the use of the buyer. I have had a couple of lenders ask to see the report when we requested repairs, which is fine.
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