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We are in escrow for a house (first-time homebuyer). The house appraised for selling price (we offered very slightly above asking), but the home inspector found a good amount of issues. The most concerning have to do with the attic structure not being strong enough to hold the weight of the roof (missing/damaged purlins and other supports). We were told that there is definitely a risk of collapse due to this. It is an older home with a lot of other issues that come with an older home (electrical, plumbing, original furnace, etc.), but mostly stuff we expected.
We did a repair/credit request for just the structural issues based on the inspection report and the low-end of contractor quotes that ended up being a bit more than 1% of the purchase price. We didn't think it was unreasonable, but the seller's agent has been giving our agent a hard time over it and threatening to go to back-up offers. Being a first-time buyer, I don't know if I'm being unreasonable, but I don't think I am. I want my family to be safe in the house and the price we offered assumed that the roof wasn't going to collapse on us any minute. We haven't heard back from them yet, but I was just curious what you guys thought.
Thanks.
(We are in California, if that makes a difference)
It sounds reasonable to me, too. One thing on your side is that the sellers now know about a significant health and safety defect with their house. If they don't close with you, they'll have to disclose it to other buyers. If they're not certified idiots, it's something that they won't want to do because it will only frighten away other buyers or cause even lower bids.
One danger is that you'll give in on such a major issue. It's a trap that too many buyers, especially first time buyers, fall into. They love the house and let their emotions rule instead of realizing that it's just a house. It's not your child. Economics and reality should rule, not emotions and blinders.
Think about it. Why would you want to accept the responsibility and the dire consequences of such a major defect? Don't do it! You'll regret it later. I promise!
Just remember that the house you're bidding isn't the only one in the world. There will always be another one for you if the sellers insist on being stupid and selling their house with an unrepaired major health and safety issue - one which they can no longer claim ignorance.
Today is a buyers market, so be sure to use it to your advantage instead of caving in to the other side's bravado. They have very weak legs to stand on and you have everything on your side. You have the money and now you have the power with the discovery of their defective product. Use it to your advantage.
Thanks guys! This is very reassuring to me and I'm glad that we went through with the repair request. We are doing our best not the be emotional about it too. It has been very tough the last couple of weeks going from highs to lows and everything in between. I'll definitely keep you updated on what happens!
I'd go farther. You need a licensed Structural Engineer (in your state possibly called Professional Engineer or PE) to evaluate it. Repair could be more difficult than the contractors think.
Here is just one example: sometimes the issue is not merely the actual structural elements but the order in which they were assembled together with specific bracing during the interim.
Moreover, when you resell the house, you might need to disclose the repair, and you want that repair to have been engineered correctly and the documentation for the engineering all be correct, and of course it needs to go through whatever "plan check" the local building department does, including stamps from licensed engineers evaluating it, etc.
If it were me, I'd strongly consider bailing on the house. You have no idea what can of worms might be opened once repairs are initiated.
I would personally never consider a house that had significant structural problems. If the remedy is, say, 1% of the price by lowest estimate, I wouldn't consider buying the house for less than 8% off. If I am to incur a risk, I must be compensated for that risk, and the compensation is NOT just the cost of repair.
If it were me, I'd strongly consider bailing on the house. You have no idea what can of worms might be opened once repairs are initiated.
I would personally never consider a house that had significant structural problems. ...
Ditto. Some aspects may not be uncovered until the repairs start, and then who's going to pay for that?
One house I looked at didn't look bad from the outside, but inside was another story. An active water leak yielded a spongy subfloor in the bathroom and damaged sheetrock in the laundry room. The cheap fix is to replace the plywood sheeting and sheetrock, but how would I know whether the floor joists have been seriously damaged and/or how much mold has been growing? The answer is that I wouldn't, and faced with that aspect, I sure wasn't about to take a chance at any price.
Quote:
Originally Posted by WRXFlyer
Thanks guys! This is very reassuring to me and I'm glad that we went through with the repair request. We are doing our best not the be emotional about it too. It has been very tough the last couple of weeks going from highs to lows and everything in between. I'll definitely keep you updated on what happens!
As a buyer last year, yeah - there were high and low moments for me too. But stick to your principles, because after all is said and done, it's still your money.
Yeah, and there are a bunch of other issues that I did not talk about either. Couple of foundation cracks, notched foundation support beam, flues terminating in the attic, asbestos pipes, and non-working furnace at end of life as well. Total repairs based on the inspection report were 10% of the purchase price.
In any case, I think the seller's are likely to decline to make the repairs and the decision will be quite easy for me. Their agent seems like a grade A jerk and I think they may be under the impression that they can offload the house to another sucker. It'll be tough to lose the inspection and appraisal money, but in the end it will probably save me tens of thousands.
It'll be tough to lose the inspection and appraisal money, but in the end it will probably save me tens of thousands.
That is exactly what the appraisal and inspection is for.
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