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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?
The seller is not required to fix anything. You can ask them to repair or credit you at closing for yourself to make those repairs, but they do not have to accept your request.
As to the fairly extensive list you gave, it's doubtful a seller would agree to everything on that list; you're talking about potentially anywhere from $20-30K+, depending on the total extent of damage. Roof, obviously, is a must, along with the electrical panel, furnace issues & water heater; those are major structural issues that must be addressed.
With a list like, frankly I would walk. This is the worst kind of flip in my opinion, but I would be willing to bet it "looks" nice and updated.
I can't imagine a home that age not having proper GFCI outlets along with all the other stuff.
Yeah, goes without saying OP should run screaming from this deal; you're basically replacing every major structural element in the house other than plumbing.
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?
Thank you for any advice anyone can give me.
Seller is not required to fix anything. Maybe if you were paying more for the house but at 104,500 he's probably not very negotiable
Some of the stuff is piddly stuff. ( blue) you're talking a few hundred bucks and couple of hours worth of work
The stains on ceiling are due to roof leak. Roof repacement is your biggest cost 8-12k depending on size and damage that needs repair AFTER shingles get peeked back.
The gas furnace can run 3-5k depending on size location and what needs to be done to bring up to new code. ( if its not repairable and needs replacement)
If the electrical panel is installed in a weatherproof NEMA 3,3s,3x its ok. The missing KO seal is not ok but its .50 cents and about 30 seconds to install one.
Is this a investment or personal residence? If the price is right and the houses are going up in value and you are flipping then it may be worth it.
If its personal then you need to figure out if you like the house well enough to put the money required to fix it right and take the financial hit. If you find have the money for the repairs to pay out of pocket and must borrow to cover repairs I would walk if the owner won't credit you back 13k or more after closing
Yes the home does look very nice i do believe that's the only thing they focused on during the flip is cosmetic things. Thanks everyone for your advice. This would be a personal residence for me and i only listed 9 main repairs out of the 32 the inspector listed so that still would leave me quite a few things to repair on my own.
Ouch. Get your skates on! Unless you've got a large chunk of extra money in the bank to cover all of these costs yourself, I'd run away from it!
Of course, you can always ask the seller to repair these items or give a credit for the cost, but I'm thinking it's unlikely. What are the comps in the area like, in terms of cost and condition?
There isn't many choices in the small town in North Carolina that I'm searching in it took quite some time to find this house. But it does look like I'll be back searching.
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?
Thank you for any advice anyone can give me.
Personally, I'd walk away from such a mess - the flipper clearly did a snow job just to make the house appear a lot better than it is.
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