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Old 05-21-2014, 04:53 PM
 
Location: Kansas City North
6,771 posts, read 11,396,828 times
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If the roof truly needs replacing, the relo company may refuse to become involved at all regarding the sale. It happened to me as a seller. Didn't really change things for the buyers (we did replace the roof) but as sellers had to get paid for our closing costs after the fact and we got screwed out of a $5,000 bonus we should have gotten because we had "real" buyers instead of having the relo company buy us out.

YMMV
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Old 05-21-2014, 04:54 PM
 
Location: Salem, OR
15,490 posts, read 40,182,593 times
Reputation: 17327
Quote:
Originally Posted by FalconheadWest View Post

I've never heard of a 15 year roof. In my area, they are either 20 or 30 year roofs. If there truly is hail damage, that should be an insurance claim for the sellers. That should be an easy replacement and low cost as it should only be their deductible. In my area, as soon as we hear "hail damage", an immediate call is made to the insurance company to get an adjuster out for a check. The other things with the roof should be fixed with the replacement.
3 tab composition roofs were offered with 15 year material back when this was built. We have quite a few out here.
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Old 05-21-2014, 07:55 PM
 
Location: Columbia SC
14,190 posts, read 14,543,530 times
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While not sure were in the upstate, $220K can buy a lot of house in SC. My initial reaction is the roof and pool will cost money but that raises my end cost. The water and septic plain scare me. The other stuff is minor but my bottom line is I would run away from this old/worn house.
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Old 05-21-2014, 08:06 PM
 
12 posts, read 29,917 times
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Unfortunately, we cannot afford a newer house with acreage in the area.

It appears that the needed sewer repairs are minor.
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Old 05-21-2014, 08:27 PM
 
3,805 posts, read 9,281,884 times
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I haven't seen any posts relative to your down payment amount, but you could look at a Conventional Rehab Purchase loan, similar to a FHA203k, but with lesser expenses, red tape, and Mortgage Insurance. You can put as little as 5% down and finance all of the needed repairs. Relo company may not budge on repairs, but may wiggle a little on the price?
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Old 05-22-2014, 12:14 AM
 
1,326 posts, read 1,128,981 times
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I would walk away from this one. Sounds like you are going to be taking over a "money pit" house. Do you really want to buy someone else's headaches?
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Old 05-22-2014, 05:31 AM
 
12 posts, read 29,917 times
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Hmmm... I don't understand why folks are thinking this is a money pit? We will walk if the owners don't fix the roof and the other important items, but is this really an alarming number of problems for a 14 year old home? A/C is 4 years old ( two units), one of the two hot water heaters is new, crawl space is dry, no foundation issues, septic issues are an easy fix, siding in good condition, windows good, furnace is original, but furnaces last a long time here in the south.

Please help me understand your point of view.
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Old 05-22-2014, 08:11 AM
 
5,048 posts, read 9,547,004 times
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I guess it's not alarming considering a relo company is involved and in my experience they can be very mean...as I said, even to their own customer. They themselves have felt cheated and not taken care of at all by the relo company and by their own company that employs them and has the contract with the relo company.

If there is a problem with the roof, for example, if the price is comparable currently with homes with older roofs or if the price is lower than other homes with newer roofs....and same for the pool, etc. then you know what you're getting into fairly.

Re the pool. The last house we bought with a pool, we had the pool inspector and even though the hot tub was attached it needed a separate hot tub inspector and then the sauna inspector and a few other inspectors for that house. So we knew what we were getting into. The house was over improved for the neighborhood and we could search more easily for comps than in your area and could easily make the price adjustments and see what we were truly getting. The house had been unoccupied for a few years...yes, pool problems....so we got it for a great price.

So you have to look into the whole package. And not only the price of repairs, but what the lender will allow you to occupy, and the price of upkeep...such as with a pool.
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Old 05-22-2014, 09:19 AM
 
12 posts, read 29,917 times
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Thanks, I see what you are saying.

I found out this morning that it was an insurance adjuster who told the owner that the roof has a few years of life left, so it looks like the owner will be the one who has to take care of this problem.
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Old 05-22-2014, 10:10 AM
 
Location: Portland, Oregon
10,987 posts, read 20,454,482 times
Reputation: 8256
In our area wells and septic systems must have a health department certificate before a mortgage will be written. That well scares me too. If you have the test results (not just pass, fail but what is in the water) the health department may be able to tell you the likely source.

Sometimes well water issues are more than just one well.
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