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How does a qualified ethical agent write an offer on a house with missing shingles and water damage from leaks, and then waste the client's money on a home inspection and put earnest money at risk?
Agreed. Unless my client is a contractor looking for a project, we shouldn't have gotten to making an offer on such a place, unless they had done a VERY good job of covering up the signs that there was this much wrong.
In which case... the agent should be the first to show the pathway OUT, not try to encourage a young single first time buyer without a lot of money to buy such a money pit.
OP - Your agent needs a reminder what her job and priorities need to be.
It's not your job to teach her.... I would find one who knows.
On the price of repairs, the Bush recession drove most skilled workers out of the construction industry. They had to find a different occupation, and when things picked up again, they were out of shape and out of practice. Skilled workers are difficult to impossible to find nowadays. Housing repair costs have doubled or more since 2005, and that's if you can even find someone to do the work.
On the price of repairs, the Bush recession drove most skilled workers out of the construction industry. They had to find a different occupation, and when things picked up again, they were out of shape and out of practice. Skilled workers are difficult to impossible to find nowadays. Housing repair costs have doubled or more since 2005, and that's if you can even find someone to do the work.
Obama's meth and opioid economy knocked people out of the workforce too.
I agree walking away is the right thing to do but I would never have the seller make the repairs unless it is something like paint, replacing a doorknob or a repair to an appliance. I think, especially in a case like this, that the seller will take the cheap way out and only do enough repair to pass inspection. As a result you will probably be looking at redoing the repair in a few months or years. I would much rather have the cost of the repair taken out of the purchase price and oversee the repair myself.
However as I said, walking away is absolutely the right choice in this instance.
I’m wondering if I should ask for a new price ( lower than the appraisal price) and take a chance on paying for repairs myself or just walk away all together. Any advice?
Walk away.
This is your first home purchase. Get something turnkey.
You have no idea what it costs for all those repairs. I'm a retired property claims adjuster and I know what it costs. You are realistically looking at $20,000 to $30,000 to replace the roof, repair the chimney, and all the stuff that you'll find after you buy it.
Unless you can get a $30,000 price drop, leave it for somebody else.
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