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I was a federal pacific distributor in the 1970s …they were very popular here in New York since they were a local company .
Reliance bought them and after buying them found a problem with breakers …they found out federal got their ul approval via pay offs
Reliance sued federal and federal went bankrupt and the company was gone
Over the decades many companies made federal breakers and got actual approvals but these breakers were so expensive it was crazy .
Plus once the breakers were in the panel you couldn’t easily tell new from the old .
Eventually inspectors wanted them replaced
A house I owned in the SF Bay Area was built in the early 1960s with a Federal panel as the original panel. In the 90s (IIR the decade correctly) I had an electrical issue with that house and my electrician told me it was the Federal panel, that it needed to be replaced (which I then did), and that Federal had been sued into bankruptcy.
I understand agent's concern in asking for credits in this market...but other buyer's are going to need to have this replaced to obtain their mortgage. They claim to have backup offers. Not sure the harm in asking!
IMHO, your agent is only looking out for himself along with his commission and not you. I would insist the the buyer must either replace the panel or provide a credit to offset the cost for you to replace it.
You meant the SELLER, right?!!
OP, unless the house is your dream house and it's at a price you can afford -- AND you know how much replacing the electrical panel would be -- then I would pass on it. Sorry!
I understand agent's concern in asking for credits in this market...but other buyer's are going to need to have this replaced to obtain their mortgage. They claim to have backup offers. Not sure the harm in asking!
Usually $2000-$3000 ~in our area~. Low end if it's a normal situation and that's the only issue. More if it's more complicated.
If the backup offers are also financed, it is true they'll probably face this issue again if they turn it down.
In my area, a new panel is about $1700-$2000 and yes most insurance companies will require that they be replaced within 30 days of closing otherwise the insurance will be canceled. Your agent should know what a new panel will cost. If not, call a couple of electricians and ask for a ballpark on what a new panel will cost.
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Location: Ocala, FL
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Quote:
Originally Posted by Silverfall
Your agent should know what a new panel will cost.
Realtors are very rarely licensed electricians and wouldn't know the cost nor should provide that type of information, IMHO. They might suggest a licensed electrician/contractor to provide an estimate. That would be no different that providing legal advice unless they are Real Estate attorney.
In the years I was a Realtor, I only ran into one case where the home had an electrical panel/box that had to be replaced before it could even get financing. When the home inspector came out to the house, he provided an estimate to replace it but he was not going to do the replacement himself. My buyer/client passed on the home and moved on to another one.
I agree that the rules can vary state to state. I am just offering my opinion based on my experience in Florida as a prior Realtor.
Realtors are very rarely licensed electricians and wouldn't know the cost nor should provide that type of information, IMHO. They might suggest a licensed electrician/contractor to provide an estimate. That would be no different than providing legal advice unless they are Real Estate attorney.
In the years I was a Realtor, I only ran into one case where the home had an electrical panel/box that had to be replaced before it could even get financing. When the home inspector came out to the house, he provided an estimate to replace it but he was not going to do the replacement himself. My buyer/client passed on the home and moved on to another one.
I agree that the rules can vary state to state. I am just offering my opinion based on my experience in Florida as a prior Realtor.
If an agent doesn't know about what a panel costs, then they aren't very busy agents or don't negotiate repairs very often. We have tons of Zinsco and Federal Pacific Panels here. Maybe they weren't used as much in Florida?
Plus, you aren't quoting the exact cost of the panel. Out here, electricians only give ballparks as panel replacements are time and materials. Maybe contractors differ in Florida, but all electrical work here is time and materials so all you can get are ballparks.
Zinsco is rare today but at least they did not have the problems federal did .
Zinsco breakers are expensive and you have to search around for them ..many claimed to be new are used at this point.
Murray, Bryant and Siemens are the easiest to get breakers for ..they are actually the same company . Many breakers interchange with them .
You really want to stick to the breaker make of the panel …some localities can give you grief over mixing brands since while each piece individually may have ul approval it has never been approved as a unit
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I can't fix it now....
