I’ve recently sold a 1927, 2 story, 3 bedroom, 1 bathroom house in Ohio for 90k, taking off about 2k off the original asking price. We are covering closing cost along with doing a home warranty which they requested. We are also spending roughly $700 in exterior painting per negotiated.
Anyways, the couple used one of their father’s to do the home inspection. Apparently he found knob and tube wiring in the attic. They would like to put more installation in the attic, so they are asking us to eliminate the knob and tube in the attic. We got a quote and it came to $1850, which we were ok with. We negotiated that they would be responsible for any drywall damage. We disclosed that while some of the wiring was up to date downstairs such as the kitchen, other areas were not per the electrician.
Now they want a second quote about how much it would be to replace all the knob and tube in the house which just isn’t realistic. Plus I have to take time out of my schedule. The amount in escrow is only $500 which if the deal fell through would leave us at a loss for several more thousands but also holes in the wall throughout the house.
Our house has only been on the market for about 3 weeks prior to this offer and we not desperate to sell ASAP. When speaking to the electrician the first time around he even said it’s not realistic to eliminate all knob and tube in the house but to just to lessen the load. Any thoughts, advice or feedback would be appreciated.
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source https://www.reddit.com/r/RealEstate/comments/davtnu/unrealistic_repairs_after_inspection/
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