Skip to main content

Unrealistic repairs after inspection

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.

submitted by /u/cloudy2t
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/davtnu/unrealistic_repairs_after_inspection/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more