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Is this inspection bad enough that we should back out?

My husband and I are first time home buyers.

We had an offer accepted last Sunday for $10K over the asking price. The house was only on the market for 2-3 days. It is a 1,400 square foot ranch that was built in 1961.

The house was attractive to us, as it seemed like everything was extremely well taken care of. In addition, there were many new updates throughout the home.

We had our inspection yesterday, and we are feeling defeated. If nothing else, the inspection was $800, and it stinks that it could have been for nothing.

The inspector found numerous issues. The largest ones being:

  1. Most of the 3 prong outlets on the ground floor were not grounded.

  2. There is no ceiling vent installed in the master bathroom.

  3. The insulation in the attic was poorly/incorrectly done.

  4. The furnace short cycles- turning off and on more often than it should.

  5. Numerous spots on the finished basement walls showed high moisture levels of ~20%. We are not able to see behind the paneling for mold, damage, etc.. We think this is caused by poor grading in the back of the house under the deck (which we were planning on redoing anyways).

5 is the one we are the most worried about, as everything else can probably be fixed for a total of $5K or so. We got quotes from waterproofing companies, and they are saying that it will be about $10K to waterproof the whole basement.

We are going to try to figure something out with the seller, but who knows if they will bite. I imagine the moisture in the basement will scare off any other potential buyers though, so we will see.

Any advice? Are there pretty common issues? Should we walk away unless the seller is willing to cover the waterproofing?

submitted by /u/alexakmoeller
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source https://www.reddit.com/r/RealEstate/comments/hhpi4l/is_this_inspection_bad_enough_that_we_should_back/
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