Skip to main content

Should I walk away or am I overthinking purchase of this home?

[TL;DR] Should I buy a house despite roof damage, plumbing issues, and sewage backup that sellers say will be fixed by closing day?

Inspector and realtor say not to worry, but I'm concerned about potential future repairs.

The sellers are replacing the roof and fixing the plumbing backup, but won't replace the sewer or drain lines due to cost.

The house, built in the ‘60s, is in a good school district and priced at $200,000 in Texas.

Need advice on whether to proceed or look for another home. My SO and I love it, and we want to ensure it will be a good investment as we don’t want to buy a money pit. We are currently in the option period.

The inspector privately told me that he WOULD buy the house because the seller is going to replace the roof and fix the sewer line backup located in the garage laundry drain (there was actual, literal shit water coming out of the pipe onto the garage floor when inspector tested).

No foundation issues.

submitted by /u/G4yWilli4mJ0hns0n
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17bc623/should_i_walk_away_or_am_i_overthinking_purchase/

Comments

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...

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/