Skip to main content

Inspection found leaks, closing next week, trouble finding insurance: Freaking out

Hello everyone, I am under contract and my home inspection found a couple water stains on the ceiling drywall, one that was recent. The house was built in 1995 I’m having trouble even finding a home insurance company to offer me a quote because the roof is too old. We are set to close next week and I am freaking out (reason for the 2am question).

The square footage of the living space is 2800 and the garage is 781, so around 3600. I saw online that you take the sqft and multiply by 1.12, then * that by the cost of the material you are using. I would be using asphalt shingles and those are apparently $4 - $15 per square foot. So by that math, I would be looking at between $16k and $60k.

The sellers realtor told me that they got two quotes for $23k and 27k, but hasn’t shown them to me or my realtor. She also told me that they said the roof had 4-5 years left. But when I asked the inspector yesterday he told me 25yeras is the expected lifespan and this house was built in 1995 so only a few months from 30 years old.

The seller was apparently nearly in foreclosure and had no money for repairs so the contract is ‘as is’. I guess I have two questions:

1) does anyone have a guess at what price range re-shingling would be for 3600sqft roof? (I’m in New Mexico) 2) Should I ask if I could get a roofing company to give me a bid? (Do they have to come to the house?)

If it is going to be $35-60k range I am considering backing out on the deal. The stains on the ceiling and the fact I’m having such trouble getting insurance are keeping me up at night. Legit love the house/lot/neighborhood otherwise and don’t want to lose it but this roof is hanging over me in all senses.

submitted by /u/QueenNymeria1
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1grt4x2/inspection_found_leaks_closing_next_week_trouble/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

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/