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Inspection revealed some red flags…should we walk away now?

Hi everyone, we’re under contract for a home we really like and see being our forever home. I’ve only had 1 prior real estate transaction and it was for our new home we bought 8 years ago, so it was very straightforward.

The home we’re now under contract with was listed over $1 million, and that’s on the high end for my region, with many of these homes having been updated. This home has not been updated and is 20 years old.

My loan is a VA loan so we’re subject to the VA’s Minimum Property Requirements. The Inspection report identified the following mandatory-repair items:

  1. back patio concrete slab is sloping toward house.

  2. Secondary Back Patio Fall Hazard Install a safety railing or appropriate barrier to eliminate fall risk.

  3. Basic Electrical Repairs

  4. Plumbing Repairs Have a licensed plumber address: Damaged valves and a non-functional faucet Leaking and loose drain lines Investigate the evidence of microbial growth beneath the upstairs bathroom sink and repair the source.

  5. Additional Health & Safety Concerns Install a radon mitigation system (inspection revealed levels above EPA threshold). Replace all non-functional smoke detectors with working units. Install carbon monoxide detectors on each level of the home.

  6. Roofing Roof is at end of life. Might get a year or two out of it. Address missing shingles. Replace “improperly installed” shingles on the house and detached garage roofs.

This is a huge list, and items 1 and 2 already have an estimate at $20,000 to have fixed.

What are your thoughts on this? Should we just walk away now and save ourselves and sellers the hassle and time of negotiations? Are we as buyers being unreasonable in expecting a million dollar home to transfer to us in safe, structurally sound condition? Is there anything I’m not asking myself that I should be? Am I an idiot for even considering asking for repairs and not just walking away at this point?

Thank you for any help you can give.

submitted by /u/michelle_406
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source https://www.reddit.com/r/RealEstate/comments/1nk1z1f/inspection_revealed_some_red_flagsshould_we_walk/
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