Skip to main content

Help!! Do I continue?

I am looking at a house that is 103 years old priced 205k. I have an accepted offer and I have performed my home inspections. During the inspection, knob and tube wiring was found throughout the house.

I had 2 electricians come and give quotes on the replacement of the knob and tube but unfortunately neither of them can give a written quote in time and the sellers are not letting me have an extension. One electrician stated a quick rough estimate of 10-15k to replace the knob and tube but that price could be significantly increased if he has to cut through a wall. He stated he won’t know if they have to cut through a wall until they begin the work.

The electrician also stated there is a lot of rodent activity in the attic and recommends getting a quote on removing the rodents, feces, and damages from the rodents prior to replacing knob and tube.

He also stated I would need to have a quote from another company on the cost of removing and replacing the insulation in the attic for the electrician to replace the knob and tube.

Electrician and home inspector both stated there is absolutely no air movement in the attic and both are also recommending adding attic vents.

There is about 30ft of asbestos tape in the basement that is significantly deteriorating and needs replaced. I was unable to get a quote on this in time as well.

There are other minor issues with the house but these right now are the big issues I am currently facing. And unfortunately I do not have any actual written quotes from anyone. I’ve come up with my own rough estimate of 25k but obviously this could be way low. I am thinking of either asking the sellers for price reduction or a credit for 25k. or I am thinking of backing out and moving on. I love the house but I am not sure if I love it this much to be dealing with all this right away. Can someone give any insight ?

submitted by /u/Mediocre-Cabinet-996
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1orqq5w/help_do_i_continue/
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

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more