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

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...
Post a Comment
Read more

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/
Post a Comment
Read more

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