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Home Inspection Update; Any housing experts?
Topic Started: May 4 2010, 11:52 AM (362 Views)
Won for Me
Is the meadow on fire?
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I thought it went really well for an old house. I was very pleased. Two things came up that the seller will have to address.

First is knob and tube wiring in the attic under the insulation. Huge issue except that most of the electric had been upgraded. The only thing the knob and tube was connected to was lights in the ceiling (or celing fans). The wire to fix the issue is even in the breaker box. The contractor just didn't finish the job when they upgraded. I found an electrical contractor to come right over and give an esitmate. Home Inspector, who was really good, said around $700 to finish the job.

Second and a bigger issue is the pipe leading the the tub faucet leaks and rotted a floor joist. Right through, in two! :o The Home Inspector crawled under the house and all other joists were perfect and house is not sagging at all. Rotted board parts were lying on the ground. Home Inspector said it would be fine to fix the leaky pipe and connect the joist with two boards that would sandwich the rotting beam because the damage was so isolated.

So, now it is up to the seller and the realtors to get this deal done. I can't get the house insured with knob and tube wiring. After Hurricane Katrina, Louisiana made some changes to insurance policies and knob and tube wiring was one of them. Pre Katrina, when the sellers bought the house, they could have that type of wiring and get it insured. They can't now, but they probably thought that it had been fully upgraded when they did all the other stuff.

I am slightly worried as the realtor didn't think the sellers were in any hurry to sell and might find a buyer who wants the house so much they will fix those things. I am not going to fix someone else's problem. I am sure I will have my own pop up. Home Inspector wants the Playhouse and will move it! Yeah!
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Ride'emCO
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Off visiting Candy Cave, be right back.
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I'm no expert, but water damage is something I wouldn't want to mess with. Of course, I haven't seen the damage, and sometimes it's not so bad as to be a problem in the future...but in my mind water damage is as bad as a house with smoke damage. Ick.

I'd want the sellers to have a RELIABLE and EXPERIENCED contractor check it out and estimate the damage. Then I'd reconsider...
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Witchy
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You're BANNED!
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Hubby and I have bought and fixed up tons of houses and, in my opinion, neither problem would be a deal breaker. If you have some handy friends you can fix both problems yourself. Have a friend run the wires and then have the electrician hook everything up for you, it will save you tons of money. The beam is a very easy fix just sandwich it between two pressure treated beams. Piece of cake. If the sellers won't budge, I'd still buy if I loved the house.
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Barn Girl
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It'll be an adventure! We're going on an adventure!
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I totally agree with Witchy. I work for a home builder and my hubby is a contractor, plus we own 7 rental houses. Try to get seller to pay for all or part of the repairs, but I wouldn't let it kill the deal if you love the house and it's in otherwise good shape. :)
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Won for Me
Is the meadow on fire?
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The water damage was completely isolated to the one beam and only one 12" section. The first electrical contract came back at $2400. The wires are already run. I think they got dollar signs in their eyes. I am going to keep trying.
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Little Diva
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I agree with everything you are hearing from the wise counsel of this board. If the wires are already run, and need hooking up, ask the sellers if they will split the cost with you that you had quoted.
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Kikki
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It'll be an adventure! We're going on an adventure!
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Both sound like minor things that, depending on the seller, the price, and the urgency, you might not get in headway on. As long as you TRUST your home inspector that everything else is in pretty good shape, you can try to get the money to do the repairs or have them fix the issues before closing, but you probably aren't going to get much. Though if the seller is reasonably motivated they may fix them or have an allowance for repairs.

I have a friend who just moved in to their new house just a few days ago. The inspector said everything was essentially good (just minor things). Well so far they have had HUGE plumbing issues and huge roofing issues! Their realtor is sick over it and been working to help fix the problems, but good grief!
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MissBri
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But, I don't care - it's 5:00 somewhere
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I agree with the others. Both issues are rather minor and easy fixes. Get 2 more estimates for the wiring - if the wires are already run it really shouldn't be a big job.
I would not let this be a deal breaker even if the sellers won't pitch in.
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Won for Me
Is the meadow on fire?
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I am getting the house without doing the repairs. The realtor said I could not get it insured with knob an tube wiring. So, completely shutting the door for anyone to buy the house. Well, Allstate is willing to write the policy without an increase in premium for what was originally quoted. I called the agent yesterday and gave full disclosure and basically he said they didn't care. I was a little po'ed at the realtor acting like it was such a huge deal. The other issue can be fixed by a handy man friend once I get in the house.

I looked at some other listings and some were more expensive and all were out of the garden district. I had absolutely no desire to see anything else. That is how I knew this one was for me.

Thanks for the support. On to closing and moving.
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Won for Me
Is the meadow on fire?
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House was just checked for Termites and they found none. One side porch had signs of former infestation, but nothing now. I knew that as it has a terminte contract, but we brought in an outside company to check behind the pest control person that handles the contract.

Next step is the appraisal. Might be able to move the weekend of May 16th!

Anyway, just passing along info for anyone who is thinking of buyng a house...when the lender tells you to have $XXXX for closing. That means have that amount on hand for closing and have that much on hand for all the inspections, quotes, hidden costs, gas for traveling to the lender when they lose your paperwork for the 100th time, and other things. I have written more checks in the past 7 days than I write in a year. Luckily, I have peanut butter and jelly in the house because times are slim! :0
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sheepwithagun
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We're on a bridge, Chaaaaaaaaarlie!
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:clap: So glad things worked out! Your new house is so freakin' adorable. Can't wait to see pictures after you get moved in and settled!
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Black Tack
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I am so glad too Won :clap: :clap: :clap: I really like that house and it sounds perfect for you :cloud9:
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Fish Cheeks
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You're BANNED!
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Wow, WfM, things are moving really fast - I'm so excited for you!!!! :clap: :cheer:
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RHowell
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Yay! I'm so excited for you. Every house has issues. Every single one. I love my new house to pieces, but we've already had water damage issues and we're now through the first week of a 10k master shower overhaul. That's life. It sucks, but that's life. They just "quick fixed" the leak and now it's re-leaking and when we found the damage, we decided to fix it "the right way"
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