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Old 05-05-2010, 05:46 AM  
blackandgold8
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Default Inspection done, too many problems?

I recently agreed to purchase a house in a nice location in a town I wanted to live in. The house is 1,090 sq ft ranch on about 1/3 acre.

After inspection, I found that the coil in the furnace needs to be replaced, but the furnace is from the 50s and inspector said I should replace the whole thing. The oil tank was belly patched, which isnt sticking, so he also said I should replace the oil tank. The vinyl siding was improperly installed, and is bowing in the rear of the house. I also found some electrical problems that will need to be addressed. Some mold in basement, so some drywall will need to be replaced. Also, little insulation in the attic.

I will qualify for the 8000 tax credit, but I was planning on spending that money on remodeling the kitchen and bathroom, which are very outdated. Im basically paying for the location here, as its a very nice neighborhood, but all this sounds costly when I add it up. Im going to ask the sellers to see what they'll pay, but Im wondering if this leaves me with no margin to make any money on the house when I sell it!

What do you guys think? Thanks in advance for any help!



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Old 05-05-2010, 08:19 AM  
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Those things are the minimum that is wrong with the house.



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Old 05-05-2010, 08:43 AM  
blackandgold8
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Those things are the minimum that is wrong with the house.
What do you mean?
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Old 05-05-2010, 08:59 AM  
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I think he means that, despite an inspector's best efforts, you will probably eventually find more things wrong with the house. The finding of so many improper repairs probably means there are more that he didn't or couldn't find (hidden in walls etc).

If you really love the house and are willing to take the risk, I would make the offer contingent on the seller fixing the issues you found or giving you a credit to have them fixed yourself (get quotes in advance!). You can also require them to respond in time to close for the $8k credit or the deal's off. Getting close to the wire-- good luck!

Matt

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Old 05-05-2010, 09:33 AM  
blackandgold8
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I think he means that, despite an inspector's best efforts, you will probably eventually find more things wrong with the house. The finding of so many improper repairs probably means there are more that he didn't or couldn't find (hidden in walls etc).

If you really love the house and are willing to take the risk, I would make the offer contingent on the seller fixing the issues you found or giving you a credit to have them fixed yourself (get quotes in advance!). You can also require them to respond in time to close for the $8k credit or the deal's off. Getting close to the wire-- good luck!

Matt
Oh ok, that makes sense. I wasnt sure if it was a question or a statement. Thanks for the guidance, Matt and Wazzut.

I do like the house quite a bit, but Im also looking at a 5 year exit plan on it, so I dont want to dump all this money into the house only to break even or worse. Its just, the neighborhood I fell in love with. Homes in the area are selling for over 25k what theyre asking. Though I may sink 20k into it or more....
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Old 05-05-2010, 01:15 PM  
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Since I know a thing or 3 about inspections....my advice??

Get some real $$ amounts from actual contractors to fix the issues you cannot. The rest is DIY at the least if you want to make your $$ back in 5 years at best...and even that is no guarantee.
Otherwise...keep looking.and

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Old 05-05-2010, 02:30 PM  
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You said you agreed to buy? Do you know the previous owners? Knowing a lot about who did the maintenance and how they did it could make it easier. Also knowing more about what might be wrong could help answer more of your questions.

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Old 05-07-2010, 05:24 AM  
blackandgold8
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You said you agreed to buy? Do you know the previous owners? Knowing a lot about who did the maintenance and how they did it could make it easier. Also knowing more about what might be wrong could help answer more of your questions.
Well, we signed an agreement that was contingent upon inspection.

I talked to the owners, they will not replace the furnace or oil tank. They had someone go out to "Fix" the furnace (not sure what they did, but apparently got it working. Its 50 years old so more than likely will need replacing while I own the house), and "fixed" the oil tank (like I said, it was patched and oil was taking off the new paint they sprayed on it....).

Houses in the neighborhood are listed at 220-230 range, though they are 1400 sq ft or 1600 sq ft houses, respectively, while this is 1085 sq ft, so Im not sure what to expect to get if I were to do all these repairs. Im so confused as to go with this house or not.
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Old 05-07-2010, 05:45 AM  
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And remember, you don't make money on a house when you sell it, you make money when you buy it. The initial price has to be low enough, plus the anticipated repairs to show a profit when you sell. Otherwise you will be upside down. Make sure that the neighborhood is trending upward and not in decline. Like Inspector said, get some real numbers from contractors then filter out what you are comfortable DIY and save some $$$ there.

Good luck on your house hunting. The thing about having a homeowner "FIX" problems before a sale is that sometimes the "FIX" really isn't. Negotiate the price down for the repair and you choose who "FIXES" the problem.

Just my

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Old 05-07-2010, 06:00 AM  
blackandgold8
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Originally Posted by oldog/newtrick View Post
And remember, you don't make money on a house when you sell it, you make money when you buy it. The initial price has to be low enough, plus the anticipated repairs to show a profit when you sell. Otherwise you will be upside down. Make sure that the neighborhood is trending upward and not in decline. Like Inspector said, get some real numbers from contractors then filter out what you are comfortable DIY and save some $$$ there.

Good luck on your house hunting. The thing about having a homeowner "FIX" problems before a sale is that sometimes the "FIX" really isn't. Negotiate the price down for the repair and you choose who "FIXES" the problem.

Just my
Agreed 100% on the "fixing". I'm not counting anything they said as actually being fixed, and am going to ask for atleast 6 grand off the house. I wouldnt trust the oil tank as it sits now, so that needs to be replaced. I think they only tried running the furnace and didnt fix anything.

I'm not sure what to estimate siding, my parents have a ranch and their siding was about 8,000 installed.

I'm really in a jam here because of this $8k tax credit. If I dont buy this house, I dont get the credit. I know its not alot in the grand scheme of things, but Id use it towards repairs on this house. Though, with 8k from the credit, Id still have to worry about the furnace and the oil tank.

They did agree to credit $900 for electrical to me though.


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