Should I Run?

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shouldirun

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Recently put an offer on a house built in 1982, I may be way too optimistic and need your opinion. I have limited funds, and it's just me.

These are just few things in the inspection report that concern me:

1. Broken/damaged rafters and purlins.
2. Mud wasp nest in the electrical panel.
3. Fire stoppin in the garage not complete.
4. Tub leaks in access panel front bedroom area.
5. Wood flooring under water heater is sagging.
6. Insufficient supply of combustion for the water heater.
7. Heater vent is improperly installed where it passes through the roof deck, the vent pipe does not have the required 1"clearance from combustible material.
8. Evidence of water penetration in bedroom ceiling as well as dormered area.

I like the layout of the home and I'm somewhat emotionally attached to it, BUT I don't need or want a money pit.

Opinions? Should I run?

I will be applying for a FHA loan and my thinking is they won't approve it if the house has too many repairs....and that's ok by me.
 
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Looks like a severe case of "deferred maintenance" - a politically correct term used in evaluating homes trying to qualifying for low interest government loans after a disaster.

I think you are just seeing the obvious and there are usually more hidden problems. With limited funds, it could be a very long uphill chore for a few years.

Dick
 
I notice that you offer no evaluation of your own, Do you know what all that stuff is and did you look at these defects? How much experience do you have? How good of a deal is it compared to something livable?
 
nealtw said:
I notice that you offer no evaluation of your own, Do you know what all that stuff is and did you look at these defects? How much experience do you have? How good of a deal is it compared to something livable?
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All excellent questions. Frankly, I don't have any experience on fixer uppers, and I have limited knowledge on all of it.

The positive side is that the other houses in the neighborhood are appraised much higher, and it's in a wonderful neighborhood. I'm thinking perhaps I should take a contractor with me to get some sort of idea of the estimated costs to repair some of the more obvious items. Since I'm new to the forum, I welcome all opinions.

The house has a wonderful porch and an awesome sunroom that leads to a beautiful backyard, the kitchen has been updated and the square footage is a good size for me, plus the price range is good when you consider the other houses in the neighborhood.
 
1. Could be serious. Need photos or further evaluation and estimate by proper professional.
2. No concern. Take a wood paint stick and knock it out.
3. Sounds like drywall needs to be installed. Get professional to give estimate.
4. Could be serious. Might mean whole bathroom gut. See#1
5. See #1. Could be rotted do to water leaks.
6. Might be nothing. Might just need an air vent installed in the door to allow air.
7. See #1
8. See#1. Call roofing company for inspection.
 
So don't be in love with it yet. Take it back to the numbers. When you get estimates add to that some for other things that show up because, it will. The big deal will be mold in the water leak areas and a bathroom that may need to be redone.
 
While it may be too late to request this, but if there were some way that you could post a few pix of the specific problem areas you listed, they could go a long way towards knowledgeable people here giving you realistic options of what you face. Excellent idea to take a reputable contractor with you on the next site visit (while reminding him/her you will be shopping around for quotes for all of the required repairs as your funding allows, so he/she doesn't think you are locked in with them).

Your situation reminds me of a place I bought many years ago in Albuquerque. Place had been listed forever, nobody wanted it because of all of the work it needed (quite a few things identical to what your list shows), was in a great location and it was by far the cheapest house on the block. Anyway, my then-wife and I bought it, I made the necessary repairs, put in a huge addition and other improvements, and we sold the place at a $100,000 net profit 10 years later. No regrets whatsoever (except for the marriage falling apart, which is why we sold it).
 
BridgeMan said:
While it may be too late to request this, but if there were some way that you could post a few pix of the specific problem areas you listed, they could go a long way towards knowledgeable people here giving you realistic options of what you face. Excellent idea to take a reputable contractor with you on the next site visit (while reminding him/her you will be shopping around for quotes for all of the required repairs as your funding allows, so he/she doesn't think you are locked in with them).

Your situation reminds me of a place I bought many years ago in Albuquerque. Place had been listed forever, nobody wanted it because of all of the work it needed (quite a few things identical to what your list shows), was in a great location and it was by far the cheapest house on the block. Anyway, my then-wife and I bought it, I made the necessary repairs, put in a huge addition and other improvements, and we sold the place at a $100,000 net profit 10 years later. No regrets whatsoever (except for the marriage falling apart, which is why we sold it).
Click to expand...

Frankly if someone wanted me to come out to give them free advise so they could shop my ideas to others, I'd tell them to take a hike. Goodd advise is rarely free.
 
Forum security on our part if he gets the house lol
 
All good advice. The deal fell through. There was some foundation trouble that could be fixed for app. $4,000 and a few other small issues that add up. I wanted the Seller to pay for the foundation repair, but he declined. Since he declined, and the house hasn't been lived in for about a year.....I just decided another train would come by directly:) Below is a link to the house if anyone wants to look at it. If you live in the DFW area and you're interested, I have the inspection report.

http://www.trulia.com/property/3053800876-2200-Quail-Run-Dr-Corinth-TX-76208
 
Well it's for the better.
The way I look at is that if your not knowledgable in home repairs a fixer upper is not for any one that doesn't have the money nor the trust to have some one to fix it for you.
Bridgeman had a good point and a good story, sad ending though but wouldn't respect the man if he left that part out.
I think if you search for free advise you will get it like here for example :)
But when you have some one come that you don't know it's a toss to inspect your house it's like bringing your car in to have it worked on, it's all trust in my opinion.
 
nealtw said:
It's hard to wrap my head around the prices down there, up here it would be $500,000 or more.
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So true, but the thing is the pay isnt as much as down there for most things anyway.
 
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Years ago a freind of mine was part of a group of about 12 people. they called themselves the starters. They all wanted to buy there first house and promised each other some hrs of work to bring houses like this back to something livible. They all had different skills and one worked at a bank and helped with morgage aps. He bought his house and it was really nice when he moved in and then he worked a few weekends for the next couple years on other peoples house. So when he bought his house he only had to pay for material. He put on a new roof and finnished the basement.
 
Good story, well I went from a apartment to now renting a 100+ year old house that isn't up to code I'm thinking my demise is eventually buying the house.
Now I know how to jack floors up and build bathrooms from scratch but all that know how is useless in this house it's just too old..... It's almost scary.
 
If the identical house were up for sale on my street here in central Oregon, the price would be very close to $300,000. Even with the things needing attention. And if everything on the fix-up list were made right, it would go for closer to $400,000 (although it does need a garage and/or carport).

Seller isn't too bright in not being willing to pay for repairs, as it isn't exactly a sellers' market right now. And the listed repair items aren't going to go away. Should have counter-offered to pay for at least half of everything on the repair list.
 
You all are awesome!

As my brother-in-law tells me, it's not a good thing to get emotionally attached to a house. Another famous line he tells me is when you buy an old house, it's like putting a wig on an old man. You don't really know what's under there.

Still, if I had the money and know how, I would have gone for it in a heartbeat. Trust, however, is a MAJOR thing, whether getting a house or car fixed.....and mostly in relationships.

Thanks to all of you. Loved the stories, too.
 
If the house is still there 30 days later go back and give them a real lowball offer. Add a clause to the offer ( if the offer is rejected the buyer may still be interested for 30 days) That puts you in first place when they give up on triing to get there price if it dosn't sell.
 
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