Buying a House - Red flag/walk away?

[Designer]

If you like the location, get bids on the electrical, the plumbing, mold remediation, structural repairs and redecorating (i.e.: paint and carpeting).

Then make an offer subtracting the total cost of all repairs from their asking price.

If they want to sell, they'll go for it, and you will have enough budget to get it all fixed.

 

[waday]

Thank you all for the responses! Really, really appreciate it!

You all are very correct, as usual!

The fire was an inside wall that should not have had plumbing in it OR above it.. and there is a second floor above it, so it's a little surprising if it was coming from the roof?

We are worried that they are not fully disclosing information, and that information won't be readily apparent during an inspection. (We're definitely going to get 'every' inspection needed after putting in an offer so that we can renegotiate and find any safety issues.) Every penny is needed when buying a house, so knowing when to walk away before having the house inspected (and paying that money) is well worth it.

We're not 100% sold on the house, so I think we may just walk away.

Too bad, it's such a cute house.

 

[bribrius]

you should watch that movie "the money pit" with tom hanks then house shop.

 

[waday]

you should watch that movie "the money pit" with tom hanks then house shop.

I love that movie.

 

[pgriz]

A good inspector (as compared to the "checklist" inspector) will poke around quite a bit, and get dirty - literally. They will document everything and produce a detailed report (with written descriptions of what was seen, and what the potential consequences may be), but they won't be cheap. Expect to pay anywhere from $2,000 to $8,000 for a thorough inspection. However, given that the cost of unanticipated repairs is almost always many times higher than that, it's worth the money. If you are really committed to this place, then Designer's idea is a very good one. The home inspector can then be hired to confirm that the remedial work was done correctly and address the key issues.

When my wife and I were in the market for our first house, we were fortunate that my father, a civil engineer, was available to check out the prospective homes that we were interested in. He was, fortunately for us, brutally frank, to the point of leaving more than one prospective homeowner or agent in tears. We were more than once in total love with a place, only to find out that it was going to be too expensive to bring to a proper level of code compliance or even safety. The place we ended up buying (and are still living in) had some issues, but with excellent "bones". And we're ever so glad we did not go for some of the "jewels" that we fell in love with during our searches - we found out after the fact that almost all had to be extensively rebuilt.

 

[waday]

If you like the location, get bids on the electrical, the plumbing, mold remediation, structural repairs and redecorating (i.e.: paint and carpeting).

Then make an offer subtracting the total cost of all repairs from their asking price.

If they want to sell, they'll go for it, and you will have enough budget to get it all fixed.

Good idea. We plan to reduce the price by anticipated fixes--at least to a certain extent.

A good inspector (as compared to the "checklist" inspector) will poke around quite a bit, and get dirty - literally. They will document everything and produce a detailed report (with written descriptions of what was seen, and what the potential consequences may be), but they won't be cheap. Expect to pay anywhere from $2,000 to $8,000 for a thorough inspection. However, given that the cost of unanticipated repairs is almost always many times higher than that, it's worth the money. If you are really committed to this place, then Designer's idea is a very good one. The home inspector can then be hired to confirm that the remedial work was done correctly and address the key issues.

When my wife and I were in the market for our first house, we were fortunate that my father, a civil engineer, was available to check out the prospective homes that we were interested in. He was, fortunately for us, brutally frank, to the point of leaving more than one prospective homeowner or agent in tears. We were more than once in total love with a place, only to find out that it was going to be too expensive to bring to a proper level of code compliance or even safety. The place we ended up buying (and are still living in) had some issues, but with excellent "bones". And we're ever so glad we did not go for some of the "jewels" that we fell in love with during our searches - we found out after the fact that almost all had to be extensively rebuilt.

It's definitely worth it! And, I'm wary of most anything my real estate agent does, whether it's provide me a lender or home inspector. I'll be picking the home inspector. She's a real nice person, but, like every real estate agent, she's not on my side. She's there to make a sale.

My uncle is the same way--brutally frank. As much as I hate it, over the years I've learned that it's a very good thing! I actually think some of his personality has rubbed off on me, as I've been told by my siblings. haha

 

[bribrius]

I bought a apartment building that was condemned with lots of town code violations. kicked out the tenants that probably shouldn't have been living there anyway. Had bbgun holes in the windows. so I kind of knew what I was getting into. Long as it stayed standing I really didn't care though.
course, now 25k and lots of hours working on it I am wishing I built a new house instead I am sick of working on it. It is a roof I suppose, better than sleeping outside. Thing still don't meet code. But on the good side, if one of the kids accidently bashes a hole in one of the walls I just go get out the compound not really a big deal. Or like when the upstairs started flooding, I just drilled some holes in the second floor without a thought and watched the water run down instead of the ceiling caving it. Pulling out a tree in the front yard missed a root and yanked out a good ten foot section of the foundation. spent some time fixing that one. It had a fire too before I had bought it at some point in the attic, chimney that kind of got out of control. The timbers that had serious degeneration from it were already replaced, couple left not replaced not really bad enough to concern over. i had the chimney recapped, lined and wrapped. Now I am thinking of just knocking out the timbers there anyway and making a staircase because it is a large attic and would give me a fourth floor. storage or maybe the kids could rollerskate or something up there who knows. Hey, whatever floats your boat ya know..

just make sure you know what you are getting in to I guess.

 

[KenC]

I've spent enough money fixing unrecognized problems in houses that I think I'd run screaming from one that had some serious red flags initially. Here, you could even be looking at wiring that was never right and caused a fire (one that you know of, maybe more?) without a leak being involved. This might mean constant wiring problems down the road or a total replacement. Keep in mind that total replacement means construction costs to tear out walls, etc. to get at the wiring and then redoing them, in addition to the materials and labor just for the wiring job.

 

[bribrius]

I've spent enough money fixing unrecognized problems in houses that I think I'd run screaming from one that had some serious red flags initially. Here, you could even be looking at wiring that was never right and caused a fire (one that you know of, maybe more?) without a leak being involved. This might mean constant wiring problems down the road or a total replacement. Keep in mind that total replacement means construction costs to tear out walls, etc. to get at the wiring and then redoing them, in addition to the materials and labor just for the wiring job.

to a extent yeah. like I ripped all the exterior inside down in our kitchen because I was doing the wiring and insulating at the same time with my old man (helps to have even a 70 yr old x electrician). Running from one floor to the next vertical you don't have to rip down the walls just cut the holes and run the wire through and patch. wall to wall on the first floor is run through the basement, not ripping except for a single line for the overhead (again patch). Second floor gets a little more complicated because something either you run straight up through the first floor for each outlet up or you traverse along the walls. you traverse you need to rip down the drywall.
Lot of exterior though, I was insulating too and didn't even rip down the walls for some of them just cut a one foot section out around ran the wires shoved in some blow insulation, replaced the section and blue in the rest after.
hack job, but you can get around ripping down most walls. what is going to screw me, is the up-up stairs and that attic. Entire thing is covered in hardwood slat and insulation (talking about the attic floor). And I will need to get under that to re-run the third floor overhead lights. suppose I could take down the drywall and do it but it almost seems easier to just run them top down at that point. freakn mess though. wouldn't wish it on anyone that didn't know what they were getting into. And wiring isn't cheap I don't even know how many thousand I am up too it adds up. The good news (f there is any) is you can rip out the old and clean it for scrap for the copper value to get at least a little of it back. More often than not it seems you are better off leaving the old and avoiding the headache (then you would have to rip down all the drywall to get it all out) And when it is done you can have any outlet exactly where you want it. code changes too which adds a pita. Like the outside I had to rerun with conduit to meet code even though it originaly wasn't. The wiring through the basement to the panel I had to buy pineboard (to act as a wannabee joist) just to meet code and run that through the basement just to run the wires on to cross the basement. Originally they didn't have too because they crossed joists which is against code now plus they had no interior walls to worry about where as I was running up not side to side with three times the outlets and wire.

long post, if that makes any sense. lol.

 

[runnah]

I'd run away.

 

[bribrius]

yeah.. more I think about it don't do it. it sucks.

 

[gsgary]

For me none of these faults would be a problem because I have been in the building trade for 35 years if you have no building knowledge you could easily get ripped off

 

[runnah]

There are two types of "fix 'er uppers". The "oh we'll have fun and paint the kitchen, put in new carpet and maybe some cabinets" and the "WTF did I get myself into?! My wife has left me, I am bankrupt and all I am left with is a pile of studs" type.

Stay away from anything that requires the following: plumbing, electrical, structural and sewage.

 

[runnah]

For me none of these faults would be a problem because I have been in the building trade for 35 years if you have no building knowledge you could easily get ripped off

Right but in England all you have to do is apply more mud to your hut walls and perhaps some fresh hay to the roof.

 

[gsgary]

Ha ha most houses in UK are built with bricks and mortar not sticks, timber frame is great but when you get problems they are a pain I have errected some of the tallest timber buildings in the UK