(Closed) Walk away after home inspection?

posted 7 years ago in Home
Post # 17
Member
3041 posts
Sugar bee
  • Wedding: May 2010

@kay01:  Wow, I’d walk away, especially after reading about the cracked foundation (which even if fixed can still be a problem) & electrical work is expensive & termites, they could be everywhere :(. I would walk, sounds like this house will cost you more than its worth. Plus all the added stress is not worth it.

Post # 18
Member
1401 posts
Bumble bee
  • Wedding: November 2011

Yeah, I agree with pp–I’d walk. Aside fom alarm bells like cracked foundation (eek!), the obviously shoddy work he did will probably be hiding other issues that you might not come across right away. Don’t sink more into it, especially if the seller is already being stingy! 

Post # 19
Member
4371 posts
Honey bee

It sounds like the previous flippers did a patch work job to sell fast. I, as a general rule, avoid flips, but this one, with so many discovered problems, screams No.

Post # 22
Member
357 posts
Helper bee
  • Wedding: October 2005

Speaking as someone in the real estate business, I would be very concerned about purchasing a “flip” that already has such obvious new problems from the “flipper.”  It sounds like whoever did the reno work clearly didn’t know what they were doing, and you only know about the things you’ve been able to see so far.  A bad renovation can be just as bad or worse than just buying an old house that needs work.

I would walk, and consider a less expensive home in need of updating, then have the work done yourselves.  That, or make sure you’re buying from a reputable investor who provides a full warrantee on all their work.  It sounds like what you’re buying now might not be in any better shape than some of the uglier homes you’ve looked at – just with a pretty veneer slapped on top.

Post # 24
Member
5827 posts
Bee Keeper
  • Wedding: May 2011

I would back out. A house that age with that many visible issues sounds like a money pit. We backed out after a bad inspection (structural concerns among the issues) and have not regretted it once.

Post # 25
Member
5789 posts
Bee Keeper

I’m not sure I understand why you have to pay for all those additional inspections. Doesn’t the seller have to request a pest inspection and pay for repairs needed for termites/damage? In this state they do, so are you sure the seller isn’t responsible for obtaining satisfactory reports on all those things you’ve mentioned? Is this what your inspector told you to do and gave you the estimates? Wow.

All of the repairs you’ve mentioned may not add up to be all that much, so are you willing to continue on if he offers to either give a large credit or has the repairs done to your satisfaction?

Even with a great home inspection on any property, the minute you sign the final contract, anything that goes wrong is on you. No home is perfect, and we had several unforeseen issues happen to our house just 6 weeks after we took possession. Aggravating and expensive, but there was no real way to predict it anyway. It’s just the nature of home ownership.

I’m not sure what I’d do if I were you.

Post # 26
Member
4371 posts
Honey bee

@kay01:  In my experience, when I looked at homes and saw the flips, the “flashy” things would be done. Roofs, new drywall, granite kitchens, etc. 

What concerns me about the house you’re looking at is that they must have had an inspection for the house also when they bought it, and they didn’t take the time to fix the foundation and the chimney (fire hazard), which is a major clue about the kind of flippers they are. 

Post # 27
Member
2022 posts
Buzzing bee
  • Wedding: May 2013

@kay01:  Yes!  My FH and I watch Property Brothers.  Its funny that my FH watches these shows now that hes a home owner… Hes always suggesting that we “could take out this wall” and do this and that… and Im just like, what if we find stuff in the walls that we dont want to see?!!!

Post # 28
Member
1051 posts
Bumble bee
  • Wedding: March 2011

I’d walk away. I love fixers (that you can flip yourself) but it sounds like you’d be putting in too much money to repair shoddy work on a quick and cheap flip. While it might be worth it if the location was prime, the price low and the bones of the house were perfect, you already know that there are foundation issues. With the visible problems, you can bet there are other problems underneath.

Post # 30
Member
955 posts
Busy bee
  • Wedding: November 1999

@kay01:  Sure, they did a lot of work, but did they do it correctly?

I have a lot of respect for a homeowner who wants to take on labor of updating a home, but a flipper has only one goal in mind— to make money.

 

 

A flipped house is almost always going to be guaranteed to be a shit house which is covered in pretty packaging.  At the end of the day, you’re still buying a piece of shit.

 

 

Have you checked out zillow.com to see what they paid for the house?  Sounds like they put a lot of money into it, but they still may have overpriced this house….especially with all the issues….

Post # 31
Member
5789 posts
Bee Keeper

@SoupyCat:  I sold my Dad’s house in September to a flipper, and he didn’t have any inspections done prior to settlement. We sold it ‘as is’ knowing full well the repairs needed were far more than we were willing to have done.

 Every wall in the house’s foundation was cracked in multiple places, and the house had shifted from the pressure from the  concrete patio that was poured incorrectly,pitched towards the house. Same for the driveway. I had a basement repair company come in, a realtor, and a structural engineer to see what we were facing. The back wall was bowing in and looked ready to cave in….it was all able to be repaired by placing rods of rebar and pouring cement….they put those rods every foot all the way around the entire foundation.  They had a post repair inspection done and the walls and house are now solid…and the cost was just $13,000. for all of that work done by a crew of men and that took 2 weeks to complete.

The house was just resold yesterday and all of the inspections that were done (electric,roof,heating,termites and structural) passed with flying colors.  My Dad’s town has some tough inspectors too.

 

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