(Closed) Walk away after home inspection?

posted 7 years ago in Home
Post # 48
Member
6015 posts
Bee Keeper
  • Wedding: March 2012

I’d RUN.  The termite damage alone is not worth it.  The list seems like a pretty long one, and there is no way they are going to cut the price down enough to get all those things fixed.

You can find another house that won’t be a money pit.  This is just the stuff you find out about, there’s always more things you don’t know about when you move in. 

Post # 49
Member
827 posts
Busy bee
  • Wedding: May 2012

@kay01:  If you want, you can send me pictures of the cracks and I can let you know if I think they are serious.

Post # 50
Member
827 posts
Busy bee
  • Wedding: May 2012

Why are you guys in such a hurry to buy a house anyway?  WHy not wait until the perfect one…or at least a better one… comes along…?

Post # 52
Member
10363 posts
Sugar Beekeeper
  • Wedding: September 2010

I lived in Boston for 7 years (moved last May to CA). Your Darling Husband is most certainly WRONG about all houses in the Northeast having all these issues. This is a huge glaring red flag. It’s going to come back to haunt you. Let this house be someone else’s financial quicksand!

Post # 53
Member
1610 posts
Bumble bee
  • Wedding: June 2012

It isn’t the foundation issues or the termites that bother me (my Darling Husband and I looked for a house like this to flip), it is the crappy work the flipper most likely did.  Not only did he do things wrong, but he ignored big issues like the foundation cracks and termites.  Most likely he did a patch and paint job just to make it look better, but didn’t attempt to do anything to the real issues the house has, but because he made it look better you are paying a premium for the crappy and wrong work that he did.  I wouldn’t walk away, I would run.   

Post # 54
Member
234 posts
Helper bee
  • Wedding: November 2012

@kay01:  While I can understand the stress of buying in MA, I wouldn’t jump on this house just because of that, new houses come on the market everyday, and you could sign up for an mls notification on sites like Redfin that will get you in to see them right away (Redfin will let you schedule tours same day)…

 

That said, if you love the location, layout, etc. it might be worth looking into an FHA 203k loan (lets you put money into the mortgage for repairs before you move in), because without that I doubt you’ll be able to even get a normal loan on it…

 

Also, I’d google the name of the contractor/flipper to see if anyone has bought a house from them and love it or hate it… 

Post # 56
Member
9504 posts
Buzzing Beekeeper
  • Wedding: August 2012

Sorry but I would walk. With that many obvious issues I have to wonder how many are hidden underneath.

Post # 57
Member
1880 posts
Buzzing bee
  • Wedding: April 2013

omg walk away, those issues all sound like pains to fix! I mean… that is tens of thousands of dollars of issues. I don’t mind SOME issues, but that list seems way too long.

Post # 58
Member
234 posts
Helper bee
  • Wedding: November 2012

@kay01:  Having cash in hand for repairs still doesn’t mean that a lender will give you a loan on the house… Before you move forward with all of the inspections I would talk to your lender and see what they think about lending with the known issues… Almost every house I’ve bought was in need of serious work (think missing heating system, failing roof, etc.) and we’ve been able to fix them all properly and make them great places, but we have had to get pretty fancy with the financing to do so… 

Post # 60
Member
3586 posts
Sugar bee

@kay01:  Walk. I read a few, then your list kept going. Nah, might as well buy a new house after all that.

When I bought my house, my old shitty realtor thought I was just a silly woman and tried to get me to buy a house that needed a new roof. No, thanks. Changed realtoers and got someone who was working with my BEST interest in mind, not just my money.

Post # 61
Member
12246 posts
Sugar Beekeeper
  • Wedding: May 2013

Don’t walk– RUN! Run far, far away!

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