tl;dr: under contract on house built in 1950, major issues identified in inspection. Do I back out or trust that seller repairs will mitigate future issues.
My partner and I have been searching for houses for the past several months, and finally went under contract on a charming little house in a nice part East Atlanta. We were super excited about the home, but since receiving the inspection report we are more apprehensive than excited.
Here’s the thing: The home was built in 1950. It has several major issues that I will list below:
Structural Issues (cracked floor joist, fallen struts in attic, non weight-bearing columns in foundation) Plumbing Issues (some pipes are original galvanized steel, at least 71 years old at this point) Pest Control Issues (signs of rats in attic, roaches, and termites in crawlspace) Roof Issues (several leaks identified and roof is at the end of its life) Signs of decaying exterior trim Back deck is showing signs of decay
The sellers seem to be open to fixing most of these issues, but we are still negotiating and have not received a formal proposal from them yet. We have until the end of our due diligence period on Monday to agree on repair terms. My realtor has assured me that if we get the major issues fixed (Roof, Plumbing, Structure, Pest Control) then the home will be in great condition and it would be extremely unlikely for any major issues to spring up for the next decade. However, my friends and family have all given me the same piece of advice: “Run!”
So, Reddit, what do you think? Should I listen to my realtor and trust that the repairs will mitigate any looming damage? Or should I listen to my family and back out with my finances and disposable income intact?
Thanks in advance!