Home has major issues

I am buying my first home. My realtor lives about two hours from the area I would like to buy in. I went with him because he is an in house agent for the program I am using to buy the home. He had the bright idea to first put in offers and if someone accepts then go look at the home. Mainly due to fact that he doesn’t want to drive constantly to show me homes. I found a home that dropped the price more than 40k in one week of going up on the market. I thought it was strange but we put in an offer even lower and they accepted.

It is an older home but description and pictures looked decent. We went to look at home and there are major issues. Doors are inoperable, rusted old water heater, original fire hazard electrical panels from 1969 no running water and other very costly issues. Seller was trying to flip home and did a terrible job. The kitchen cabinets are new but installed very poorly. They also did the roof themselves and some of the shingles are coming up. I can press down on the kitchen sink and it bends. They are trying to get the same price as move in ready homes and they did a terrible job upgrading the home.

The home inspector estimates that repairs would take another 30k to 40 it hasn’t had the hvac serviced since 2004, and the unit itself is even older maybe more than 25 years. Old tires and bricks left in the backyard. I don’t mind buying a fixer upper but not at move in ready price. The description of the home reads as as if they have done major work. They cut corners and barely put in any effort and it shows.

I am already at the top of my budget. Also as it stands I wouldn’t be able to secure financing or insurance at the current state of the home. We haven’t had a chance to go back with report but we plan on asking to renegotiate the price.Should I just walk away? The seller is trying to get rich quick without putting the work in. I am afraid that the home will keep having issues down the line. More than likely the Kitchen will have to be redone at some point as well.

submitted by /u/Tall-Response6861
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I am buying my first home. My realtor lives about two hours from the area I would like to buy in. I went with him because he is an in house agent for the program I am using to buy the home. He had the bright idea to first put in offers and if someone accepts then go look at the home. Mainly due to fact that he doesn’t want to drive constantly to show me homes. I found a home that dropped the price more than 40k in one week of going up on the market. I thought it was strange but we put in an offer even lower and they accepted. It is an older home but description and pictures looked decent. We went to look at home and there are major issues. Doors are inoperable, rusted old water heater, original fire hazard electrical panels from 1969 no running water and other very costly issues. Seller was trying to flip home and did a terrible job. The kitchen cabinets are new but installed very poorly. They also did the roof themselves and some of the shingles are coming up. I can press down on the kitchen sink and it bends. They are trying to get the same price as move in ready homes and they did a terrible job upgrading the home. The home inspector estimates that repairs would take another 30k to 40 it hasn’t had the hvac serviced since 2004, and the unit itself is even older maybe more than 25 years. Old tires and bricks left in the backyard. I don’t mind buying a fixer upper but not at move in ready price. The description of the home reads as as if they have done major work. They cut corners and barely put in any effort and it shows. I am already at the top of my budget. Also as it stands I wouldn’t be able to secure financing or insurance at the current state of the home. We haven’t had a chance to go back with report but we plan on asking to renegotiate the price.Should I just walk away? The seller is trying to get rich quick without putting the work in. I am afraid that the home will keep having issues down the line. More than likely the Kitchen will have to be redone at some point as well. submitted by /u/Tall-Response6861 [link] [comments]

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