My realtor said the house I’m looking to buy won’t be covered under home insurance but when I called for my own quotes (he was asking for quote[s] from a company he recommends buyers) they didn’t ask about anything and just gave me a quote…

I’m going to try to keep this short and to the point as possible. So. I put offer on house. 1960 built brick house, 950 sq ft. My offer was accepted. During inspection the inspector found cloth wiring (for anyone who doesn’t know; this is wiring used back in this time period. I believe they discontinued its use around the early 70’s or so). My realtor from the getgo said he doesn’t think the house will be able to get insured. So he says he calls a couple insurance companies to ask for quotes. He said one said they wouldn’t cover the house. The other company said they would but the cloth wiring needs to be replaced BEFORE closing. Which in this scenario because it’s before closing the seller would need to pay for the work.

Next day I call to ask for home insurance quotes on my own. I never mention anything about cloth wiring. The insurance company gives me a quote… later that afternoon I call an electrician to come assess the situation at the house. He comes out and says the whole house has cloth wiring running to all the outlets, etc. etc. and that the whole house needs to be rewired. Estimate was at least $10,000. And because the attic is so small and hardly accessible they will need to make holes in the ceilings and walls to access the wiring. But the catch is… they don’t make the holes nor do they repair them. I would have to, or the seller would (unsure at this point who would be making the phone calls) call a wall repair/drywall company for this part of the job.

After talking with quite a few electricians the general consensus I got from cloth wiring is… it’s not dangerous as long as it’s in decent condition. The condition of the cloth wiring inside the house in question was never discussed though. But I will say, from my own perspective, I don’t think I’d feel safe sleeping and living in a house that has old 1960’s era wiring in it…

So I have a couple questions here I guess…

Why does my realtor (20 years experience) think the house cannot be insured with the current wiring in it but I called and I was able to get quotes..? It wouldn’t benefit him in any way to try to haggle with the seller so I don’t think he’s doing this to get more money into his pocket. If anything it causes strain on the deal to try to negotiate with the seller to try to rewire the entire house. If the seller agrees to rewire the entire house on their own expense I’m afraid they’ll try to use the cheapest contractor. If that’s the case then I want out of this deal… Should I just walk now..? The location is great that is the only reason why I haven’t already. But I’m starting to wonder if this is just too much of a headache. I don’t want things to go wrong or be held responsible for anything. Best case scenario the seller would use my selected electrician and drywall people and the house would look totally the way it is now (just new wiring) before closing but I don’t think that’s going to happen… my realtor seems to think he can negotiate the house rewire.

submitted by /u/bobevans001
[link] [comments]

I’m going to try to keep this short and to the point as possible. So. I put offer on house. 1960 built brick house, 950 sq ft. My offer was accepted. During inspection the inspector found cloth wiring (for anyone who doesn’t know; this is wiring used back in this time period. I believe they discontinued its use around the early 70’s or so). My realtor from the getgo said he doesn’t think the house will be able to get insured. So he says he calls a couple insurance companies to ask for quotes. He said one said they wouldn’t cover the house. The other company said they would but the cloth wiring needs to be replaced BEFORE closing. Which in this scenario because it’s before closing the seller would need to pay for the work. ​ Next day I call to ask for home insurance quotes on my own. I never mention anything about cloth wiring. The insurance company gives me a quote… later that afternoon I call an electrician to come assess the situation at the house. He comes out and says the whole house has cloth wiring running to all the outlets, etc. etc. and that the whole house needs to be rewired. Estimate was at least $10,000. And because the attic is so small and hardly accessible they will need to make holes in the ceilings and walls to access the wiring. But the catch is… they don’t make the holes nor do they repair them. I would have to, or the seller would (unsure at this point who would be making the phone calls) call a wall repair/drywall company for this part of the job. ​ After talking with quite a few electricians the general consensus I got from cloth wiring is… it’s not dangerous as long as it’s in decent condition. The condition of the cloth wiring inside the house in question was never discussed though. But I will say, from my own perspective, I don’t think I’d feel safe sleeping and living in a house that has old 1960’s era wiring in it… So I have a couple questions here I guess… Why does my realtor (20 years experience) think the house cannot be insured with the current wiring in it but I called and I was able to get quotes..? It wouldn’t benefit him in any way to try to haggle with the seller so I don’t think he’s doing this to get more money into his pocket. If anything it causes strain on the deal to try to negotiate with the seller to try to rewire the entire house. If the seller agrees to rewire the entire house on their own expense I’m afraid they’ll try to use the cheapest contractor. If that’s the case then I want out of this deal… Should I just walk now..? The location is great that is the only reason why I haven’t already. But I’m starting to wonder if this is just too much of a headache. I don’t want things to go wrong or be held responsible for anything. Best case scenario the seller would use my selected electrician and drywall people and the house would look totally the way it is now (just new wiring) before closing but I don’t think that’s going to happen… my realtor seems to think he can negotiate the house rewire. submitted by /u/bobevans001 [link] [comments]

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