Option to back out before inspection period is over. Are these issues red flags or are my feet just cold?

So I’m sure this concern has been addressed on here a million times before, a million different ways, but my anxiety is killing me so here goes:

My partner and I started shopping for our first home recently, in early November. After making 3 failed offers on houses that we loved, last week we had an offer accepted on a house that we like, not love. It was a super rushed decision, as offers were due one day after the first viewings. The house is cute, and nicely updated for being 106 years old. Decent yard. A LOT smaller than we hoped, but the added sq. footage in the finished basement made us overlook this. The small street it’s on is quiet, but the surrounding neighborhood is pretty undesirable – the street is sandwiched in between a few dingy main roads. (Something we’re not thrilled about since we’re currently renting in an amazing neighborhood that we’ll never be able to afford to buy in.) Asking was 280k, we offered an escalation clause up to 300k, and they chose us over higher bids because they were FHA and the sellers are already under contract on another house and want a fast close. Our reaction upon hearing that our offer was accepted was less “YAY!!” and more “Oh wow, okay, cool” (Red flag #1)

We had our inspection last night, and it’s made us even less confident in this purchase. While it’s expected that old homes are going to have some issues, I’m worried that this will be a money pit, especially considering we’re paying 20k over asking and we’re feeling like we offered too high. My parents don’t like the neighborhood to begin with, so their opinions are probably more dramatic than warranted, but even so, their ADAMENT advice is to walk away. Here are the highlights on the inspection report (yes, it includes photos and videos) that have us concerned:

Items listed as safety hazards, to be addressed ASAP:

Improper support on the stairs to the back deck A few outlets without GFCI ( I understand this is an easy fix) A white moldy substance on a section of the attic ceiling, has not yet been tested Active knob & tube wiring in the attic, that has blown insulation surrounding it. (This is our biggest concern. While the outlets are all updated and grounded, the presence of the wiring alone is a fire hazard, and it is likely connected to the ceiling fixtures. Re-wiring is very involved and expensive) Double keyed dead bolt on the front door (another fire hazard) Handrail missing on the stairs to the basement Broken glass on the interior pane of a basement window Corroded sealant on the electric service line

Items listed as ‘observations’ – not urgent, but should be addressed:

Chimney flashing damaged and installed incorrectly Wood rot on the back deck and on house siding Front door is missing weather-stripping Drum trap installed in the sink plumbing Window cranks in the kitchen and dining area are stripped and don’t work Rips in a few insect screens Missing knockouts on the breaker box Water supply pipe is heavily corroded

So the big question is, are these reasonable/common defects to expect, particularly in such an old home, or does this sound like a bad deal and we should back out before our inspection period ends in 3 days?

Because the sellers are under contract on another house and are hoping to close by January 10, it is somewhat likely that they would be willing to address some concerns/give us closing credits or a lower sale price to remediate other issues in order to push the sale through. My agent said that we can request as a deal-breaker that they have the K&T wiring removed and rewired to code, along with a couple of other hot issue items, and ask for some money towards closing costs. But even if they accept these negotiations…is it worth it and we should take advantage of trying a negotiation, or does this sound like more of a headache than it’s worth, with a future of whack-a-mole issues constantly popping up and I should walk away with my $7500 deposit?

Anxious, people-pleaser me feels bad because the family likely needs the house to sell to close on their new house. Also, I have already made and retracted one hasty offer before this one…not a big deal, an offer hadn’t even been accepted yet. But still, I feel like a flake (I realize that this is an incredibly weak argument, but, how I’m feeling)

I literally did not sleep last night over this, paralyzed over making the wrong decision. I have to get back to my realtor tonight with what we want to do, and I could seriously use some unbiased feedback.

TLDR; There may be an unordinary long list of repairs needed for a house we’re not super jazzed about, but with the market being as unpredictable as it is, should we just take what we can get?

submitted by /u/fluorescent-grey
[link] [comments]

So I’m sure this concern has been addressed on here a million times before, a million different ways, but my anxiety is killing me so here goes: My partner and I started shopping for our first home recently, in early November. After making 3 failed offers on houses that we loved, last week we had an offer accepted on a house that we like, not love. It was a super rushed decision, as offers were due one day after the first viewings. The house is cute, and nicely updated for being 106 years old. Decent yard. A LOT smaller than we hoped, but the added sq. footage in the finished basement made us overlook this. The small street it’s on is quiet, but the surrounding neighborhood is pretty undesirable – the street is sandwiched in between a few dingy main roads. (Something we’re not thrilled about since we’re currently renting in an amazing neighborhood that we’ll never be able to afford to buy in.) Asking was 280k, we offered an escalation clause up to 300k, and they chose us over higher bids because they were FHA and the sellers are already under contract on another house and want a fast close. Our reaction upon hearing that our offer was accepted was less “YAY!!” and more “Oh wow, okay, cool” (Red flag #1) We had our inspection last night, and it’s made us even less confident in this purchase. While it’s expected that old homes are going to have some issues, I’m worried that this will be a money pit, especially considering we’re paying 20k over asking and we’re feeling like we offered too high. My parents don’t like the neighborhood to begin with, so their opinions are probably more dramatic than warranted, but even so, their ADAMENT advice is to walk away. Here are the highlights on the inspection report (yes, it includes photos and videos) that have us concerned: Items listed as safety hazards, to be addressed ASAP: Improper support on the stairs to the back deck A few outlets without GFCI ( I understand this is an easy fix) A white moldy substance on a section of the attic ceiling, has not yet been tested Active knob & tube wiring in the attic, that has blown insulation surrounding it. (This is our biggest concern. While the outlets are all updated and grounded, the presence of the wiring alone is a fire hazard, and it is likely connected to the ceiling fixtures. Re-wiring is very involved and expensive) Double keyed dead bolt on the front door (another fire hazard) Handrail missing on the stairs to the basement Broken glass on the interior pane of a basement window Corroded sealant on the electric service line Items listed as ‘observations’ – not urgent, but should be addressed: Chimney flashing damaged and installed incorrectly Wood rot on the back deck and on house siding Front door is missing weather-stripping Drum trap installed in the sink plumbing Window cranks in the kitchen and dining area are stripped and don’t work Rips in a few insect screens Missing knockouts on the breaker box Water supply pipe is heavily corroded So the big question is, are these reasonable/common defects to expect, particularly in such an old home, or does this sound like a bad deal and we should back out before our inspection period ends in 3 days? Because the sellers are under contract on another house and are hoping to close by January 10, it is somewhat likely that they would be willing to address some concerns/give us closing credits or a lower sale price to remediate other issues in order to push the sale through. My agent said that we can request as a deal-breaker that they have the K&T wiring removed and rewired to code, along with a couple of other hot issue items, and ask for some money towards closing costs. But even if they accept these negotiations…is it worth it and we should take advantage of trying a negotiation, or does this sound like more of a headache than it’s worth, with a future of whack-a-mole issues constantly popping up and I should walk away with my $7500 deposit? Anxious, people-pleaser me feels bad because the family likely needs the house to sell to close on their new house. Also, I have already made and retracted one hasty offer before this one…not a big deal, an offer hadn’t even been accepted yet. But still, I feel like a flake (I realize that this is an incredibly weak argument, but, how I’m feeling) I literally did not sleep last night over this, paralyzed over making the wrong decision. I have to get back to my realtor tonight with what we want to do, and I could seriously use some unbiased feedback. TLDR; There may be an unordinary long list of repairs needed for a house we’re not super jazzed about, but with the market being as unpredictable as it is, should we just take what we can get? submitted by /u/fluorescent-grey [link] [comments]

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