First Time Home Buyer (post-inspection)

[ivinsfan]

A foundation wall bowing is a lot more than a blemish.

If the wall was actually blowing 15K wouldn't take care of it..the OP said all fixes including wall, kitchen floor and sewer would be 15-20K .....


But they don't want the house anyway....

 

[MrsHaloFIRE]

If that's what you found imagine what you missed! No thanks. Foundation work costs big bucks

 

[OldShooter]

If the wall was actually blowing 15K wouldn't take care of it..the OP said all fixes including wall, kitchen floor and sewer would be 15-20K .....

All things are easy to he who does not have to do them.

This deal screams "Leave!!!". There is always another deal.

 

[JRon]

I am not an attorney and this is not legal advice, however, there are a couple of key dates and contingencies to look at here:

1. Was this agreement signed by seller and delivered to you before 7:00 pm on July 4? If not, it appears you can cancel the agreement - see lines 416 & 417.
2. Did you supply the inspection report to the seller by July 15? If not, it appears the inspection may not come into play. See lines 199, 200, & 201.
3. You do have an insurance contingency - see lines 155, 156 & 157. If you do not get a written offer of insurance by August 3 it appears you may be able to cancel the contract. Discuss the inspection report with your insurance agent and be honest about your desire to own this house.
4. You do have a financing contingency - see lines 83 thru 89. Did you apply for a VA mortgage loan by July 11? If you don’t receive an offer of financing for 100% of the purchase price by August 3, then it appears you may be able to cancel the contract. Discuss the inspection report with your lender and be honest about your desire to pay for this house.

I think you’ll find getting an offer of insurance and financing somewhat difficult to get which means you will probably not be able to buy this house. Consult a real estate attorney in the state the house is located in for further clarification. Good Luck.

 

[ivinsfan]

All things are easy to he who does not have to do them.

This deal screams "Leave!!!". There is always another deal.

I never said it was easy, show me where I said it was easy. Fixable doesn't equal easy.

 

[latexman]

Turn it around on them. Get a lawyer and threaten to sue for non-disclosure of major, structural defects. Mention Surfside, FL. The seller will gladly cancel the deal.

 

[travelover]

Just as a general FYI, I'd never buy a house that old. There were no standards back then and even something as basic as wiring technology and plumbing has progressed a long way in the last 100 years. About 50 years old is as old as I'd ever feel comfortable with and even then you can have asbestos or vermiculite issues.

 

[OldShooter]

I never said it was easy, show me where I said it was easy. Fixable doesn't equal easy.

No. I meant that the inspector can make estimates that assume easy and best-case because he knows he is not bidding the work.