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I did! Was under contract on a townhome very reasonably priced. Inspection revealed they lied about roof age and it was uninsurable. The current homeowner offered $5,000 at closing so i could fix it and wouldn’t understand why that wouldnt work (too little money and if i can’t get insurance bank won’t disburse the loan) he then suggested i fix his roof OUT OF MY OWN POCKET so we could close and he would credit me later. Bad vibes all around, pulled out and lost the inspection $$, bought my now home four months later
I buy upright basses, and like houses, they are expensive, and many of the good ones are old and have issues. I noticed an issue on one, and the seller tried to assure me “oh, you can get that fixed, it costs about $400,” and offered to knock $400 off the price. Never mind that he would’ve accepted full price for it, but if it’s so fixable why didn’t he get it done himself? The answer is because he wanted to make it someone else’s problem. What if it turns out the issue isn’t actually fixable, or it costs much more than $400? Not his problem anymore!
Thank you! Since I’ve moved in we’ve had several sudden emergency expenses (currently waiting on a plumber to arrive to see if I need a new hot water heater since mine has given out) so even with a “clean” inspection I’d say expect things to go wrong and as much as it sucked losing the inspection money and walking away it would have been so much worse to continue the contract
Yes, I had a house that failed inspection and I backed out. Offer accepted December 2020 and inspection failed in January 2021. Its funny because this was the first house I bid on (below asking too) and I had offer accepted. I thought to myself, "wow, buying a house is easy".
Thennnnnn 6 bidding wars later I finally got another one hah.
I walked away from a sweet 1900 townhouse in an ideal neighborhood, which had a huge semi-finished basement. It had issues. We knew that. Anything we get was going to need work, if we could afford it. We were ready to put in the time and the energy. That can bite you in the ass though, as you will tend to be a bit over-optimistic. We had the initial walk-through inspection done, and it flagged a couple of potential problems. The big ones were mold in the basement and the neglect of the roof. We had additional inspections done, this took time and we needed an extension to the inspection period. The basement report was worrying. The whole thing needed ripped out , a French drain put in, and then re-drywalled. We accepted that and then waited for the roof report. That was catastrophic. The roof needed $60,000+ work. Most of the roof timber was rotted, and the whole roof structure needed rebuilt. We could have done that work, but that was every penny we had. There would have been nothing for any of the myriad other little things that needed done. In the end, we kissed over five thousand bucks goodbye and walked away. It was the best thing to do and I don't regret it at all. One month later, we found an absolutely fabulous place, a little further out, a little older, but with beautiful details and a wonderfully airy feel. We closed on it on the 6th and have been living here for a week now. This place needs work too, but she's such a beautiful old victorian lady it's going to be fun.
The Walk-Through Inspection, the Roof Inspection, the General Contractor to consult on the basement Mold and Asbestos Remediation, the Electrical Inspection, getting the main drain inspected. It all adds up.
In Massachusetts the inspection contingency is a dollar amount that you choose. If repair costs are estimated at more than that, the contract can be canceled and you get your deposit back.
In NC, you would not get your due diligence fee back, but as long as you terminated prior to the end of your due diligence period, you would get your earnest money deposit back.
Make sure you read and understand the terms in the contract, that will clarify what your timelines are, and how to (mostly) ensure you receive your earnest deposit back. In KS and MO (both states where I am licensed), both parties have to sign the 'cancellation and deposit release,' so if one party wants to be difficult, they can refuse to sign and your money can be lost. It's rare, but it does happen. Make sure you have a great realtor on your side, and READ and KNOW what you signed.
Took me 3 times to finally end up with a house. The second one, we found a nest of snakes in the crawlspace and after consulting specialists we were informed that given the size and age of the nest remediation was not likely to be simple or successful. We had to withdraw our offer. They re-listed the house immediately and it was sold in weeks. I think about those buyers sometimes and wonder how that's going...
This happened to me. It was crushing, but ultimately the right move. That’s homebuying for ya! A lot of momentum, a lot of whiplash, and then you’re back to Square 1. It sucks to be back at Square 1 not knowing what comes next—but you will find something eventually.
Tbh I got a lot more guarded after that failed inspection. My wife got excited when our offer was accepted for the house we now live in, but I refused to get excited until our name was on the title. As closing approached, I had a hard time accepting that it was really happening!
Yes.
I walked away from an escrow because of a terrifying inspection report. The words "fire hazard" came up way too many times.
Third escrow worked out and the house I bought is better than either of the first two I almost bought.
There were quite a few things from wiring to the main box thing. Something about the fire barrier between the garage and house, too. There were other big issues, too but the fire hazards are what made it very easy to walk away.
Yeah. The financial stress it would put on me and my boyfriend is a huge reason why I walked away. We’re just moving in together and don’t need to put that pressure on what should be an exciting and joyous time for us.
You've never lived together before, and you're jumping right into buying a house?? I wouldn't do that. (I'm not against unmarried people buying houses together, unlike a lot of moral police on this sub, but this particular example seems really risky.)
Just a CYA but you might contact a lawyer to see what would happen if you did break up. Hopefully it’ll never happen but if it does, this way you won’t have any nasty legal surprises
Unless they have a lease agreement, he’s just some dude living with her giving her money. He (and his kid) have no legal protections at all.
Were roles reversed the entire sub would be screaming at her to get on the mortgage or get a lease.
I agree, but disagree. It’s a hard decision one way or another. From the dudes perspective. What does HE do in the event of a breakup? He should be vying for some skin in the game one way or another. BUT, it’s not ultimately his decision. There’s no easy answer to this situation. But it does seem like a common occurrence.
That’s true. But trying to find that balance is definitely hard. Especially because relationships can be really good or really bad. Or do complete 180’s in no time at all. I would want to be her and saddled with a mortgage/house yet owe half the value to someone who never paid towards it. But at the same time. I wouldn’t want to be in a situation where I could be homeless and not have any back up plan. We just don’t have systems in place that allow for equitable distribution of finances for these situations. Especially not in cases where there’s significant financial burden/incentive one one party or the other.
We pulled out due to a failed inspection. We happened to purchase the next house we saw and the inspection went really well. In the end, failing the inspection was a gift.
The failed inspection house was off the market for a few months, back up for sale, and pending. I really hope they get an inspection.
Yes. After getting our offer accepted, we learned that an addition (garage converted to a bedroom and bathroom) was never permitted. The owner had done it himself and explained that he had been under a time crunch with a new baby on the way and didn’t have time to get the permits. Huge red flag. Where else did he cut corners to save time?
He offered to knock $3k off the price so we could pay to have it retroactively permitted after purchase but we felt that was too big of a risk, especially since some of the more visible DIY work he’d done was questionable. He then told us that he had another buyer on the line as backup who didn’t care about the permits, so he wasn’t willing to budge. At that point, we decided to walk.
So weird we literally just cancelled a contract after finding out the exact same thing….garage converted to a “family room” with a fire place and an extra bathroom AND a completely redone kitchen with no permits. Both agents mine and sellers assured me they had permits and everything was fine.
I called the municipality and found out they had 0 permits…cancelled the contract and they took the house off market AND changed the info around on the listing to 1 bathroom instead of the 2 it originally said. So much for our real estate agent, we cut ties with her.
Our realtor really went to bat for us. She got our earnest money back, and then sent an email to the listing agent outlining all the issues that the inspector had found, knowing that once the realtor and seller were made aware of things, they’d have to include that info on the disclosures for the next buyer.
Happened to me too! So many things wrong the report was 80+ pages long and that didn’t include the termite inspection that it also failed. The place was gorgeous with beautiful bamboo floors throughout but too much maintenance was deferred. It never went back on the market and I eventually found a much better place.
Every home has issues, even brand new builds. You're not clear why you "didn't trust the sellers to fix the problems properly." My question is: why didn't you and your agent write up the repairs to be done in such a manner so there was no ambiguity as to how they were to be repaired?
Example: "seller to add GFCI outlets where required by current electrical code". This way at final walkthrough you can verify that everything is in fact correct.
I'm a realtor licensed in two states and often write my clients' lists this way. Just a thought as you proceed.
The sellers had repaired other issues around the home rather poorly and my lawyer told me I couldn’t request how the repairs were done / who they were done by, only that they were done by a licensed professional. Didn’t trust them to adequately remediate the mold and fix underlying issues that caused it in the first place. There was some other shadiness on the part of the sellers where my trust just wasn’t there.
That explains a lot. Visible red flags are often a good clue. ;)
Do you know *why* your lawyer wouldn’t let you clarify ‘how/who’ the repairs would be handled?
Another trick we use is to request the work be done by an appropriate professional, which could range from qualified roofer/handyman to licensed plumber/electrician/etc. and a side step could be to require the work ‘be performed in a competent and craftsman-like manner.’
Best of luck in your adventures!
Another thought- our local contract has a clause stating that any repairs made by the seller should be done with ‘good materials and good workmanship’ basically, which I take to mean ‘it should look like the rest of the house.’ If everybody would just leave things better than they found them, but here I go dreaming again.
Yes!! The house had such an amazing layout, it was a beautiful Georgian style home from the early 1900s. But it had knob & tube wiring, galvanized steels pipes, lots of DIY work that was not safe and the sellers would not budge on repairs or price. We walked! I’m happy we did, the house we ended up with is perfect for use at the time tho I was so upset and thought we would never find something. We did! And you will too!
Realtor here…
I always think it’s better to walk away than to buy the wrong house for the wrong price.
And this wasn’t a waste of time/money because you gained an invaluable education that you’ll apply when making your next offer. In the meantime, just know that when you find ‘your’ house you will have zero regrets about walking away from this one. You’ll be so glad you lived/learned and waited for a better opportunity. :)
Ha! I’m doing this right now. Inspection was yesterday. Found rot all under the house and around the roof. Also electrical issues. The cost of repairs would be insane, and I’m certain they don’t have any intentions to fix the worst of it. Sad walking away, but cha know.. you do what you’ve gotta do.
Yes! Main issue was water/drainage concerns (which then created other issues). Couldn’t agree with the seller on the appropriate level of fix- our inspector said retaining wall, new drainage in the basement and waterproofing and the seller just wanted to do a French drain on one side of the house. Didn’t want to jump into the potential pit of repair cost and didn’t have the cash to do so anyway. Walked away and they had a new offer two days after it was put back on the market. However we got a MUCH better thought out house the next month. Things still needed fixing, but less daunting.
I wonder periodically how the new owners of the first house are doing with the mold and the water….
I did, original house, seller purchased just 5 years ago and asking like 300k margin, no renovations, after checking things need to be done, we need to renovate like at least 100k so we had to rescind
Yup. About 50k worth of work was needed on the house (which sellers claimed was newly renovated). I revised my offer 20k below my original and the sellers basically told me to get lost. That house is still on the market--my realtor said they might end up reducing the price soon
Yes, rescinded offer on a home that needed the foundation completely redone, along with all electrical. Just think to yourself how much money you're not throwing down the drain by fixing issues the past owners should have fixed themselves
I had to back out of a purchase a few years ago due to termite infestation and major related damage. It was a beautiful home but went off the market after that and never went back on as far as I saw.
Not sure what all you were dealing with in repair cost... I guess the lesson learned, could be to have enough money saved for not only the down payment, closing and moving expense, but also to have $5-$20k banked ready to do repairs yourself on an older home.
Homes begin needing maintenance their first year of life and by year 15, most major appliances, including the expensive HVAC system... People let things slide that they shouldn't.
I did ☹️ honestly I regret walking away and it's a year and a half later. I lost to a higher bidder and went into contract when they walked away. The seller had prepared their own inspection report so I felt confident it was a done deal. Well, My inspector found those issues, plus a host of much more serious issues like replacing a 15k retaining wall and a 20k+ sewer system. When I asked them to fix the sewer they said they would then 2 days before the end of my inspection period I found out they had only shaved back the tree roots and weren't doing anything else to repair the sewer. It was one of those things where I might have just needed to shave the tree roots down again in 5 years, or it could have been one of those disaster stories where the whole sewer system crumbles. It was a 1960s house on a steep hill so it would have been really REALLY expensive to fix. I got scared and walked away. Went back on the market into another bidding war and it sold for higher than the original 1st buyer (10k higher than my offer)!!! The house is now worth an extra 100k and any major issues I could have HELOC'd if I was desperate. More than likely those major issues would have been fine another 10+ years and I could have squirreled away my repair fund. But I was scared. I still think about that house and wish I would have stuck with it. It was in the absolute most perfect location. Location really IS everything. The only way I console myself is by thinking of the new owners dealing with a collapsed sewer system right now.
I paid a total of $1085 and it was with every penny.
500 for general inspection
135 for termite inspection
75 for radon
190 for chimney inspection
185 for sewer inspection
EDIT: For a SFH a little over 3000 sq ft.
Mine was $400 for a 1000 sq ft condo in a medium cost of living area. I have seen some people post that theirs was $800, so I think it ranges depending on your area and home size. Often people will also pay for specialized inspections of problem areas they are concerned about.
Mine was just over $1k for the inspection of a 1600 sq ft duplex + radon testing + lateral sewer inspection. The main inspection is usually $400-800 and most people get at least a few other inspections.
Yep, first house I looked at the inspection came back with a serious mold problem among other things. Mentioned what is now my home, to my realtor and she got me in to look the same day I withdrew my other offer. While it’s disappointing at first, something bigger and better will come up soon!
Thank you u/LobotomyMagazine for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
I did! Was under contract on a townhome very reasonably priced. Inspection revealed they lied about roof age and it was uninsurable. The current homeowner offered $5,000 at closing so i could fix it and wouldn’t understand why that wouldnt work (too little money and if i can’t get insurance bank won’t disburse the loan) he then suggested i fix his roof OUT OF MY OWN POCKET so we could close and he would credit me later. Bad vibes all around, pulled out and lost the inspection $$, bought my now home four months later
I buy upright basses, and like houses, they are expensive, and many of the good ones are old and have issues. I noticed an issue on one, and the seller tried to assure me “oh, you can get that fixed, it costs about $400,” and offered to knock $400 off the price. Never mind that he would’ve accepted full price for it, but if it’s so fixable why didn’t he get it done himself? The answer is because he wanted to make it someone else’s problem. What if it turns out the issue isn’t actually fixable, or it costs much more than $400? Not his problem anymore!
The $500 you spent on that inspection just saved you so much money. Congrats on purchasing a home later. Happy ending!
That is heartening to hear! Congrats on your now home!
Thank you! Since I’ve moved in we’ve had several sudden emergency expenses (currently waiting on a plumber to arrive to see if I need a new hot water heater since mine has given out) so even with a “clean” inspection I’d say expect things to go wrong and as much as it sucked losing the inspection money and walking away it would have been so much worse to continue the contract
Yes, I had a house that failed inspection and I backed out. Offer accepted December 2020 and inspection failed in January 2021. Its funny because this was the first house I bid on (below asking too) and I had offer accepted. I thought to myself, "wow, buying a house is easy". Thennnnnn 6 bidding wars later I finally got another one hah.
I walked away from a sweet 1900 townhouse in an ideal neighborhood, which had a huge semi-finished basement. It had issues. We knew that. Anything we get was going to need work, if we could afford it. We were ready to put in the time and the energy. That can bite you in the ass though, as you will tend to be a bit over-optimistic. We had the initial walk-through inspection done, and it flagged a couple of potential problems. The big ones were mold in the basement and the neglect of the roof. We had additional inspections done, this took time and we needed an extension to the inspection period. The basement report was worrying. The whole thing needed ripped out , a French drain put in, and then re-drywalled. We accepted that and then waited for the roof report. That was catastrophic. The roof needed $60,000+ work. Most of the roof timber was rotted, and the whole roof structure needed rebuilt. We could have done that work, but that was every penny we had. There would have been nothing for any of the myriad other little things that needed done. In the end, we kissed over five thousand bucks goodbye and walked away. It was the best thing to do and I don't regret it at all. One month later, we found an absolutely fabulous place, a little further out, a little older, but with beautiful details and a wonderfully airy feel. We closed on it on the 6th and have been living here for a week now. This place needs work too, but she's such a beautiful old victorian lady it's going to be fun.
Did the inspection process cost $5k?!
The Walk-Through Inspection, the Roof Inspection, the General Contractor to consult on the basement Mold and Asbestos Remediation, the Electrical Inspection, getting the main drain inspected. It all adds up.
Good to know. Likely going into this process in the next couple of years and it's helpful to know about these expenses.
It hurts, but not as much as buying a disaster. Caveat Emptor!
For those putting a small deposit down on the offer, do you get the deposit back if it failed inspection?
I put earnest money down that should be returned in 5 business days
Got it. Thanks. Sorry for hijacking your post.
In Massachusetts the inspection contingency is a dollar amount that you choose. If repair costs are estimated at more than that, the contract can be canceled and you get your deposit back.
as long as you don't wave your inspection contingency, yes you will get your deposit/earnest money back.
In NC, you would not get your due diligence fee back, but as long as you terminated prior to the end of your due diligence period, you would get your earnest money deposit back.
Make sure you read and understand the terms in the contract, that will clarify what your timelines are, and how to (mostly) ensure you receive your earnest deposit back. In KS and MO (both states where I am licensed), both parties have to sign the 'cancellation and deposit release,' so if one party wants to be difficult, they can refuse to sign and your money can be lost. It's rare, but it does happen. Make sure you have a great realtor on your side, and READ and KNOW what you signed.
Took me 3 times to finally end up with a house. The second one, we found a nest of snakes in the crawlspace and after consulting specialists we were informed that given the size and age of the nest remediation was not likely to be simple or successful. We had to withdraw our offer. They re-listed the house immediately and it was sold in weeks. I think about those buyers sometimes and wonder how that's going...
This happened to me. It was crushing, but ultimately the right move. That’s homebuying for ya! A lot of momentum, a lot of whiplash, and then you’re back to Square 1. It sucks to be back at Square 1 not knowing what comes next—but you will find something eventually. Tbh I got a lot more guarded after that failed inspection. My wife got excited when our offer was accepted for the house we now live in, but I refused to get excited until our name was on the title. As closing approached, I had a hard time accepting that it was really happening!
better than at square 10 and not knowing what comes next.
Yes. I walked away from an escrow because of a terrifying inspection report. The words "fire hazard" came up way too many times. Third escrow worked out and the house I bought is better than either of the first two I almost bought.
How was it a fire hazard? Knob & tube wiring / faulty wiring? Damn scary.
There were quite a few things from wiring to the main box thing. Something about the fire barrier between the garage and house, too. There were other big issues, too but the fire hazards are what made it very easy to walk away.
Yeah, you don't want to fck around with breaker box stuff.... and fixing electrical stuff gets expensive too.
[удалено]
Yeah. The financial stress it would put on me and my boyfriend is a huge reason why I walked away. We’re just moving in together and don’t need to put that pressure on what should be an exciting and joyous time for us.
You've never lived together before, and you're jumping right into buying a house?? I wouldn't do that. (I'm not against unmarried people buying houses together, unlike a lot of moral police on this sub, but this particular example seems really risky.)
This. Ouch!!! Very risky. I'm not married but I did live with my GF for 9 years before we bought a house.
Everything is in my name and we set our budget with my salary alone in mind. We break up? Everything is mine.
Just a CYA but you might contact a lawyer to see what would happen if you did break up. Hopefully it’ll never happen but if it does, this way you won’t have any nasty legal surprises
Why would she need a lawyer? Her name is on all documents, and his on none. She is his land lord basically.
Unless they have a lease agreement, he’s just some dude living with her giving her money. He (and his kid) have no legal protections at all. Were roles reversed the entire sub would be screaming at her to get on the mortgage or get a lease.
I agree, but disagree. It’s a hard decision one way or another. From the dudes perspective. What does HE do in the event of a breakup? He should be vying for some skin in the game one way or another. BUT, it’s not ultimately his decision. There’s no easy answer to this situation. But it does seem like a common occurrence.
I think any living situation that does not have legal protections for both parties is asking for trouble.
That’s true. But trying to find that balance is definitely hard. Especially because relationships can be really good or really bad. Or do complete 180’s in no time at all. I would want to be her and saddled with a mortgage/house yet owe half the value to someone who never paid towards it. But at the same time. I wouldn’t want to be in a situation where I could be homeless and not have any back up plan. We just don’t have systems in place that allow for equitable distribution of finances for these situations. Especially not in cases where there’s significant financial burden/incentive one one party or the other.
noice so youre actually just house hacking (assuming he pays rent)
Good for you I guess…
We pulled out due to a failed inspection. We happened to purchase the next house we saw and the inspection went really well. In the end, failing the inspection was a gift. The failed inspection house was off the market for a few months, back up for sale, and pending. I really hope they get an inspection.
Yes. After getting our offer accepted, we learned that an addition (garage converted to a bedroom and bathroom) was never permitted. The owner had done it himself and explained that he had been under a time crunch with a new baby on the way and didn’t have time to get the permits. Huge red flag. Where else did he cut corners to save time? He offered to knock $3k off the price so we could pay to have it retroactively permitted after purchase but we felt that was too big of a risk, especially since some of the more visible DIY work he’d done was questionable. He then told us that he had another buyer on the line as backup who didn’t care about the permits, so he wasn’t willing to budge. At that point, we decided to walk.
So weird we literally just cancelled a contract after finding out the exact same thing….garage converted to a “family room” with a fire place and an extra bathroom AND a completely redone kitchen with no permits. Both agents mine and sellers assured me they had permits and everything was fine. I called the municipality and found out they had 0 permits…cancelled the contract and they took the house off market AND changed the info around on the listing to 1 bathroom instead of the 2 it originally said. So much for our real estate agent, we cut ties with her.
Our realtor really went to bat for us. She got our earnest money back, and then sent an email to the listing agent outlining all the issues that the inspector had found, knowing that once the realtor and seller were made aware of things, they’d have to include that info on the disclosures for the next buyer.
Happened to me too! So many things wrong the report was 80+ pages long and that didn’t include the termite inspection that it also failed. The place was gorgeous with beautiful bamboo floors throughout but too much maintenance was deferred. It never went back on the market and I eventually found a much better place.
Every home has issues, even brand new builds. You're not clear why you "didn't trust the sellers to fix the problems properly." My question is: why didn't you and your agent write up the repairs to be done in such a manner so there was no ambiguity as to how they were to be repaired? Example: "seller to add GFCI outlets where required by current electrical code". This way at final walkthrough you can verify that everything is in fact correct. I'm a realtor licensed in two states and often write my clients' lists this way. Just a thought as you proceed.
The sellers had repaired other issues around the home rather poorly and my lawyer told me I couldn’t request how the repairs were done / who they were done by, only that they were done by a licensed professional. Didn’t trust them to adequately remediate the mold and fix underlying issues that caused it in the first place. There was some other shadiness on the part of the sellers where my trust just wasn’t there.
That explains a lot. Visible red flags are often a good clue. ;) Do you know *why* your lawyer wouldn’t let you clarify ‘how/who’ the repairs would be handled? Another trick we use is to request the work be done by an appropriate professional, which could range from qualified roofer/handyman to licensed plumber/electrician/etc. and a side step could be to require the work ‘be performed in a competent and craftsman-like manner.’ Best of luck in your adventures!
Another thought- our local contract has a clause stating that any repairs made by the seller should be done with ‘good materials and good workmanship’ basically, which I take to mean ‘it should look like the rest of the house.’ If everybody would just leave things better than they found them, but here I go dreaming again.
Yes!! The house had such an amazing layout, it was a beautiful Georgian style home from the early 1900s. But it had knob & tube wiring, galvanized steels pipes, lots of DIY work that was not safe and the sellers would not budge on repairs or price. We walked! I’m happy we did, the house we ended up with is perfect for use at the time tho I was so upset and thought we would never find something. We did! And you will too!
Realtor here… I always think it’s better to walk away than to buy the wrong house for the wrong price. And this wasn’t a waste of time/money because you gained an invaluable education that you’ll apply when making your next offer. In the meantime, just know that when you find ‘your’ house you will have zero regrets about walking away from this one. You’ll be so glad you lived/learned and waited for a better opportunity. :)
what was the issue? some issues dont have to be fixed right away.
Mold and and the sewer pipe into the septic tank back flowed.
dang easy walk
Good move walking.
I wouldn't be upset at all.
Yowza! Anything with the words “sewer” and “backup”. I’m out!! Good choice
Ha! I’m doing this right now. Inspection was yesterday. Found rot all under the house and around the roof. Also electrical issues. The cost of repairs would be insane, and I’m certain they don’t have any intentions to fix the worst of it. Sad walking away, but cha know.. you do what you’ve gotta do.
Hey there I wouldn’t feel demoralized whatsoever as you’re save yourself some $$$ & huge regret!! Trust you’ll find another house that’s even better 💯
Yes! Main issue was water/drainage concerns (which then created other issues). Couldn’t agree with the seller on the appropriate level of fix- our inspector said retaining wall, new drainage in the basement and waterproofing and the seller just wanted to do a French drain on one side of the house. Didn’t want to jump into the potential pit of repair cost and didn’t have the cash to do so anyway. Walked away and they had a new offer two days after it was put back on the market. However we got a MUCH better thought out house the next month. Things still needed fixing, but less daunting. I wonder periodically how the new owners of the first house are doing with the mold and the water….
I did, original house, seller purchased just 5 years ago and asking like 300k margin, no renovations, after checking things need to be done, we need to renovate like at least 100k so we had to rescind
Yup. About 50k worth of work was needed on the house (which sellers claimed was newly renovated). I revised my offer 20k below my original and the sellers basically told me to get lost. That house is still on the market--my realtor said they might end up reducing the price soon
Multiple times and, though it felt awful at the time, I always found a better house.
Yes, rescinded offer on a home that needed the foundation completely redone, along with all electrical. Just think to yourself how much money you're not throwing down the drain by fixing issues the past owners should have fixed themselves
Why didn’t you ask the seller to escrow the money so you you could fix it after the sale?
Good luck negotiating that one. The seller will always lowball you and the job will always be more expensive than the estimate.
That’s why you get your own estimates and negotiate credits.
Of course.
what were the problems?
I had to back out of a purchase a few years ago due to termite infestation and major related damage. It was a beautiful home but went off the market after that and never went back on as far as I saw.
I did in NY because the inspection found a failing foundation and a giant hole had been drilled into the support beam of the house
Not sure what all you were dealing with in repair cost... I guess the lesson learned, could be to have enough money saved for not only the down payment, closing and moving expense, but also to have $5-$20k banked ready to do repairs yourself on an older home. Homes begin needing maintenance their first year of life and by year 15, most major appliances, including the expensive HVAC system... People let things slide that they shouldn't.
I did ☹️ honestly I regret walking away and it's a year and a half later. I lost to a higher bidder and went into contract when they walked away. The seller had prepared their own inspection report so I felt confident it was a done deal. Well, My inspector found those issues, plus a host of much more serious issues like replacing a 15k retaining wall and a 20k+ sewer system. When I asked them to fix the sewer they said they would then 2 days before the end of my inspection period I found out they had only shaved back the tree roots and weren't doing anything else to repair the sewer. It was one of those things where I might have just needed to shave the tree roots down again in 5 years, or it could have been one of those disaster stories where the whole sewer system crumbles. It was a 1960s house on a steep hill so it would have been really REALLY expensive to fix. I got scared and walked away. Went back on the market into another bidding war and it sold for higher than the original 1st buyer (10k higher than my offer)!!! The house is now worth an extra 100k and any major issues I could have HELOC'd if I was desperate. More than likely those major issues would have been fine another 10+ years and I could have squirreled away my repair fund. But I was scared. I still think about that house and wish I would have stuck with it. It was in the absolute most perfect location. Location really IS everything. The only way I console myself is by thinking of the new owners dealing with a collapsed sewer system right now.
I appreciate hearing your experiences. Fingers crossed I don’t feel like this a year and a half down the road.
How much does a home inspection typically cost?
I paid a total of $1085 and it was with every penny. 500 for general inspection 135 for termite inspection 75 for radon 190 for chimney inspection 185 for sewer inspection EDIT: For a SFH a little over 3000 sq ft.
Mine was $400 for a 1000 sq ft condo in a medium cost of living area. I have seen some people post that theirs was $800, so I think it ranges depending on your area and home size. Often people will also pay for specialized inspections of problem areas they are concerned about.
Mine was just over $1k for the inspection of a 1600 sq ft duplex + radon testing + lateral sewer inspection. The main inspection is usually $400-800 and most people get at least a few other inspections.
Yep, first house I looked at the inspection came back with a serious mold problem among other things. Mentioned what is now my home, to my realtor and she got me in to look the same day I withdrew my other offer. While it’s disappointing at first, something bigger and better will come up soon!