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Our offer was accepted on our new house


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syl·van
ˈsilvən/
adjective
literary
 
  1. consisting of or associated with woods; wooded.
    "trees and contours all add to a sylvan setting"
    • pleasantly rural or pastoral.
      "vistas of sylvan charm"
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Just now, Airehead said:

Lovely, you will quickly fill a 4 bedroom house and then need a four car garage.  Trust me on this.

We have been really stressing less is more.  My wife's got so much shit in this place that I'm insisting that as part of the deal of moving, we get rid of a bunch of stuff we don't need/use.

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I have to say that it does look very nice and with four bedrooms you can have one as your bike workshop.

I'm now at the stage where I feel I need less room and should be ridding myself of my many possessions. This being a necessary step before shaving my head, donning an orange robe and toting my begging bowl around the neighbourhood.

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Now is the time to kill them on the repair list. Have a good home inspector take a look. Esp the major systems. HVAC ,roof, windows. Do not settle for a home warranty. They are crap. Get it fixed before you move in

The house we just sold had a 22 year old roof and furnace. Their HI did not call either one. Neither did their Realtor. They only asked for a 5 year warranty on the roof. Cost us $700 IIRC. We paid that as fast as we could because a new roof = $15-20k

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Our inspection is today in an hour actually.  

 

So your feeling is have the current owner fix stuff before buying or get the discount and fix it yourself?  I'd rather do the latter I think because then i know that the cheapest materials were not used to fix the problem -- plus I know for a fact the job was done right.  But I'm not set in stone on this.

 

What do others think?

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2 minutes ago, dotman17 said:

What do others think?

Home inspections are useless and a mortgage formality.  I'd walk around with the "inspector" and aks them to document things you want fixed.  Our house had several glaring things we found after we were there for a few months.  I wasn't there for the inspection.  The basement was loaded with mold.  I gut the basement and sprayed the walls, ceiling and floor with bleach - nearly killed me.  The chimney was crumbling at the top.  The roof needed to be repaired.  The electrical system was from a thousand years ago.  All pretty major, all should have come up, none did.

The problem with getting a discount at closing is, let's say it needs a 15k roof.  They agree to drop the price by 15k, your mortgage is only a few bucks a month lower and you need to cough up 15k.  I understand the sentiment that they will hire the cheapest person to use crappy materials, but I'd make sure the agreement is you get to inspect the work after it's been complete.

Just me.

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5 minutes ago, dotman17 said:

Our inspection is today in an hour actually.  

 

So your feeling is have the current owner fix stuff before buying or get the discount and fix it yourself?  I'd rather do the latter I think because then i know that the cheapest materials were not used to fix the problem -- plus I know for a fact the job was done right.  But I'm not set in stone on this.

 

What do others think?

I think TLC has misinformed people.  There is no obligation to fix discrepancies nor to make post offer price adjustments.  It is for the buyers piece of mind only.  If you can negotiate, then I agree with your thoughts.  Do it yourself. 

I have told buyers to pound sand in past and will do it again. 

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1 hour ago, dotman17 said:

fix it yourself

This, for the reasons you mention.

 

1 hour ago, Square Wheels said:

I'd walk around with the "inspector" and aks them to document things you want fixed.

SW is right on, this is the best way to do it.  Ask about anything that doesn't look right and have it explained to you.  It may indeed be ok, but here's your chance to have an 'expert' share his knowledge and hopefully put your mind at ease so you don't keep wondering.

 

1 hour ago, Wilbur said:

 There is no obligation to fix discrepancies nor to make post offer price adjustments.

Wilbur is right, too.  I've mentioned on this Forum how sellers and I were $1,000 apart on a house and I walked.  I've sold houses where I've told buyers I would only fix certain things and others I would not.

Keep in mind, though, whatever deficiencies you find do affect the value of the house.  They may not affect the value from the seller's perspective, but you don't care about that.  SW is right that whatever you get taken off the price may only be a few bucks per month, but on the other hand you don't want to pay too much for a house you end up having to sink money into.

The key - and this is difficult - is not to get emotionally tied up in the house but to instead objectively evaluate whether the house is truly worth what you're paying even with all of the 'warts'.

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1 hour ago, Wilbur said:

I think TLC has misinformed people.  There is no obligation to fix discrepancies nor to make post offer price adjustments.  It is for the buyers piece of mind only.  If you can negotiate, then I agree with your thoughts.  Do it yourself. 

I have told buyers to pound sand in past and will do it again. 

exactly. Somehow the millenials particularly have gotten the idea that they can make all these demands at closing.

when I sell my place, and I may just will the property to someone in the family, but it will be "as is" period. If you don't want it, don't buy it. Good luck finding a place with your own private lake, pal :D

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1 hour ago, Square Wheels said:

Home inspections are useless and a mortgage formality.

Not true in Michigan anymore.  A few years ago they passed a requirement that a licensed inspector has to have a current builders license and further, that things that are discovered after the fact that should have been discovered but not declared are the responsibility of the inspector.  When we had our current home inspected before purchase I went around with the guy.  He had a three ring binder filled with a series of multi part forms - much more detailed than any home inspection I had been involved in before.  I was pretty satisfied that he checked just about everything short of what the county health department was responsible for.  He kept a copy of the all the forms, sent a copy to my realtor and gave me a copy in the binder.

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6 hours ago, Kzoo said:

He had a three ring binder filled with a series of multi part forms

When I used to do home inspections, my check list was 45 pages.

In some ways it's amusing to listen to a buyer, their agent, and their inspector try to tell me what's wrong with a house I'm selling, especially when they go off on the electrical code violations, and how much the 'violations' will cost to fix. 

Mrs. TK and I hired an inspector to look at the house we recently purchased.  I'll go along on the inspections for houses of friends and family. It's a mystery to me how these inspectors figure out in the first 15 minutes of the inspection that I'm an engineer.  :whistle:

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Ok, so I don't have the official report but these are the things (big ticket items) we know are wrong with the house:  

  1. Electric furnace is near it's end of life (EOL) with 21 years and inspections say they are good for 20-25 years (average cost is about $4000)
  2. External air condition unit is broken (average cost is about $2500)
  3. Roof needs to be reshingled (est. $2000+)
  4. Hot water tank is EOL and needs replacement along with some code work (est cost $1500 - $2000)
  5. Some aluminum wires in electrical box (Est $300??)

We should get the official report tomorrow.  Real estate agent seems comfortable that seller knows there are issues and is recommending we go in for a $10,000 discount.  Since we offered full price, we are in a much stronger position to negotiate down. Just so you know, I did the math and a $10,000 discount would effectively save us about $68 dollars a month on the monthly mortgage payment.

Either way, I'll talk it over more in length with my wife but we want the house.  It's just a matter of making the numbers work.

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1 hour ago, dotman17 said:

Roof needs to be reshingled (est. $2000+)

For an average size home around here, a new roof is more like 8,000 to 10,000 depending on what needs to be done and the type of shingles.  $2000 seems really low.  I would call a roofer and get an actual estimate.

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Roof reshingled $2000  is that repair a few tabs? Cause $2000 ain't going far. As RR says that sounds like a Realtor number so the deal doesn't go south. $2k is an unlicensed hack where you supply the shingles from the big box

Al wires???? Not sure about that. TK is a better source but my FIL just replaced his panel that had Al. closer to $5k

Good luck

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2 hours ago, Scrapr said:

Roof reshingled $2000  is that repair a few tabs? Cause $2000 ain't going far. As RR says that sounds like a Realtor number so the deal doesn't go south. $2k is an unlicensed hack where you supply the shingles from the big box

Al wires???? Not sure about that. TK is a better source but my FIL just replaced his panel that had Al. closer to $5k

Good luck

The roof is approaching EOL.  It's not the full meal deal.  I don't know.  I was at 75% of the inspection before I had to go to work -- naturally they found it when I was gone.  I'll wait for the report.

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8 hours ago, dotman17 said:

Some aluminum wires in electrical box (Est $300??)

Aluminum wires in the electrical box are ok if those aluminum wires are the service conductors (attached to the main breaker, coming from the utility) or are larger conductors such as those that would supply the electrical furnace, dryer, or stove.

Aluminum wires running to outlets in the house can be a fire hazard, but they don't have to be.  Just recognize the material you're working with.  Aluminum wire is limited in the current it can carry; often unknowing people push it past its current rating.  Aluminum wiring requires special techniques to connect it to outlets, switches, and copper wiring.  Any terminals or connectors must carry a stamp or label of AL/CU.  A non-oxidizing compound must be used to make up the wiring connections between copper and aluminum wiring to prevent oxidation and corrosion. Aluminum wiring, particularly of the era your is, is also more apt to metal fatigue - it's not a flexible as copper and must be treated accordingly to avoid breakage. There's more to it, but this gives you the idea that it can be managed.

Note though, that many insurance companies will not issue policies for houses with aluminum wiring, or will charge a premium.  Some insurance companies require a visit by their own inspector or a copy of the inspection report before they will issue the policy.  It might be worth checking to see if this condition will raise your premium.

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9 hours ago, dotman17 said:

 

  1. Electric furnace is near it's end of life (EOL) with 21 years and inspections say they are good for 20-25 years (average cost is about $4000)
  2. External air condition unit is broken (average cost is about $2500)
  3. Roof needs to be reshingled (est. $2000+)
  4. Hot water tank is EOL and needs replacement along with some code work (est cost $1500 - $2000)
  5. Some aluminum wires in electrical box (Est $300??)

 

Here is Wilbur's unsolicited opinion and what I would expect.

1. Is the furnace in working order and has it been serviced recently?  If so, the age is irrelevant to the value of the home.   Compensation to you - $0

2. I would ask this be repaired if possible.  If not, I would ask they replace the unit.

3. I am betting you are in the $4500- $5000 range for a re-shingle with removal of the old stuff, a waterproof membrane and new vents.  Try to split the cost 50/50 with the vendor but expect a push back.  

4. Wear and tear is normal and you should anticipate picking up the tab.  Code work?  The vendor should be expected to pay to bring the existing instal to code. 

5. See TK's comments.  My experience in Canada is pretty much the same as his comments except insurance.  I have never had trouble with insurance companies provided an electrical contractor is used for modifications. 

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22 hours ago, Square Wheels said:

Home inspections are useless and a mortgage formality.  I'd walk around with the "inspector" and aks them to document things you want fixed.  Our house had several glaring things we found after we were there for a few months.  I wasn't there for the inspection.  The basement was loaded with mold.  I gut the basement and sprayed the walls, ceiling and floor with bleach - nearly killed me.  The chimney was crumbling at the top.  The roof needed to be repaired.  The electrical system was from a thousand years ago.  All pretty major, all should have come up, none did.

The problem with getting a discount at closing is, let's say it needs a 15k roof.  They agree to drop the price by 15k, your mortgage is only a few bucks a month lower and you need to cough up 15k.  I understand the sentiment that they will hire the cheapest person to use crappy materials, but I'd make sure the agreement is you get to inspect the work after it's been complete.

Just me.

The electric light bulb was invented in 1879.

I am struggling to believe that you are 100% truthful about your electric system being from 1,000 years ago. 

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As an interesting note, they are selling brand new houses down the road from this place for nearly $10,000 less.  Neither my wife and I like them as much because they look something out of Edward Scissorhands and we think the new material being used in building them are cheap.  Plus we really like the location of this house much better.  Still, the fact remains that we could be moving into one of these other places that is 100% move in ready.   

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1 hour ago, Parr8hed said:

The electric light bulb was invented in 1879.

I am struggling to believe that you are 100% truthful about your electric system being from 1,000 years ago. 

Square Wheels has kerosene powered light bulbs.  His house is wired for propane/kerosene/natural gas.

Image result for lightbulb with flame

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Another side note is the house is recessed from the street level and consequently the driveway has a slope to it.  The apex of the grade used to keep the water from rolling off the street actually comes in contact with the bottom frame of our car as we enter the driveway from the street.  Because we have one of those stupid newer models that are to aerodynamic for their own good, our clearance sucks.  Consequently, we'd have to get this fixed as well.  This clearly is all our problem but I'm just saying that if we want to use the garage (and who wouldn't?), then we have to fix the driveway issue too.  i suspect it isn't a big deal cost wise but nonetheless it is something we have to deal with.  Either that or use our garage as large bike container and park the car along the street.

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