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Home inspection - concerns or no?
We put in an offer on a home the day it went on the market at full list. Great house, all udpated (it was built in 1982) so that was key since many homes are not when they are that old, great neigborhood, floor plan, location, etc.
There are many things to be looked at/addressed but only a few that are conerns to us.
1) very early signs of mold due to improper ventilation in the attic
2) 5 windows that need to be replaced or repaired (wood rot on all of the 5) that are in the four season sun room
3) Old furnace, prob needs to be replaced in the next few years (we have no problem saving up for that since it still works and was just serviced in May this year)
4) Many misc things too that are not major concerns (House was built in 1982)
Our realtor told us when we were discussing that the inspection results that there is a back up offer on the house (GREAT!) We offered seller what they listed it at. Its one of the higher priced homes in the neighborhood, but its larger in square feet and also updated with new hardwood, ceramic tile, newer roof, granite countertops, updated master spa like bath, new stainless appliances, so we felt it was worth offering what is was listed at. Many of the homes that sell for 20K less than ours are soo outdated and smaller in sq ft.
Should we be concerned about losing the house because of the backup offer? Sellers have to move out by Sept 7th and are moving out of the country so I know they are under a tight timeframe. I dont want to screw ourselves financially but I dont want to lose the house either (we feel it is perfect for us and we love the neighborhood and location).
We want contractors to inspect the mold situation, and see how bad the window rot is. Our main concern is that the mold is not toxic, can be removed and fixed with proper ventilation.
If anyone has gone though these issues with their own home buying experience please chime in! I hope it all works out. We cant afford to put a ton of money into the house the first couple of years, which is why we bought a house that was updated cosmetically.
Re: Home inspection - concerns or no?
We do have a savings account for things like furnaces and other home repairs etc. Also, we will have a 1 year warranty so if the furnace breaks in the first year, we will get it replaced under the warranty (crossing our fingers for this).
I'm not sure exactly what you are asking but I would ask the sellers to fix the ventilation an windows. The attic is a pretty easy/inexpensive fix most likely by adding vents in the roof and or soffits.
The windows will need to be replaced most likely. Are you concerned that asking for repairs will mean you lose the house to the backup offer? I doubt that the sellers would say no to these repairs and if they do say no, then you get to decide if it's a dealbreaker and you'll walk away or if you are fine and will still by the house. It doesn't automatically go to the backup.
I would not ask for a new furnace. It may be old but furnaces last forever. My H's parents just replaced their a/c that was from the 70's! If it works, I doubt the sellers will replace it for you.
Good luck!
We are not asking for a new furnace.
We want to ask sellers to fix/get rid of all mold in attic (and be certain its not toxic and spread to other parts of the house). I doubt it but mold scares me. We were told that its very common in attics if you live in a high humidity climate, and that the mold is in its very early stages, also that its an inexpensive fix (fans/new ventilation)
As far as the windows, if replacing all the windows is 5K (at this point I have no idea what the cost will be), we would like to go to the sellers and ask for some of that.
How would you fix the ventilation at the windows? I didnt know that was an option.
What type of loan are you doing? If you are doing FHA or VA they may require some of those things be fixed before they will fund the loan and then you wouldn't have to ask for them.
I only have experience with FHA because that is what our buyers are doing but I think they would require the windows to be fixed and the mold to removed and this would be outside of any repairs you might ask for. That might make it a little easier on you.
If you aren't using FHA or VA then I would have someone come give a quote for the mold (the homeowners should allow someone in to do this if your agent lets them know). It may be very little cost since it is in the early stages. Windows can be done yourself at a cost of a few hundred dollars each so maybe you could ask for money toward this. The furnace can also be inspected by a ac/heating company that can give you specifics.
You probably would not be present when an ac/heating person inspect the furnace or when someone comes to check on the mold but the homeowners will let them in and they will contact you with quotes.
We are doing a conventional loan.
The contractors are going in this week to do estimates on the Windows and Mold in Attic.
We plan to ask seller to remdiate all the existing mold and install a ventilation system. We will also ask seller for some $$ towards new windows. We shall see what they respond with!
Thanks!!