post inspection help needed!! please advise…first time home buyer

Credit and mortgage advice Forums Home Mortgage post inspection help needed!! please advise…first time home buyer

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      Anonymous
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      im sorry this is a long read!* i sincerely thank anybody who can respond….
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      original list price 219k.* we offered 200k.* we negotiated to 210k with them updating the electrical system (removing knob and tube wiriing) they accepted.* the property is an older colonial, plaster walls, older fixtures, but my fiance and i love it…def has charm!
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      after they signed the contract, we sent the contract to my attorney…my attorney had some suggestions and amended the contract and sent back to sellers (he didn like the way the contingencies were worded, didnt like “as-is” bla bla, he told me this wasnt in my best interest but this could help…i trust him)** after he sent the new contract back to sellers, they agreed and signed it.* the home inspection was yesterday.* il paraphrase what the inspector noted:
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      1.* house is electrically running likes its 1940.* half knob and tube* and half updated… (the sellers disclosed the knob and tube and agreed at the initial contract to update wiring assuming we decide to move forward with the property after the home inspection.)*
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      2.* water flow is somewhat retarded.* when you run the sink and flush the toilet and have shower on the flow is compromised.* inspector recommended replacing the galvanized steel water line into the house from the street.
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      3.* damp basement, water slightly seeping in after a small rain storm.* inspector recommends an outside drain system of sorts.* he followed up with a “when the basement is usually damp there usually mold in the attic….sure enough! see below
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      4.* mold in attic.* not much but enough to colonize and see with your eyes.* cleaning the mold can be done but the cause of the mold should be rectified (water in basement
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      5.* my personal favorite! compromised main sewer line.* all the plumbing in the house is pvc but the main line from the house to the street is 90 year old steel that runs under the front yard into the street.* there is a huge massive tree in the front yard and the seller disclosed that there are sometimes back-ups and the main gets snaked every 6-8 months.* im thinking “wow they stay on top of that issue, and it should always be clean”….the inspector brought up a good point and said that snaking a main drain every 6 months isnt always normal/good.* and considering the large tree’s roots out front, at some point the main will be compromised.* that snake job every 6 months just keeps banging the inside of those old pipes and the tree roots strangle the outside…at some point the pipe will have to be addressed.* that could mean digging up the yard and street to replace the pipe and a possible 10k project from permits to finish.*
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      7.* roof should last about another 4 years….
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      8.* at one point there was termite damage.* the problem has been addressed.* the inspector saw how the treated the problem by driling small holes in the cinderblock foundation and liquid treated the issue…
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      inspector wasnt trying to talk me out of the house, even thought the house was a great house, but def had some issues that should, if not, need to be addressed.* the sellers original contract wanted us to buy “as is”.* the sellers agent disclosed to my agent that the sellers were financially not in a position to make huge repairs.* they originally wanted us to sign a contract stating that if the property had repair work under $2500, after they replace and update the wiring, that we assumed the responsibility and couldnt back out of the deal.* my lawyer didnt like that and made changes accordingly. pretty much saying that we cant back out if the dishwasher was busted or a floor tile was damaged or a window wasnt shutting correct bla bla….all in all the inspector figured a rough idea of all the work that should be addressed before you even paint the walls might come in at the 30k range.* (replacing main sewer line, updating wiring, drain system surrounding the property, bleaching mold)
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      these issues are somewhat substantial…
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      here is my concern.* they can issue a credit of 30k at closing possibly but then again i would have to be the contractor.* i dont want to be a contractor.* my fiance and i dont have time to deal with plumbers and carpeters.* and what if the issues are over the credit amount?!
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      they can reduce the price of the house by 30k but i still dont like that idea anyway.* we are doing a 20% down conventional loan because we can safely do that and have a cushion, we also dont like the idea of paying PMI and FHA insurance.* so if i put down 20k on a 180 home, im out of pocket 36,000 plus closing cosst and still assume the responsibility of their issues and im gona pay the 30k??* so i would spend close to 70k when all is said and done?!
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      how would you navigate this?* im thinking having my lawyer ask the sellers what is the most they can repair?* can the update the wiring and the plumbing?* can they forget about the wiring but give us a new roof and drain system?* i dont think they have tens of thousands of dollars to repair the property…
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      o0o and what if they update everything we ask, then the financing falls through on our end?!* wow….my head is running circles….
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