Last week I looked at a home that was on the market for 1 day and that had an open house the next day. I felt like I really enjoyed the house for the 20 minutes I looked at it. I decided I am sick of house hunting, plus I have another 2 weeks before I need to go under contract to move out on time before lease ends. So I put an offer down right then and there, at asking price, with 2% escrow. I found out the place was bought for $31k and I am buying it now for $155k! It's $154/sq ft, and the average in the area is $105/sq ft. It's 1,000 sq ft total, no basement. Just crawl space.
My offer was accepted. I am now under contract. I went to go to the inspection the other day and I really got to spend some time with the house. I decided to open the freezer door on the new fridge. Well, IT DOES NOT OPEN ALL THE WAY. It's so crammed into it's spot with no room, it damages the wall next to it and won't open.
A few of the windows REFUSE to lock.
The front lawn is fully fenced in, the only way to onto the property is an automatic gate. Guess what, I found out IT DOESN'T WORK!
Evidence of past water in crawl space.
Damaged metal chimney cape has a hole for water to get into, needs repaired/replaced.
The disconnected drainage pipe at the front right corner should be repaired or replaced to ensure proper drainage of storm waters away from the home.
Downspouts around the home should discharge water at least five (5) feet from the house. Storm water should be encouraged to flow away from the building at the point of discharge.
It is recommended that the damaged siding around the house be repaired or replaced as needed.(Squirrels can get into this and cause damage)
All exterior wall penetrations should be sealed to prevent moisture penetration.
The soffit at the rear of the home is loose. It should be adjusted and re-secured to ensure no gaps are present.
The damaged garage door frame should be repaired or replaced as desired.
Any damaged or missing window and door screens should be repaired or replaced as desired. (Some screens have holes, some windows don't lock.)
Proper fire separation between the garage and house proper is recommended. All walls which abut the home and the ceiling at the garage should be covered with at least 5/8" drywall and all seams should be covered with at least one layer of drywall tape and joint compound.
Typical hairline concrete cracks in garage floor. These are not a structural concern.
The driveway is in a deteriorated state. Resurfacing will eventually be needed to correct this condition.
The front walkway has settled and/or heaved and presents a trip hazard. This condition should be altered for improved safety.
The automatic gate is inoperative and should be repaired in order to have access to the garage.
The installation of ground fault circuit interrupter (GFCI) outlets is recommended in the garage. A GFCI offers increased protection from shock or electrocution.
The furnace cabinet interior was noted to have dirt and debris inside, suggesting a lack of proper maintenance. Refer to a qualified HVAC contractor to be serviced. As is not uncommon for homes of this age and location, the furnace system is old. It may require a slightly higher level of maintenance, and may be more prone to component breakdown. Predicting the frequency or time frame for repairs on any mechanical device is virtually impossible.
All potential vermin entry points to the crawl space should have screens to reduce risk of pest activity or damage.
The expansion tank above the water heater should be better supported. (Water heater is also 12 years old.)
The toilet serving the hallway bathroom is loose and should be better secured to the floor.
The waste piping serving the crawlspace leaks. Each connection should be examined and repaired as needed.
Damage to the interior finish was observed in the left bedroom.
The doors serving the laundry room, hallway closet and bathroom should be trimmed or adjusted as necessary to work properly. (The door to the laundry room DOES NOT LOCK due to this.)
Also, I am waiting for the radon test results as well...
I am so stressed, I don't really want this house anymore. My realtor and I will make of list of things that I want fixed and to negotiate. But I don't want this house anymore or to lose $3,100.
BUYING HOUSES IS SO STRESSFUL LOL.
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Why did you send an offer after inspection if you knew all the issues it had?
His offer was accepted prior to inspection
Show the numbers and downgrade your offer or just back out of it.
First off, relax. If you're still in your inspection contingency period, you can walk away right now and keep your $3100 Leaking waste pipes, wet crawlspaces, and paying $49/sq ft over average are massive red flags! tell your realtor today that you want out!
Add those fixes as seller concessions, if they refuse then you can back out of the deal.
Can't you back out on inspection contingency? Also most of this sounds normal older home stuff. Especially for 155k. WHEN was it bought for 31k? If it was many years ago, that is irrelevant. If it was 6 months ago, potentially a flip.
Read your contract. Was your offer contingent on inspection?
You can easily back out just based upon that inspection. I would. Hell, I've backed out for less tbh.
You may not be ready for homeownership
It could have been a foreclosure and that's why it was so cheap previously. I don't think the inspection sounds too bad at all
TL DR; Talk to your realtor and your lawyer!
If you’re still in the option period then you can back out and keep your earnest money. We just did that a couple weeks ago. Lost money from the option fee, inspection, and plumbing-specific inspection to evaluate cast iron pipes. So we’re out like $1200 from all that, but we got the $4150 back from earnest money
Dude every single fucking house will have issues. Even brand new ones. Chill the fuck out, nobody is trying to scam you. Inspectors need to make money too so they’ll hand you a 35 page report of mostly bs and minor issues when there’s nothing else.
Thank you! Some of those items are a real reach. How many chimneys don't even have a cap? How many downspouts extend five feet? There may be some items to consider more closely, but OP is throwing everything out there as if it's all huge issues. Maybe it's just overwhelming, but buyers should be able to understand major vs minor issues (or non-issues.) I'm thinking OP just isn't ready for homeownership.
Are you not in the option period?
Wow. You need to talk to your realtor. Maybe they can help talk you off the ledge. Let me ask you this, if the inspection report came back spotless, would you still want the house? Because, I would love to have a report like that on a 155k house. 99% of that is just boilerplate text, copy and pasted into the report. Most of it can be fixed DIY style with a couple of YouTube videos and a few weekends. You can't focus on the 32k price that they paid. That was their price, 155k is your price. Down the road you will sell it for 250k and that will be someone else's price. It's common to feel this way during the process. It's okay to feel this way, but understand that it's all emotional. If there were serious problems with the report, you would recognize them. Get your realtor to help you pick the worst 2 or 3 items and go from there. I hope that helps. Good luck.
Take some time, sit down, look over everything and determine what are easy fixes and what's not. Have deal breakers, some things are expensive to fix; electrical? plumbing? foundation? infestation? roof? something structural? obviously consult an expert but when it's this early in the buying phase, you can walk away. Some hard lessons learned, have contingencies baked into the negotiations because at the end of the day, you should be holding the reigns and not the seller. Losing a few hundred dollars for an inspection versus losing other things like peace of mind, earnest money, etc etc may not be worth it to you. On the flip side also learn what your tolerances are, some things are very easy fixes, some are not. Learn from your inspector, read the report and use that knowledge in your next open house or tour, at the very least you can catch things that are obvious unless you have x-ray vision.
When was it bought for 31k? It sounds like you just jumped at the first house. You really need to take some time before you put in the offer. Use the home inspection to get out. Next time do not put an offer in the same day. Instead think on it overnight.
Walk and don’t listen to your realtor. They’re just gonna try to convince you that it’s no big deal. You should move forward so they can get their commission.
$105/sq ft average seems…incorrect. Even for a low cost of living area. I live in one of the lowest cost of living states and most houses that size are right around $150-200. Also the inspectors job is to find EVERYTHING. So their reports will often sound like every house is falling apart. Talk to your realtor about what things are actually a big deal.
Why do people post online in a panic when they know they can blackout during the inspection period? I would bet everything that OP’s agent has already explained that they are NOT required to accept repairs… Just cancel the sale, you’re still in your due diligence period… You lost the cost of the inspection, your earnest deposit is returned so relax…
When you are in love with your problems rather than possible solutions this post is the result.
Cancel under your inspection contingency. And if it’s expired better to lose the $3,100.
You are going to need to look at newer construction if this inspection is a deal breaker. Very typical of an older home.
You can flip this on the seller and ask for all major repairs. I doubt they would want to fix all, but if they do, you get a home that’s been repaired and all other cosmetic things are on you. Talk with your lawyer, make a list of non-negotiables and submit your demands. Or walk away now and get back to looking for another home.
There are people who watch dozens of hours of review videos before making a $100 purchase and then there’s OP who pulls likely the biggest purchase decision of their life without knowing how inspection/ contingencies work
I’ll echo something I’m seeing below. I think looking at the inspection is always going to make you feel bad. If they are doing their job they’ll find every possible problem with the house. Now some of those things you would for sure want fixed before you move in (or would be good reasons to bail). My wife and I bought a 100 year old home last year. It’s beautiful, we love it, and it needs work. It’s about finding what feels doable for you and fits your budget.
I mean, you are buying a used house. Its going to have things that need fixing. And the price someone else bought it for doesnt really matter. I can go back 20 years and say the first person to buy my house paid under 100k.
That's just typical inspection "We aren't actually cualified for antyhing so we'll point out some random stuff"... 95% of that is a just a trip to home depot and <5 minutes to actually fix.
It sounds like you may not be ready for home ownership
How long ago was it bought for so cheap? Decade or more? Irrelevant. In the last few years-then its a flip.