Home Buying getting me stressed

[prs]

So sorry this happened. If I remember correctly the house was priced higher than the market to begin with. You liked it because it looked good from the outside, and you assumed it would be equally as good on the inside. The seller should definitely be responsible for 100% of the repairs, but what happens when the repairs don't get done properly?

The repair list looks like a disaster waiting to happen. I agree with the others, you should get out of this deal while you still can, run, run far away!

 

[distracts]

I never trust the seller to do the repairs - I would always want the cost knocked off the price of the house. More work for me and probably more expensive, but I can make sure they are done properly.

 

[KKJohnson]

We are putting in the termination letter tomorrow, I spoke to my husband again about it and we received a call from the owner of one of the electrical companies...he told us to run away from the house and that it would most likely take 10-15k on the electrical alone.

 

[Starfacet]

I am so ready to walk away from this house, the estimated repair cost on the electric alone are 6k+ just based off the inspection report so I am guessing closer to 10k once a contractor starts but what makes me what to walk away is the selling agent. This lovely individual just so happens to be the owner of the property (which he didn't disclose nor has admitted to after a point blank question), I am wondering if he can be fined for this. Also this person isn't willing to adjust the price and said they would get back to us after the weekend about what repairs they are willing to fix, our contingency option ends tomorrow so we asked for an extension. He wanted another $100 to extend, I said no and that we will be sending a termination letter at 5 to which he then agreed to extend for $1.00.

The inspection report was 50 pages long, basically the house needs to be completely rewired and needs a new electrical panel. The duct work needs to be fixed as it is a mess, plumbing needs to be addressed (a/c condensation line is tied into the sewage vent along with low unexplained water pressure), mold in the kitchen but not terrible, outside there are some live wires exposed that need to be capped, windows need to be replaced (broken seals, nonfuncting locks, nailed or rusted close), bathroom tubs need to be replaced as the are repaired improperly, siding needs areas addressed, and my personal favorite 2 roof trusses are cut in half so the roof isn't supported property. The foundation and roof are ok.

OMG

 

[lyra]

Good idea to walk away. Always be prepared to do that on the big ticket items. I've walked away from cars too if the agent bugged me enough. But with a house, it's just too important not to get it right and this deal sounds fishy.

 

[distracts]

We are putting in the termination letter tomorrow, I spoke to my husband again about it and we received a call from the owner of one of the electrical companies...he told us to run away from the house and that it would most likely take 10-15k on the electrical alone.

 

[Rfisher]

We are putting in the termination letter tomorrow, I spoke to my husband again about it and we received a call from the owner of one of the electrical companies...he told us to run away from the house and that it would most likely take 10-15k on the electrical alone.

you now absolutely know the realtor /owner knows of existing issues that they are not properly disclosing.

 

[Arcadian]

The first house we bought basically needed everything fixed based on the inspection. The seller was willing to sell, and took the price of the fixes off the house (thankfully the guy that did the inspection also is a contractor...and a scientist...lol long story on that one!) anyway we paid 50K less based on what we were told the fixes would cost , and that money went back into the house.

If you do go with this house don't allow them to do the repairs, they already proved they can't be trusted.

Basically though if you go with this house, you would need to take it down to the studs and replace everything. That might not be worth it. If the area is transitional, maybe. But a straight bad area? No, don't do it.

 

[KKJohnson]

The first house we bought basically needed everything fixed based on the inspection. The seller was willing to sell, and took the price of the fixes off the house (thankfully the guy that did the inspection also is a contractor...and a scientist...lol long story on that one!) anyway we paid 50K less based on what we were told the fixes would cost , and that money went back into the house.

If you do go with this house don't allow them to do the repairs, they already proved they can't be trusted.

Basically though if you go with this house, you would need to take it down to the studs and replace everything. That might not be worth it. If the area is transitional, maybe. But a straight bad area? No, don't do it.

They refused our counter off based off the inspection, we offered same terms with us paying title and 2 week close. They said the recommended repairs would be considered but there was no way they would do anything properly. That is why I convinced my husband the best option was to walk away.

 

[Arcadian]

They refused our counter off based off the inspection, we offered same terms with us paying title and 2 week close. They said the recommended repairs would be considered but there was no way they would do anything properly. That is why I convinced my husband the best option was to walk away.

Good for you. they're stupid for refusing the cash. Any agent worth their salt will insist on an inspection so that house will probably sit there.

 

[asscherisme]

I would RUN. I bought my home last year, and looked at so many homes before deciding, it was hard to keep them all straight. I had an amazing agent who loved to talk and had no filter. I saw a few flips and each one, with my untrained eye I could see they looked pretty and shiny, but you could see workmanship issues big time. I would not feel comfortable living in, or putting my family in a home with so many issues, especially electrical and mold issues. You have uncovered huge issues and unethical behavior. Run. You are a cash buyer, the power is in your hands. I lost 2 bids to cash buyers. Sellers love cash buyers.

Even in the best of circumstances, it is normal to find expensive surprises when you move in. I had a great inspection report, but have had about $8,000 of unplanned repairs in the past year. But I had $10,000 set aside for that. And that was with a good inspection report!

I say RUN and look elsewhere.

You are being so amazingly kind and generous to want to get your family a home, but this one does not appear to be a good fit.

 

[distracts]

I know flipped houses seem easier but I would be more comfortable with a house that visibly needed work than with one that has been redone but might need to be ripped up again - because then you're paying for work that you aren't going to get to use.

 

[KKJohnson]

In our price point it’s difficult to find a home that doesn’t have problems, we are looking at 130k but it has to be close to public transportation/shopping since neither can drive. This is difficult to find something within a 5 minute walk of just transport, all the homes that are on the market are either full gut jobs still priced between 50-80k or a cheap flip.

We put in another offer on a home that needs foundation work but it’s north Texas so most homes need foundation work of some sort, so now we are going to have a structural engineer and inspector come out if they accept. If the home needs 10k worth of foundation work that is absolutely fine with us as we have budgeted extra funds for any repairs, then we can get my little brother out to install a irrigation system and drip line to help minimize the clay soil from shifting. This home was built in 2006 so I’m hopeful that there won’t be nearly as much electrical or plumbing issues. This one appears to be the original owners selling so it’s not a flip, that gives me hope that the problems haven’t been covered up.

But it could all be wishful thinking

 

[mrs-b]

@KKJohnson -

Following along on this process with you. Fingers crossed for this next house - keep updating, pls. Glad the last one fell through - really didn't sound like a good deal at all in the end. Wishing you and your mom better luck this time around.

 

[KKJohnson]

@KKJohnson -

Following along on this process with you. Fingers crossed for this next house - keep updating, pls. Glad the last one fell through - really didn't sound like a good deal at all in the end. Wishing you and your mom better luck this time around.

Apparently we were outbid on this last house, oh well I am already looking at another. I am so over it already but I know this could take months and months to get the right house in the right area for the right price

 

[missy]

Apparently we were outbid on this last house, oh well I am already looking at another. I am so over it already but I know this could take months and months to get the right house in the right area for the right price

Sorry @KKJohnson, I don't know if this is helpful but when stuff like this happens I tell myself it wasn't meant to be and that there is a better home out there for your family. Hoping that more perfect home finds you (or rather that you find it) and that soon this is all a distant memory and your family is happy and safe in their new home before you know it.

 

[meely]

Have been following this thread with interest, think it may be no bad thing that house no. 1 fell through - I wasn’t getting good vibes from what you were saying. It’s great that you and your husband are in the position to help out your Mom and sister. It may take a while but something that works will come up. Hope you are not getting too stressed out with it all.

 

[KKJohnson]

I love doing this kind of thing, the searching can be fun even if it is frustrating. My husband knows that I need big projects to help keep my mind focused and this give me that lol

All this searching has helped me narrow down to 2 areas of Dallas, one is closer to me and the other is off a dart rail system along with being very close to downtown. I am hoping to find something of the dart rail as that area is a bit nicer and has some development going on. Today I am going to look at another house that appears to be the nicest we have yet to look at but it has had 2 previous contracts either back out or fall through so I am a tad leery over what could possibly be wrong with it. *fingers crossed*

 

[partgypsy]

Good luck. It might take a while to find but it is a good thing that you are doing for your family. I wanted to do something similar for my Mom, sister, but they are too stubborn/proud.

 

[prs]

I love doing this kind of thing, the searching can be fun even if it is frustrating. My husband knows that I need big projects to help keep my mind focused and this give me that lol

All this searching has helped me narrow down to 2 areas of Dallas, one is closer to me and the other is off a dart rail system along with being very close to downtown. I am hoping to find something of the dart rail as that area is a bit nicer and has some development going on. Today I am going to look at another house that appears to be the nicest we have yet to look at but it has had 2 previous contracts either back out or fall through so I am a tad leery over what could possibly be wrong with it. *fingers crossed*

I believe in California the seller has to disclose any known serious issues with the house to the buyer. Presumably this would also apply to any issues that came up during a previous contract inspection and caused the buyer to walk away.

This may not be a requirement in Texas, but it might be a good idea to ask for a copy of the inspections for the two previous contracts that fell through.

 

[KKJohnson]

I believe in California the seller has to disclose any known serious issues with the house to the buyer. Presumably this would also apply to any issues that came up during a previous contract inspection and caused the buyer to walk away.

This may not be a requirement in Texas, but it might be a good idea to ask for a copy of the inspections for the two previous contracts that fell through.

It is also required but not all agents will do it, we just send an offer in on this new house and the agent said they are the 2nd ones on the listing and had only 1 contract through them-that contract didn't do an inspection (or it wasn't offered to them, the buyer has the option to not send it). This house is pier and beam with some foundation issues but nearly as bad as the second house we offered on, the a/c is new, electrical box is brand new, bathrooms, and kitchen (teeny tiny) have been redone. Hoping the inspection doesn't show much wrong and they accept our offer, after 205 days on the market I would imagine they are happy to offload with a cash offer.

 

[KKJohnson]

Good luck. It might take a while to find but it is a good thing that you are doing for your family. I wanted to do something similar for my Mom, sister, but they are too stubborn/proud.

My sister was saying how its too much but I asked her if they could afford another option and she admitted they could not. They will have to move after this lease is up, they cant afford to pay more and they are paying $1295 now. Rent in Dallas is $1200-1500 and she is a felon so they can't go get a cheap apartment, they won't accept her record. Thankfully my mother is ecstatic over the prospect of moving into a house that she doesn't have to move from again.

 

[Tekate]

KK! run don't walk. My besties son bought a house with all the problems you are saying below and the seller wouldn't do anything, this was in Oakland CA, near a bad neighborhood. My bestie's husband is an EE and together he and his son fixed a lot of problems, and the son paid for the rest to be done, 4 years later he doubled his money, but it still was on the fringes of gun shooting etc (the son is now in Dallas). Sorry this headache is going on for you.

I am so ready to walk away from this house, the estimated repair cost on the electric alone are 6k+ just based off the inspection report so I am guessing closer to 10k once a contractor starts but what makes me what to walk away is the selling agent. This lovely individual just so happens to be the owner of the property (which he didn't disclose nor has admitted to after a point blank question), I am wondering if he can be fined for this. Also this person isn't willing to adjust the price and said they would get back to us after the weekend about what repairs they are willing to fix, our contingency option ends tomorrow so we asked for an extension. He wanted another $100 to extend, I said no and that we will be sending a termination letter at 5 to which he then agreed to extend for $1.00.

The inspection report was 50 pages long, basically the house needs to be completely rewired and needs a new electrical panel. The duct work needs to be fixed as it is a mess, plumbing needs to be addressed (a/c condensation line is tied into the sewage vent along with low unexplained water pressure), mold in the kitchen but not terrible, outside there are some live wires exposed that need to be capped, windows need to be replaced (broken seals, nonfuncting locks, nailed or rusted close), bathroom tubs need to be replaced as the are repaired improperly, siding needs areas addressed, and my personal favorite 2 roof trusses are cut in half so the roof isn't supported property. The foundation and roof are ok.

 

[KKJohnson]

KK! run don't walk. My besties son bought a house with all the problems you are saying below and the seller wouldn't do anything, this was in Oakland CA, near a bad neighborhood. My bestie's husband is an EE and together he and his son fixed a lot of problems, and the son paid for the rest to be done, 4 years later he doubled his money, but it still was on the fringes of gun shooting etc (the son is now in Dallas). Sorry this headache is going on for you.

We terminated the contract this past saturday, after the seller said he wouldnt budge on the price and one contractor gave me the true estimated cost of electrical repair. It just wasn't worth it

 

[KKJohnson]

My sister and I went and looked at 5 houses today, we saw 2 really nice ones and 1 pretty decent one. We are hoping to put in an offer on the decent home once the seller provides the disclosure and advises when they will be done with the rehab. I’m hoping that we get this one as I loved the layout and it seems like the area is getting a lot of new builds

 

[Starfacet]

My sister and I went and looked at 5 houses today, we saw 2 really nice ones and 1 pretty decent one. We are hoping to put in an offer on the decent home once the seller provides the disclosure and advises when they will be done with the rehab. I’m hoping that we get this one as I loved the layout and it seems like the area is getting a lot of new builds

That's cute!!

 

[partgypsy]

Good luck!

 

[Lisa Loves Shiny]

Good luck. IMHO you made the right decision. There is a house on our street that was flipped. Buyer bought at full cost. I personally know that house is a nightmare. Great cosmetic work but I do not know how the buyers didn't run after the inspection report- unless the inspector (who coincidentally works with the seller) didn't do a very good job. I watched the seller add an upstairs addition to the house and watched the back end of the house sink a few inches. I can see where the roof over the new porch is separating under the shingles, I know the furnace is over 30 years old and I could go on and on.......

 

[KKJohnson]

Good luck. IMHO you made the right decision. There is a house on our street that was flipped. Buyer bought at full cost. I personally know that house is a nightmare. Great cosmetic work but I do not know how the buyers didn't run after the inspection report- unless the inspector (who coincidentally works with the seller) didn't do a very good job. I watched the seller add an upstairs addition to the house and watched the back end of the house sink a few inches. I can see where the roof over the new porch is separating under the shingles, I know the furnace is over 30 years old and I could go on and on.......

I will never understand how people are willing to use services from people the seller knows, a coworker and my little brother did this when he bought a newly built home. We found out they didn’t receive the inspection report or appraisal, they also used the seller for financing...I wanted to strangle him

 

[Lisa Loves Shiny]

I will never understand how people are willing to use services from people the seller knows, a coworker and my little brother did this when he bought a newly built home. We found out they didn’t receive the inspection report or appraisal, they also used the seller for financing...I wanted to strangle him

I hate to say it but some people are very gullible. The new owners of the flip didn't do any research. For example, the real estate listing shows the seller bought the house at 50k more than he did. A simple online check at the county auditor's site would have revealed that first lie. Second lie was listing the foundation as a slab. The house is built on a 12" crawlspace. I actually attended the open house and told the real estate agent the discrepancies in the listing. He said "Well the seller told me" and did not correct the listing at all.

The seller then put some weird textured vinyl siding around the foundation, covering the crawl space vents. No way is that healthy. The house used to have mold issues and I am sure due to the crawlspace and no roof venting it will have it again.

The seller is active in church and sold it to a parishioner. Very devious IMHO.