Inspection is today!

[JeepMom]

We are meeting the home inspector at 1:30 this afternoon. He will be getting there are 11:30, to do his thing. Then when we get there he will walk through with us and our realtor. Then we can ask the people to fix the problems or deal with them ourselves.

Wish us luck!

[lrprn]

Hope everything goes well with the inspection today, Jeep Mom - my fingers are crossed for you! Let us know how it goes.

[Tedderbear]

JeepMom

How did everything go yesterday???

[SinkingFast]

Living in suspense here, JeepMom!!

Hope everything went well yesterday!!

[JeepMom]

Ehhhh, not so good. We have some (major) issues to deal with. The thing is we can pump the money into the hosue ourselves and get it back when we sell it or ditch this house and find one that already has it done. For the sake of making things harder I think we are still going to buy the house.

We need the home owners to do a few things before we will continue on though.

[SinkingFast]

How major is major, if you don't mind my asking JM??!!

[JeepMom]

New roof, old one is the original + 4 layers. We knew the roof was bad, just not that bad.

[newstart]

Gosh, Jeep mom sorry to hear about the roof, are you still going to go ahead with the purchase? I hate major repairs, are they willing to fix it, go half or put it in escrow? that could be placed in the purchase agreement you know.

[JeepMom]

Yea, if we sell my play jeep that will give us $3,500, we should be able to squeeze about $6,000 out of our budget in the next year. Next summer can deal with the roof. Then have the house reappriased at a higher value and refinance the loan at a higher amount with a lower payment. We can then take that money and replace the furnace and AC(that work but are old and energy hogs).

The kitchen will have to wait 3-4 years to get it updated.

We need the homeowners to replace the sump pump, clean and service the furnace and AC, and get an electrician in to fix some circut breaker issues.

[MTG_BANKER_OH]

I would try and negotiate the roof issue with them they know it has 4 layers and that is alot of weight on the roof especially in the winter with snow if you are in an area with snow.

[SinkingFast]

Actually, I'm kinda surprised your Lender would go forward with lending on a house that has 4 roofs on it.

I remember when we bought our last house, the Realtor said most Conventional financing only allowed for 2 roofs on a house. More than that would require a roof job to get the house marketable.

Personally, and I know it's a gorgeous house and all,........... I'd get a roof repair estimate before going thru with the purchase. There may be hidden damage you need to know about.

That much weight can cause the walls to move out at the top. There may be moisture damage in the sheating. This may not be a simple rip the old roofs off and put new felt paper and shingles on repair.

[AfterBkMortgage]

Better to know now!

It's tough when the home inspection comes back with a major problem on the house you want, but it's a good thing we have them because it protects you!

Some great points were made from other posts and need to be considered:

1) Has the appraisal been done and submitted to the lender for underwriting? There is a high probability that the multiple-layer roof in the appraisal will throw up a red flag in underwriting and they will not let the loan fund until the solution gets fixed.

2) You should only pay for the roof to be fixed out of your pocket, if: (a) You are getting a great deal on the property and it makes financial sense to invest your money. There are other homes out there that are ready to move in, without major expenses. (b) This is your dream house! You love it, your family loves it, and its what you always wanted. It's never a bad to invest money into something you love!

It's more of a buyers market now, in many states in the country. You have more leverage. Besides, he is going to have to fix it anyway! You have the ability to back out of the contract at this point due to Home Inspection issues. That gives you a lot of power in this transaction.