So, after having our builder and a mason out, we have much more information about what this house needs to be restored. We are torn about what to do about this house. There is the worry that the right thing to do would be to walk away from this money pit, but we've both fallen for the neighborhood. On Sunday we dropped back by the house and visited with the neighbors and they're really nice.
The foundation isn't as bad as we feared, according to our builder. We should be able to reinforce the weak area and it should last a while longer. Though, the roof is much worse than we realized. The installation was so shoddy that we're actually going to have to remove it and install a new roof.Anyway, we're planning to go back to the sellers and ask them to cut the price another $15K. In our estimate (actually our builder's ballpark estimate), it needs about $60K worth of structural work to fix the pest damage, weak foundation wall, crumbling masonry, and replace the roof. We think it only fair they should defray at least a portion of that expense. If they refuse, we'll just have to walk away—again! But we really don't want to.
Only asking $20K is a very generous offer. As long as the homeowners realize how much you're willing to take on, they better jump at that chance. Good luck!
ReplyDeleteAfter a long discussion with our realtor, we decided to ask for $15K, instead of $20K. We want the house, but if they won't come down 15K, we'll walk away.
ReplyDelete