Hey everyone, I'm currently under contract for a 1930s house in Knoxville, TN, and I've just received the inspection report. I could really use your honest opinions on what to make of it, especially since I'm already $5,000 over the market value. Here are the key issues that stood out:
1. Cloth wiring was found in the basement, and I'm uncertain about the upstairs wiring. This is concerning as it could mean a full rewire might be necessary.
2. Corrosion was discovered in the main electrical panel, suggesting possible water intrusion into the box.
3. The roof has raised shingles (especially over the porch) with an estimate around $1,000 for fixes, though I'm skeptical about that evaluation.
4. I've noted rot in the sill plate, damaged attic collar ties, and the bathroom vent exhausting into the attic.
5. The deck has undersized posts and an improperly installed girder, plus some loose fascia around the roofline.
6. Additional concerns include a lack of GFCIs in the kitchen, some ungrounded outlets, missing smoke/CO detectors, and several minor siding issues.
The inspector said it's "pretty good for a house of this age," and my realtor seems to agree. While it's not the worst case scenario, the combination of these issues makes me worried it could be a trap, especially considering I've already paid more than it's worth. I'm seeking your advice: Would you negotiate hard for repairs, walk away, or plan to tackle these issues gradually if you had cash to buy it outright? Also, what would be a realistic credit amount to request for the repairs? I want to be fair while also protecting my interests.
4 Answers
In my experience, it’s wise to get repair estimates and see if you can negotiate those costs off the sale price. Yes, electrical upgrades can be pricey, but they’re necessary for long-term safety and value. If the rot in the sill is manageable right now, keep an eye on it. But if it worsens, that can lead to bigger problems.
I think this house has potential, but you really want to factor in the cost of repairs into your offer. If you’re already over budget, you might consider walking unless you can negotiate a significant reduction. Each of those mentions could become expensive repairs, so I’d either push for credits to fix them or think hard about it.
I'd bet it’s mainly cloth wiring throughout. If you don’t find the upstairs wiring updated, that could be a big headache. The lack of GFCI outlets indicates outdated wiring too. The sill plate rot depends on the extent of damage, but it could be problematic. Definitely consider getting a second opinion on that. The deck's condition is also important—if it fails, it could lead to safety issues, so keep that on your radar!
Honestly, when they say "pretty good for a house this age," I feel like they might be downplaying the issues. You might be looking at a full rewire along with a new panel and some roof work. If you're up for the challenge, negotiate hard. Otherwise, it might be better to walk away as those expenses can really add up.