I recently had a home inspection that called for an engineer's opinion on the structural supports of a home and it had knob and tube wiring on top of insulation (yikes!) AND the roof had issues with the supports also. On top of this, the home appraised at the price we agreed upon. The sellers had no interest in doing the fixes and wanted to place the responsibility on the buyer. Basically for the buyer, this meant a rehab loan or finding the cash to buy the home.
So what would you do in this situation? Unless you had:
- Unlimited dollars
- Patience and Time
- A Really Good Contractor
RUN LIKE THE WIND! This is not a fix that any ordinary home buyer should take on. You have to be a special person with the right set of skills and connections to make the repairs of this kind happen.