I'm trying to close on my first home, and working through some fairly significant (at least to me) problems with this circa 1950 home. There are a number of things the inspection pointed out as something to take care about, but the key points are:
- Galvanized steel pipes are leaking underneath the house
- Evidence of possible termite infestation.
- Electrical system as old as the hills, including a fuse box (no breakers) inside the home
There were a number of other issues as well, but they were all the sorts of things i can fix myself or pay to have someone else do over the time I expect to own the home (sidebar: expecting to own this home for at least 10 years, and likely more like 20). These smaller items included one leak inside the house under the bathroom sink, old electrical outlets that won't hold a plug in, lack of GFCI outlets in kitchen/bathroom, single-pane windows, and some other small bits like the vent covers for access under the house needed to be replaced, splash blocks for the downspouts on the gutters needed to be put in place, foliage was pressed directly up against the house, and other minutiae.
The seller got bids on the three important items and essentially came back saying they weren't going to do any of them.
- Plumber came in and quoted just shy of $1k to fix the galvanized pipe (there was enough leaking pipe that they wanted to repipe it all, but pipe has already been replaced from the street to the house so it's only a small section still using galvanized steel piping).
- Pest control found no evidence of live insects in the house proper, only in some wood debris that was discarded underneath the house (form boards and etc). They still recommended treatment, and seller is willing to pay ~$1k for prep work before treatment, then discount 50% of treatment cost (~$500) off sale price, but won't pay for it himself.
- Seller refuses to replace the service panel, which I expected. His response was that if they wanted to put a breaker box in, they would have done so when they lived in the house.
Offer price is 238k, which is nearly exactly the appraised value of the home. Housing market in this city is crazy competitive currently (many homes are appearing on market on Friday and have 5 offers by Monday morning) so I'm loathe to let this deal fall through because of some repair work, but I also don't think I should have to pay a dime to treat his termite infestation or replace his leaky pipes. Am I being unreasonable?
Thanks in advance
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