Real estate General topic

[paulsharvey]

I saw this, and figured this would be the best place to drop it...

 

[paulsharvey]

On a more serious note, the buyer's inspection was done Monday or Tuesday, and their appraisal was done Wednesday. Other then approving the times/dates, I haven't seen the results, or heard anything from them since...

 

[paulsharvey]

Got some news; and maybe a clarification. Apparently it was the structural engineer this Wednesday and appraisal is next Monday. So, Apparently the engineer is requiring 8 additional hurricane straps, and the home inspector won't pass a water heater over 25 years old, so the buyer can't get insurance...

I asked the real estate folks; ok, first how much and 2nd who? on hurricane tie downs? Next, I'm not doing either straps or water heater until I have a complete list and passing appraisal. I want one complete punchlist, before I decide on doing the repairs.

Actually did some googling on water heaters, and they aren't very cheap anymore...

 

[paulsharvey]

I did some reading, and apparently there was a definition change in 1996, on what was legally considered a permanent foundation, and this home was from 1994; so that explains the tie downs...

The water heater, it's more of a rant; but; insurance, requiring replacement of roofs, water heaters, ect... Water heater that works, no reason to replace at 25 years; roof, if in good condition, replacing on a time table, again, stupid. Roof, ok, that's a structural component, so, to some degree, I guess. A water heater; if it fails, why would insurance care? They aren't covering mechanical break downs... Be like your car insurance requiring you to replace your transmission at 10 years, just because.... At what point does insurance want you to just do PM service of replacing your AC, doors, refrigerator...

 

[WinterDeere]

Is buyer really going to back out if you just call, "as is", and let them deal with the water heater themselves?

Maybe my view is skewed by only ever buying and selling very old houses, my newest house ever was built 1877. But it's real common here for a seller to just say, "hey, it's an old house, take or leave it," when buyers start throwing up home inspection repair items. It's what's been done both to and by me, in the past.

 

[paulsharvey]

Is buyer really going to back out if you just call, "as is", and let them deal with the water heater themselves?

Maybe my view is skewed by only ever buying and selling very old houses, my newest house ever was built 1877. But it's real common here for a seller to just say, "hey, it's an old house, take or leave it," when buyers start throwing up home inspection repair items. It's what's been done both to and by me, in the past.

Yeah, because you can't close without insurance, and their insurance company is refusing to insure. No insurance, no loan, no loan, no sale

 

[paulsharvey]

BTW, of coarse the home had tie downs. It's the lack of 8 "longitudinal" tie downs. My real estate folks looked briefly into it, cause they had seen this before, and found two recommended contractors that are "fairly affordable".

Water heater, i think I will likely pull a permit and do myself, although, I got to reread that "homeowner builder affidavit". It might include a line about not selling for 1 year?

 

[ericm979]

A water heater; if it fails, why would insurance care?

If it leaks and causes water damage they might get a claim.

 

[ultrarunner]

Yeah, because you can't close without insurance, and their insurance company is refusing to insure. No insurance, no loan, no loan, no sale

May a better offer offer will come your way?

There comes a point where the deal falls apart…

I sold an old 3 unit vacant building and the accepted offer fell apart with demands from the buyer…

I had a backup and said no problem moving on and the buyer had a lawyer write a demand letter for inspection fees and 5k inconvenience…

Very laughable and glad I sold to the back up…

 

[ultrarunner]

BTW, of coarse the home had tie downs. It's the lack of 8 "longitudinal" tie downs. My real estate folks looked briefly into it, cause they had seen this before, and found two recommended contractors that are "fairly affordable".

Water heater, i think I will likely pull a permit and do myself, although, I got to reread that "homeowner builder affidavit". It might include a line about not selling for 1 year?View attachment 3555805

Yep… same here for owner builder…

If you want to make a deal the escrow can do a holdback… at least here it’s worked for me.

Insurance issue are at the top of deal killers in California…