Profile picture for londonlanding

I made an offered on a house but after the home spection I am not sure.

I made an offered on a house in cottage Grove, OR I had a home inspection done.  The inspector uncovered many thing needed repairs its will cost (estimate) around $10,000 to $15,000.  The offered price $156,000 (accepted) but I am not sure if it's worth to even to buy it now.
  • September 02 2009 - Cottage Grove
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Answers (5)

There is always something wrong.  Buying a home is a stressful time so sometimes problems seem even worse.

It comes down to a personal judgment.  How much do you like the home?

Are the repairs required like foundation cracks?  Or are they merely cosmetic?

Good luck
  • September 02 2009
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Profile picture for Melina Tomson
If you are using the standard OREF contract that agents there use, then you have the option to terminate the contract within the time period.

There are no perfect homes, especially in that price range.  If you are uncomfortable buying the house talk with your agent or a local real estate attorney for some guidance.

I agree with Michael that this is a personal judgement call.  None of us on this forum are putting up money for the house, you are.  This has to be your decision.  If you are uncomfortable talk with some friends, your agent, attorney for feedback.  You may also want to get some quotes. Sometimes repairs aren't as bad as you think they are.
  • September 02 2009
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Profile picture for workabee
Small towns with high unemployment are doing nothing but dropping. Renegotiate the price for the cost of the repairs or walk away. That house will not move at all come winter after the buyers credit expires.
  • September 02 2009
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Profile picture for wetdawgs
If you had an inspection contingency, you can decide the cost of repairs is too high.  So, there are many choices:

1.  Ask for repairs
2.  Walk away.
3.  Budget for repairs and do them yourself.  Negotiate the house down to cover this amount.

All houses do have flaws, but 10% of the cost of the house seems a bit high just to budget for it. 
  • September 02 2009
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Profile picture for Mike Hart
Look over the problems and consider if you are willing to correct them after closing.  Make sure that the price you are paying is worth it to you when you figure the added expenses you will be incurring and the trouble of getting the repairs done.  Don't have the seller repair the problems because they will always use the lowest bidders and often times have unqualified persons do the repairs.  Figure in a little buffer on the estimates also, because repairs tend to end up costing a little more than the original bids.

Some of the problems may be able to wait until later to correct, and some may need to be corrected immediatly after you get into the home.  Talk with the inspector about time frames for getting the repairs done.  The inspector is you technical consultant on the condition of the home.  They should be available to discuss these things with you and help you out, but they can't advise you as to the value of the home, or whether you should buy it or not.
  • September 02 2009
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