Post by mrshabious on Sept 17, 2013 14:52:23 GMT -5
I am sorry you have to deal with it. We bought an older house in a HCOL area, with NO major issues. EVERYTHING we do in the house, from changing a lighting fixture to the thermostat turns into an EPIC nightmare.
Based on that alone, I would say there are probably way more issues lurking about. Run..... I would rather bide my time in a rental, continue to save, and find the house I want and can afford, and not settle just because I don't think I can wait any longer.
Post by speedracer on Sept 17, 2013 14:54:49 GMT -5
yeah i'd be really hesitant to go forward. even if you have the $ to fix it, I'd be worried there will be other expensive surprises in that house in the future. keep us posted.
Did you check with your mortgage/underwriter about the oil tank? We live in NJ as well and could not find a company that would underwrite if there was an oil tank in the ground and need remediation. It was too much of a liability.
I would walk. Unless you could renegotiate for like 100k less. Otherwise, not worth it.
Post by juliahenry on Sept 17, 2013 19:52:10 GMT -5
I would run. And so would virtually everyone else here. It's not sort-of bad-ish, it's a whole ton of expensive, difficult issues, with the potential for a lot more trouble afte you close.
There is working heat... there are just no heating vents in the rooms I listed.
I'm taking what you guys say to heart. Does the fact this is is HCOL and we're working with a limited budget change anyone's opinion? I just want to end up in a house we can grow into in a decent town. And not be bankrupt
I live in NJ and I know how you feel, the cost of living and house prices even in a down market are crazy. However, I think this experience is showing you what you will get for your money in the town you want to live in. I think you need to decide if this is the right area for you to live in or if you can move to a less expensive town. I am not sure where exactly you are looking, but there are lots of good schools in NJ and towns that have reasonable home prices. If you are dead set on staying in this town, I would try one last time with the sellers to make a deal you can agree on, but if not walk away. There will be another house and hopefully one with less glaring problems.
Did you check with your mortgage/underwriter about the oil tank? We live in NJ as well and could not find a company that would underwrite if there was an oil tank in the ground and need remediation. It was too much of a liability.
I would walk. Unless you could renegotiate for like 100k less. Otherwise, not worth it.
My company frequently relocates employees around the US, and per our policy, they will not purchase a home with an oil tank and soil issues nor proceed with relocation real estate assistance. Like the others have said...I would hate for this house and your emotions be an anchor for any future you may want outside of NJ.
Post by midnightmare81 on Sept 17, 2013 22:12:39 GMT -5
Run! My best friend is in the same position, though in Morris County. They just walked on a house due to similar septic issues. What about filling the septic instead? It MIGHT be a less costly option for the home owner. And yes, some things, like the oil tank, must be done by state law to sell unless the house is sold as an as-is bank owned home.
I actually laughed at the seller of my friends no longer potential home. They refused to fix something that legally has to be fixed to sell the home in the state. They told her they were hoping for "better offers in the future". Good luck with that when the house has been on the market for MONTHS and needs $25k in repairs to be sold legally that now have to be disclosed...
I'm about to finish up a large scale HVAC repair in my house. To replace the ducts we had to open up our entire basement ceiling, rerun the ductwork for the vents and the returns, and, in one or two spots, open up the first floor walls to run ducts upstairs. Though it was expected and is part of a larger basement remodel, it's been chaos. Also, this wasn't adding new vents, this was just replacing the old ducts and vents.
My other thought is that if you're buying from a seller that was willing to live in a first floor without heat (and possibly not disclosing the known septic or oil issues), what else are they hiding? I know how frustrating it is to house hunt in Bergen County; we looked on and off for two years before just deciding to renovate. But, the good thing is that there are so many nice "mid-range" towns (mid-range for the county, I mean) that you don't have to restrict your search to one or two neighborhoods.