We are under Contract on our First Property! Inspection advice

[Deanna S.]

Hello, BP community.  We are under contract on our first property, a 1920 Cleveland Heights triplex.  We can't say enough good things about @Aaron Westerburg of Inspection Tech.  The home inspection yesterday was a great experience and we have a good understanding of the property.  

There are some issues to address and we are trying to keep our closing costs low but did not include a credit with our offer.  We are doing conventional financing with a 30 day escrow. We would appreciate advice on which issues to address and how to structure this deal at this point with the seller.  We met the seller yesterday and he will give us all the info on the house as well as the workers he used.  He did a lot of the work himself.  He had the property 30 years and is selling due to being 70 and moving on. The relationship with him is important we he is local and we are out of state investors.   

The inspection issues we noted particularly are:

1) some leaks in the bathrooms and 1 kitchen (we will ask him to fix all these-nothing major)

2) missing gas cap

3) both furnaces need new filters or cleaned

4) 9 year old and 17 year old hot water leak both leak at relief valve.  17 year old one has an active leak.

5) Vent pipe from both water heaters not sealed at chimney.

5) Electric panels (there are 3) - there are different brands of breakers. Is that a big deal?  Also, one panel has double tapping.  

6) Ungrounded outlet within 6 ft of water in basement laundry area. Handyman wiring present at laundry area. Recommend upgrading to GFCI protected outlets.

7) Wood basement steps are pulled apart but still usable to date.

8) Both dryer vents needs to be replaced and are missing covers.

Our realtor is suggesting that seller address the below 3 areas only as he negotiated for us and the seller accepted our first offer.  Our realtor noted, "Part of the reason the seller accepted your first offer was to account for minor issues that usually come up during inspection to avoid as much back-and-forth on repairs/price concessions as possible."

Our realtor recommends the following only for contingencies:

- Properly secure the basement stairs

- Correct all plumbing leaks

- Repair the dryer vent using proper materials

- - Test for lead based paint as recommended by the general inspector.  (note: this was in the stairwell only and owner told us he would paint that.)

Thank you, BP, for your sage advice as we close on our first deal.   

With much appreciation,

The Stacys