First Deal Under Contract!! Aluminum wiring found!! Help?!?

[Michael Baradell]

Hey BP world!! I am happy to say I am officially under contract on my first property!! The property was a succession sale that I got at a great deal. The property was inspected today and the inspector discovered that all of the wiring is aluminum. Any of you savvy investors out there have any suggestions on how to deal with aluminum wiring? I know of all possible remedies, but my main concern is insurability. Since the inspection was preformed late on a Friday afternoon, I was not able to contact any insurance companies. I spoke with the listing agent about the possibility of the owner subtracting the cost of rewiring the house from the sale price, but he is not willing to do so due to the fact that it was already discounted a lot and that there are 4 backup offers ready and waiting for my deal to fall through. I'm open to any and all suggestions.