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Updated almost 2 years ago,
What would you do if a section of house may have a structure issue?
Hi Bigger Pockets,
I am a new investor, trying to purchase a SFH to as an investment. This is a ranch built in 1952, we loved the location, and it is very reasonably priced (Bank appraisal came at the asking price). The previous homeowners (not the current seller) added a new 1 car garage section to the property. I checked the Google Maps images and the last image from 2011 showed this section there. So I think this structure is at least 10 years old.
We are currently under contract getting done through the inspections. During the inspection, our structural inspector found that the load bearing trusses of the garage were not done right. It had a sag in the beam that was repaired (unsure when) as a result of heavy snow adding the weight from the roof. I asked the inspector for a rough order quote for fixing it right, he mentioned that it is ~$5k to get it fixed. We're still under the grace period, to make the decision and could back out if needed.
I'm at the cross roads at this moment
1. Buy the property as is and stomach the expense to fix it.
2. Risk losing the property if the seller disagree and disqualify our offer and wait for a nice listing and a potential increase of mortgage rates (we're quoted 6.125% for a 30-year fixed)
What would you do in this case? I understand it is hard to provide an opinion without looking at it, and I shouldn't use stranger's to advise making investment decisions, but I'm interested in learning about your thought process. Are we getting too emotionally attached to it, because we liked this one after almost 4 months of searching?
Best regards,
Prabh