Seller said property was turnkey--inspection said otherwise

[Elizabeth Guarnieri]

Hi--I'm very new to this site and to investing.  I found a property that sounded like a good deal but I went under contract at a price that I thought it was worth if there was nothing majorly wrong with the property.  I have an inspection contingency and the inspection turned up major electrical problems that could cost close to 20K to fix (fixing electrical and fixing the damage done to fix the electrical).  There are a lot of good things about the property (2 of 3 units are rented; new roof; cosmetic upgrade to one apt w new appliances, cabinets, counters, and in an area that is seeing some significant new development).  We asked the seller to cut the price by 13 (about ten days ago), they came down 5 (just today).  Now I have one day to decide if we exercise our inspection contingency and I'm torn.  Any advice or wisdom would be appreciated! Thanks much!

[Jeff B.]

Exercise your contingency right to withdraw your offer.  FAR too much involved and once the job is begun, there's likely more to follow :sigh: