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Updated about 7 years ago on . Most recent reply

User Stats

46
Posts
8
Votes
Cristina S.
  • Roswell, GA
8
Votes |
46
Posts

Need urgent help! Am I chicken?

Cristina S.
  • Roswell, GA
Posted

Hello,

I need some urgent help - thank you so much in advance!

We are in the process of purchasing our first rental (buy and hold), getting ready for home inspection - but we are thinking of dropping out.  Should we? 

The property was built in the 1920's and no one has ever done lead testing on it, as far as we know. 

Current owner did not have it tested for lead when he bought it. However the house was renovated 10 years ago. 

It has probably been painted several times since then. It also has new windows.

Some of the insurance companies we requested a quote from require lead testing.

This had us call someone who did this for a living and he told us chances are he will probably find traces of lead and it might cost us several thousand dollars to test and fix, if lead is found . 

Even though we might be able to find an insurance company that doesn't require lead testing, this is giving us pause and wonder whether we should go through with this or drop?

The seller is firm on the price (because seller's market and all the jazz, shark fest out there) and the house is already occupied by a renter so we can't just kick them out to do lead testing and fixing, even if we consented to pay for it out of pocket, without any extra negotiation.

If we go through, we are afraid we are exposing ourselves for liability.

My husband thinks this is OK - but I am chicken.

Am I overreacting? Should we go trough? Should we drop?

Any quick advice is greatly appreciated as our real estate agent and lender are waiting for us to move forward!  

Most Popular Reply

User Stats

43
Posts
9
Votes
Brett Dawson
  • Professional
  • Brecksville, OH
9
Votes |
43
Posts
Brett Dawson
  • Professional
  • Brecksville, OH
Replied

Don’t worry about being nervous, that’s part of the process. The important thing is following through with the process. Get an inspection, learn from the professional advice provided. Have the inspector test for lead based paint and do your research. In most cases it isn’t a deal breaker.

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