Inspection Report turn offs

[Mason De Vries]

Just wondering what are some of you total no go's after you receive the inspection report back on a turn key property you have an accepted offer for? There seems to usually be something that needs fixing or updating when you buy it but how do you know when it's too much? I recently had an electrical panel that needed to be replaced that the inspector missed which ended up being $1,100. The A/c unit didn't work. Inspector couldnt test it out due to it being winter. These are some spendy things that were missed. Any opinions on things that would make you want to get out of the contract? Thanks! 

[Paul Stagg]

For me, and the advice I give my buyers: Almost everything boils down to money. Stay unemotional. I bought a house that needed the electrical panel replaced, had an HVAC system I knew was at the end of it's useful life, needed a new roof, and had a variety of other smaller issues. But it's walking distance to the beach, in a great location, and had tremendous potential as a STR (which was the primary goal) and huge upside for appreciation.

The only things I would rule out, and would advise my clients to consider walking away:  Major basement water problems, significant structural issues, and evidence that prior work was shoddy, or that work was done to cover up a bigger problem.  This is most important for anything that's a new renovation... if we find stuff on an inspection that a renovator should have caught, certainly knew about, and didn't fix correctly, it's an indicator that the entire renovation is suspect.