Knob & Tube wiring

[Jimmy Hong]

Hello fellow members,

I'm in the process of purchasing a buy and hold property out of state, Memphis, but I can't get the property insured. This house is over 80 years old and have knob & tube wiring, which insurance companies won't cover unless updated. The loan is ready and we're in the last stages of wrapping this up. The seller has agree to install brand new roof but not budging on knob & tube wiring. I got an guy to check it out to find a quote and he stated it'll be extremely cost prohibitive because they have to gut the whole house to do that.

Any suggestions? Thanks.