What to do after you have the Inspection Report

[Glenn Gerth]

I am getting back in to investing after buying 3 SFR in Washington 8 years ago. We are looking out of state with my son. We have made an offer on a 4 plex, built in 1900, in Wisconsin and just received the inspection report. The It lists several problems:

1. Sewer pipe on north wall west side in basement leaking.

2. Northeast corner of roof has corner cap missing and is believed to be the entry point for wildlife to get in. 

3. Recommend a qualified structural contractor repair back outdoor steps and balconies to code.

a. Loose railing, improper attachment, cracked treads, moss growth, stringer cracks, stringer improperly attached to the trimmer.

4. No CO detector in each unit.

5. Bathroom vents vent into attic space. 

These are the highlights. Should I have the seller fix these problems before purchasing, renegotiate with the seller, or fix the items myself? 

Any help would be greatly appreciated.

Thanks,

Glenn

[Marcus Auerbach]

@Glenn Gerth seems like relatively minor issues compared to what I see sometimes.

I usually discuss these issues with the listing agent and find out what the sellers preference is. Usually as a buyer, in particular out of State, having the repairs done by the seller before closing is you first option. Make sure that your agent is very specific in the definition of what and how repairs are done. Duct tape does not count.

Your second best choice would be to ask for a closing cost credit, as it has cash value to you. Asking for a price reduction is third, as it will not impact your cashflow very much.