In Escrow- received Inspection Report

[Kimberly Gomez]

Hi BP Community,

I am seeking some advise. Finally got in Escrow for a duplex in South LA, the property is old (built 1909). Got the inspection back and there are some concerns with a few things but most important seems to be the foundation. The report stated: Foundation walls- concrete deterioration & moisture damage present in some areas. Cripple Walls- deteriorating framing in certain areas, heavy staining in certain areas. Sub flooring: heavy staining/wood deterioration in some areas. Posts and Girders: concrete footings are moisture damaged, certain areas supported by bricks/blocks. Evidence of termites too. That's a summary of all the areas of concerns (regarding foundation). My agent thinks it is enough to just reinforce the foundation (seismic retrofitting) for an estimate of 5-6k, rather than completely renovating the foundation.

He was able to negotiate $12,500 in credit and thinks I am still getting a good deal considering  the duplex will be delivered vacant and that most houses in LA are old and will run into these types of problems. The electrical and plumbing is also old and would need work at some point. He believes total costs of renovations would be roughly 30k.

I'm completely new to this and I'm not really sure how to proceed forward as a first time home owner. Is this still a good deal or are the areas of concerns too big? I feel stuck.

Thanks for your help.

[Joe Homs]

@Kimberly Gomez anything under 1955 I walk away from.  Anything with foundation issues I walk away from.  Why are you dealing with opinions of non-professionals.  Get an inspection and report from a foundation company and ask the seller to credit you that amount.  

Good Investing...