Duplex Disaster

A purchase agreement in Minnesota has specific terms.  One, an Inspection contingency, gives the buyer a 5 business day window to do an inspection, and 2 business days to list out the issues, with a one  biz day window after for the seller to agree to terms.  These stipulations can save you.  They saved me on the duplex disaster.

I probably chased a retail on this one, but loved the location, rent growth, and sale price growth on the property.  Got it under contract with an inspection contingency.  My inspector, State Certified, is from out of town, and he consented to drive up.  I don't trust most inspectors.  Steve is a bloodhound.  He found a problem with the electrical panels.  I put in a stipulation that the seller agree to have an electrician check them and if needed, bring them up to code.

My agent, the selling agent and I went round and round about what meeting code exactly means.  I called the state inspector general, got advice from him, tried to pass it on.  Deaf ears all around.  I tried explaining it in simple terms...inspect, verify, bring to code.  My buyers agent and the sellers agent instead gang up on me and try to brow beat me down to just waving the red flag.  The seller agent even tried  to con me saying they found one of the stickers, and somehow, my inspector was an idiot and missed it.  The same inspector that can spot R38 insulation in an attic and an asbestos pipe (not easy).  

I got to the point yesterday where I was so fed up with the listing agent and my 'buyers' agent that I told them to just cancel the deal, because the 24 hours had elapsed, per the PA  Then my agent goes dark...no response to emails, phone calls, etc, when I could reach him no prob before this issue.  

The selling agent calls me on my personal phone, and basically tells me I'm messing up his deal, and that my inspector is a clown.  My 'buyers' agent does the same brow beating the next morning.  

At this point, I figured, this is a big red flag. For the sake of honor, I proposed a purchase price that factored in a complete electric rewiring to code.  What the heck.  My agent had already thrown gauntlets, and let me have it again.  Then he says the seller is willing to meet all inspection contingency demands, now 48 hours after we submitted.  But I've had it with these guys.  There are many houses out there.  I don't like getting my integrity questioned when spending big cash.  I still find RE agents to be largely unmotivated and unprofessional.