All Forum Posts by: Jesse Aaron

Hey guys, I’m closing on my first property next week. I just got my disclosure forms and saw that my closing costs are right at 8k. The purchase price is 135k, I put down 10k using a conventional loan with 3.5% interest. Does 8k seem a little high? They estimated $5,700 in the beginning.

I’ve made an offer on a house using a realtor I had met only once before (I’m new to the this). She seemed great until my offer was accepted and I signed the contract. Since then she’s hard to get in touch with, very short and seems disinterested. I’m in my last day of the inspection period. The inspector found a few issues (see my post about electrical concerns) so I made a second offer earlier this week asking for a $1,000 allowance after closing to help cover the $3,500 quote the electrician gave me. The realtor won’t answer the phone. I texted “have you heard anything? Don’t we have to make a deal by the end of the day?” She writes back “no an yes.” What do I do? I’m in too deep to fire her. I’ve already signed the contract. Do I go over her head and try to contact to sellers realtor? What happens if they just ignore it? Is the deal dead or am I held to the original offer even tho it was contingent on the inspection being satisfactory?

@Pat L.

Something tells me you’re more handy than I am 😂. But in any case, I think the consensus is that it shouldn’t discourage me. Thanks for the input.

@Jaron Walling

Thanks for the input. I do however have a little leverage because they already bought a second home out of state. So I think at the least, they would negotiate a discount.

@Jaysen Medhurst

Interesting on he K&t wiring. I wasn’t aware of that. But also consider this is a very rural area. I work for the power company so I can confirm there wasn’t electricity in most of these areas until the late 40’s.

I am actually buying as a permanent residence. I’ve being doing the FIRE thing and living in a mobile home on some family property but we’ve just outgrown it. So my plan is to buy this home (mortgage is $563 per month), rent the mobile home for $700, and eventually sell the home to build a house on the family property.

The electrical just scared the hell out me because I know nothing about electrical. Guess that seems ironic since I work for the power company right 😂.

That’s actually 2,700 sq for not 27,000!

Hi all, I recently made my first offer. It’s been quite overwhelming so far, but everything seemed to be going smooth until my inspection report yesterday. The “highlights” are copied below. Is this a deal breaker? Should I renegotiate? Or maybe tell the seller that he will need to fix this before I can move forward.

“Knob and tube wiring, older wiring, and exposed splices throughout attic. Ungrounded receptacles throughout the home. Undersized wires and double tapping at the main electrical panel. Electrical in the laundry room.

Recommend home is re-evaluated by a licensed electrician for repairs.”

“S trap plumbing throughout the home underneath sinks. (See Kitchen and Bathrooms) Recommend re-evaluated by a licensed plumber.

-Recommend the receptacles in the kitchen, bathrooms, and exterior are GFCI protected.

-Possible mold or mildew. Recommend tested. (See Office).”

“Siding and trim is damaged / deteriorated throughout. Recommend repairs to reduce moisture damage. (See Exterior) -Toilet leaks when flushed. Recommend repairs. (See Half Bathroom)

-Water heater appears to be actively leaking at the connection. Recommend re-evaluated by a licensed plumber.”

Home details- 1954 with only kitchen and laundry remaining from original structure. Everything else has been added over the years. 27,000 sq ft, seller asked 165k originally, reposted for 145 and we agreed on 135k.

The electrical is my main concern. The plumbing I can handle and I was aware of the exterior damage. It should be an easy fix. But is this a typical report for an older home are is this a deal breaker?

@Joe Splitrock

Hey Joe, I have stock and etf income to consider as well beyond the W2. I won’t have those forms until late February.

@Chris Mason

Ahh got ya. That makes sense.

@Chris Mason

Chris, can you expand on that? You’re saying a lender doesn’t care whether a borrow makes 30k annually or 150k? That doesn’t seem wise on the lender’s part.