We have a duplex with an ancient AC system.

that is never true with any seller - it doesnt mean they will defraud you but that simply is not true ans should not be true.even if there is legal redress - that is expensive to prohibitavely expensive and it usually cannot be put into the numbers ahead of time.... as others have said - it is a terrible thing that happened and there are plenty of other places that have unscrupulous people but that is just part of today's landscape - and why an ancient phrase - caveat emptor - was coined.

It may not have been a recent murder, it could be an ancient Indian burial ground or the portal to hell like in the Amityville Horror.

We aren't talking ancient practices either.This is the South we are talking about... again this is just for educational purposes and not to incite a riot but what would possess a man and move him to even think like this?

I also use that money to be proactive and replace ancient furnaces or put a new roof on a house that becoming obvious that needs attention. 

***OUT OF DATE INFO**I know this thread is ancient and dead, but it was also a page one hit on Google for my search.

I think the 360 day Banker's Year was actually created by the ancient Romans.

(or is it an "ancient chinese secret...lol)

The house was an REO and I had the old air handler replaced with a new Goodman when I bought it, because the old one was ancient.

Some good thoughts.There is an excellent book which talks about this in an ancient parable-esque way - The Richest Man in Babylon.