Thanks @JohnathanGreene for the comment!

It's difficult to comment stateside as to what works for lending out there so there more local answers you get, the better off you are.

Thanks for all you comments in advance, really appreciate it.

Hello,Lots of good comments on this thread.

I was hoping with the amount of experience on these forums, someone would be able to comment on whether this is a good approach or not. 

Could be a house that has old none grounded cloth wire .I go a rip all that Sh... out pull new wire ,hire a pro pull a permit  to set up the panel .This can cost a lot or not so bad .Now you know what the comment about put it back like  you never seen was all about .

The net-30 comment is weird, but not having an electrician is a deal-breaker.

I still have a lot to learn, so I'm open to any comments I get here.

@David Levin I get that it was viewed at inspection, but as a seller I would ask myself a few questionsWas it viewable or discoverable before an offer was madeWill another buyer ask for itAnd how much will a backup offer ask forMy comments were not as to when it was discovered by you, but when COULD it have been discovered. 

@Jay Hinrichs 1000 votes for this comment!