Listen and learn, best education ever.IF your old wiring has any knob and tube wiring make darn sure every speck of it is removed OR an insurance company will cancel your policy or surcharge way too much.IF your box is a known Federal Pacific defective box get rid of it. 

Its humans that decided to allow defected humans to exist even if they cannot support themseves.

I've looked at several properties and talked with many realtors and it appears that local sellers want 95-98% of their asking price - - even with known/obvious defects.

You don't buy a parcel of real estate at a discount but at a distressed value due to defects and/or motivations of an owner.

They are producing houses for between $5000 and $10000 ... yes, the houses are smaller than what those to which we are accustomed in North America, but the cost per m^2 is a fraction of manually buillt equivalents.As these technologies mature, the defect rate in the final product should be far lower than in the manual building of today (this as been the case in every other industry where CAM technologies have been introduced) and the magnitude of difference in costs may compel builders to adopt or be displaced.   

Tenant agrees to pay for cleaning the drains, including toilet drains and pipes, of any and all stoppages, except incidents created by roots or structural defects.

Every pit bull is like holding a loaded gun with a defective safety.

But no house is perfect, even after a full renovation.I would say the inspection is more about revealing defects that are EXPENSIVE to rectify. 

Hello all,So after the inspection on a 4-plex, we sent the following response to the seller:1) Repair/replace main plumbing waste line that is backing up and leaking in the basement.2) Replace water heater that is beyond its normal life expectancy.3) Replace the furnace in the basement that is not functional4) All work to be done by a licensed contractor.5) $2500 for a roof allowance since roof life is expected to be about 2 years.The seller came back with the following response:1) Seller will rod main drain although it was done 2 months ago.2) Roof is not leaking and does not constitute a "defect"3) Old water heater does not constitute a "defect"4) Furnace does work.

As Wayne posts above, the addenda will state that that the bank has no knowledge of any defects (or anything really), that anyone who stated anything about the property was not authorized to and that the bank won't stand by their statements if they made any.