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Thread: Offer on BIL's house!

  1. #31
    Senior Member iris lilies's Avatar
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    Quote Originally Posted by catherine View Post
    haha, of course I'm not talking pooping rights! (Nessie might argue) I agree, razz. I had a bit of an "aha" the other day when BIL was b**ching about MAYBE having to draw down his $5,000 401K so he could go on vacation to Las Vegas. I don't know why it took so long, but I suddenly recalled how, for HIS BENEFIT and HIS MOTHER'S benefit I wound up turning my 75k 401k into a 0 balance. I still haven't recovered.

    I think I've finally gotten it--my need to look after myself, that is.
    Hey, this will make you feel better:I have lost $30,000 in the past ten years through my own mismanagement and just doing what I wanted to do rather than the prudent thing. So you are not alone!

  2. #32
    Senior Member catherine's Avatar
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    Quote Originally Posted by iris lilies View Post
    Hey, this will make you feel better:I have lost $30,000 in the past ten years through my own mismanagement and just doing what I wanted to do rather than the prudent thing. So you are not alone!
    Thank, IL. Yeah, I guess some money running through the sieve is inevitable, but it's frustrating.

    Anyway, we're out of attorney review!! So we can now look forward to the inspection report and appraisal.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  3. #33
    Senior Member razz's Avatar
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    Quote Originally Posted by catherine View Post
    T
    Anyway, we're out of attorney review!! So we can now look forward to the inspection report and appraisal.
    Sounds like positive progress. Wishing you all success in finding solutions to the challenges.
    Gandhi: Happiness is when what you think, what you say and what you do are in harmony .

  4. #34
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    Fingers crossed. This is going to free up so much energy, you won't believe the changes that follow!

  5. #35
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    Bump to the top


    Do you close today?

  6. #36
    Senior Member catherine's Avatar
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    Thanks for asking!!

    Well....

    We got SO close and then they had the house inspected. There are a few things that we suspected might come up (old furnace, aluminum wiring, an uneven sidewalk) but they said that based on the report, they wanted $20k. We said no way, but we'd replace the electrical panel and buy them a new furnace (that would have been about 7000.)

    They rejected our counteroffer out of hand and cancelled the deal.

    What a bummer. Back to the drawing board, but we are going to replace the panel, because it's original and it sends a red flag to buyers.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  7. #37
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    Quote Originally Posted by catherine View Post
    Thanks for asking!!

    Well....

    We got SO close and then they had the house inspected. There are a few things that we suspected might come up (old furnace, aluminum wiring, an uneven sidewalk) but they said that based on the report, they wanted $20k. We said no way, but we'd replace the electrical panel and buy them a new furnace (that would have been about 7000.)

    They rejected our counteroffer out of hand and cancelled the deal.

    What a bummer. Back to the drawing board, but we are going to replace the panel, because it's original and it sends a red flag to buyers.
    I am so sorry to hear that, but they sound kind of greedy, and it's a seller's market, so soldier on.

    I don't now much about aluminium wiring--is it common in your neighborhood, and is it a deal killer? What has to be replaced?

    Does your agent say you should adjust price with this new info? It sounds like they grabbed it because it's a great house but then did not want to work with you to come to a solution--I know they were an early offer, and I know you will get many more offers now that spring is here.

    At least they have done your marketing for you, and now you know what to think about, as to whether you want to do anything about the issues. On their dime, too!

    Update to add that I have googled aluminum wiring and I guess it can be a deal breaker due to insurance issues. Were they going to give 20k less so that they could rewire the house , get a new furnace, and fix the sidewalk? Hmm. I know you don't want to do all that.

    Selling a house is so much harder than buying one, sigh.
    Last edited by Tybee; 4-28-17 at 12:59pm.

  8. #38
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    Aluminum wiring, is a cluster.
    They use it outside, from the meter to the electrical box and they built houses with it inside from sometime in the 50's, through sometime in the 60's. It has a problem of arcing where it meets copper,brass, other metals used in electrical. It has to be pigtailed now, to copper wiring, with a purple wirenut, with dielectric gel to keep the air out to slow oxidizing. Special outlets and switches are required, and if you have a finished basement, it will be a cluster to tear it all out (every last stinking bit) and replace it.
    Deal killer depends on the person as well as how much it has been messed with. (i'd much rather the original panel, then find one that currently works with that old wiring)
    I am in the rip it out category, after knowing of a few houses that burned, due to arcing, because the homeowner did something at some point, without knowing what to do.

  9. #39
    Simpleton Alan's Avatar
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    Aluminum wiring arcs because the aluminum expands and contracts as it heats up, eventually causing connectors to loosen. If it's pigtailed properly at all outlets and switches it shouldn't be a problem.

    It became an issue in the mid 70's when the Beverly Hills Supper Club in Northern Kentucky burned to the ground during an event, killing 165 people.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  10. #40
    Senior Member catherine's Avatar
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    We are thinking of pig tailing, which will cost $3000, but if we only replace the panel and outlets we'll spend $1600. I think we're going to leave it up to the new buyers to pigtail if they want to. DH called the township and there are no code violations associated with having aluminum wiring.

    On other note, I hardly ever vent about DH, but he just pushed my buttons again.. He was talking about how if we reduce the price $5k, "that's a lot of money," leading me to believe that his "penny-wise, pound-foolish" mentality may continue to work against us. So I told him that it costs us $2500/month to carry the house, and he said, "no, it's $950." And I said, "but I am paying $1500 in debt payments that will be wiped away as soon as we sell the house."

    And he could NOT understand that as a family, we suffer if we string out the house sale to the tune of almost $3000 a month, which wipes out his $5k in less than 2 months. He truly did not understand. He kept saying, "the house is separate from the debt" and I kept saying, "How can you say that when we are IN debt because of the house, and we can get OUT of the debt because of the house?"

    But he still doesn't get it. Argghhh....is it because I don't make him go through the budget and pay bills with me every month, that he's so up there in LaLa Land, out of touch with our financial reality??

    I can't WAIT till this albatross is off our neck!
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

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