As the housing market heated up in recent years, many of my in-laws were eager to move back to the area and put a bid in on a house. Unfortunately, the inspection revealed that the house was priced way too high and would need around $150,000 worth of upgrades to make it safe. This was a “flipper house” that was probably passed over due to inspection issues. It’s sad to think that even the worst houses are too expensive these days.
Apparently, it was common knowledge in the real estate community that this was the time to “dump” the bad houses without inspections being done. Who knows how many people ended up in this situation? The majority of people are more concerned with securing their 2.5% loan than making sure the house is safe.
On the bright side, this makes rehabbing old homes an attractive option for people. My in-laws were willing to waive inspections and overpaid by about 5% on their 120 year old house. We were aware that there could be serious water infiltration and foundation issues, but the location and setting were perfect and we didn’t want to lose it after looking for two years. A year and a half later, the issues have mostly been fixed, and we are still here.