So, some of you may recall a thread where I mentioned I was buying a house a couple weeks ago. Well, we made the offer which was finally accepted and we got through attorney review without a hitch. So today, we had our home inspection performed and we were there for the whole thing.
Long story short, the foundation ws completely destroyed. It literally is about to cave over. The floor joists under the kitchen are snapping, and to make it even more exciting is those joists are in an area of the basement which is a crawlspace, and does not have sufficient space to get in and replace them. So the entire kitchen floor would need to come up, dig down the earth in the crawlspace, and then replace the floor joists. Every single support beam and joist in the basement had termite damage as well as infestations of something called powder post beetles. The siding is wooden clapboard and has recently been painted and to the untrained eye, looks in good shape. As our HI stuck his screwdriver into the clapboard as well as the soffits, 90% of it is rotted. The only thing he didn't tell me is that the good news was he saved a bunch of money by switching to Geico lol, but it was just like that commercial.
This house was listed for $450,000. It had all new hardwood floors, beautifully landscaped yard (3/4 acre), all new Anderson windows, and some other nice add ons that made the living area of the home and the outside look beautiful. I mean this sincerely when I tell you it looks like a dreamhouse and an untrained person would never notice these defects because over time they have been haphazardly covered up. We made our offer at $420,000 and thought we pulled off a heist seeing as most houses in this particular town (Warren, NJ) run about $500k and up. Most around 6-700k. Well, tomorrow, we are going to withdraw our $420,000 offer and counter with an offer of $200,000. We know it won't be accepted, but it is more of a slap in the sellers face for trying to sneak one by us. The inspector estimated $200,000 of total costs to repair everything necessary.
Bottom line, ALWAYS GET A THOROUGH INSPECTION BEFORE YOU BUY THE HOUSE!!!