Updated about 5 years ago on . Most recent reply
Inspection found knob and tube wireing?
So I have a 4 unit under contract and had my inspection today and they found knob and tube wireing in the basement that is live. There is 2 prong outlets in every unit 3 stories. I'm not sure what to do about this. I want to get a quote to fix it but I have a feeling the seller won't fix the issue.This is my first deal and can't afford closing and fixing all the wireing plus some other odd and ends. I'm thinking about pulling out but want your guys advise first tho. What shuld I do or what can u think of to fix the issue.
Thanks
Most Popular Reply
@Garrett Hayes I would just figure in the cost of rewiring the property and deduct it from my offer. Now if you were panning on traditional financing, that may not be an option as you won't have the money for repairs. If that is the case you need to walk or totally renegotiate so that you can use hard money 203K loan or other type of financing that will allow for the repairs.