As for the Federal Pacific panel, they are known to be junk and often recommended to be replaced on sight just based on the brand name. Panel replacement in my area is usually about $800-1200 depending on what else may need to be done.
I have never heard of any banks or insurers asking for the inspection report, but it things in lending change fairly rapidly anymore. These issues usually dont present much of an issue, although knob an tube wiring (if it exists) can be difficult to obtain reasonable insurance for in some cases.
Looks like Worcester doesn't require U&Os anymore. Guess he can't pressure the seller; does anyone know if he'll have trouble with the bank? Do they require a copy of any inspections?
Lenders could give a FHA 203K loan to get the property fixed up. Talk to a local lender.
Hope that helps,
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
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