Is $350,000 too high to bid on a house listed for $359,900? House is old, 1930, and has some problems.

Asked by Sabrina, Melrose, MA Tue Apr 21, 2009

My fiance and I offered $350,000 on a house that was listed for $359,900 and the offer was accepted. However, upon home inspection it was discovered that the basement has had water in it (on more than 3 occassions as was disclosed by the seller), also the basement stairs are entirely eaten by termite damage, the one car garage is dilapitated, and what was thought to be a 1/2 bathroom is actually 1/4 bathroom (no sink, only a toilet). The seller knowingly lied on the disclosure form (stating no termite infestation, later disclosed a termite problem 15 years ago), and there is fear that what were disclosed as hard wood floors under the carpet on the second floor are actually only wooden subflooring (we were unable to pull up carpeting on second seemed adhered to the floor). What should the seller be held responsible for? I feel helpless at this point! We don't want to give up the house but we want money back for repairs or we will be forced to walk away from the house.

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Dp2, , Virginia
Tue Apr 21, 2009
You probably should order an appraisal and termite inspection. Also, if your inspector wasn't able to determine the root clause for the flooding, then you probably should have at least 3 GCs walk through that basement and give you an estimate on how much it will cost to make the necessary repairs. Afterwards, you should go back to the seller, and counter with a lower price based upon the results of the appraisal, inspections, and GC estimates.
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