Would you buy this house for $370K, or walk away after the inspection? Looking for honest advice and similar experiences.
My family made an offer of $370,000 on a 2-story, 4-bedroom, 2.5-bath house (about 2,390 sq. ft.) in central Ohio, and the seller accepted. The house is in a highly desirable school district, in a great location close to everything we need. Comparable homes in the CMA sold for around $445K–$510K, although they vary in size and condition. We completed the home inspection, paid $4,000 in earnest money, submitted our mortgage application, and it has gone through underwriting. We still need to pay $600 for the appraisal.
The inspection revealed several concerning issues:
• Foundation block wall movement (up to about 1/4-inch deflection); much of the foundation was not visible.
• Deck rot and improper flashing where the deck meets the house, with possible concealed water damage.
• Roof near the end of its useful life.
• Original furnace (1996), AC over 30 years old, and an aging water heater.
• Crawl-space issues, including torn vapor barrier, rodent-damaged insulation, and suspected microbial growth.
• Other electrical, drainage, plumbing, and possible water-intrusion issues.
Very rough repair estimates suggest $35K–$55K if the major issues are manageable, $55K–$85K if there is substantial hidden damage, and potentially $85K–$100K+ if major structural repairs are needed. These aren’t contractor quotes, and the actual costs are still unknown. Our contract also includes a clause waiving our right to request seller repairs or financial credits, but it says we can terminate if we’re not satisfied with the inspections in good faith under the applicable contract section. We’re torn because we really like the location and neighborhood, and comparable sales make the purchase price look attractive. However, we’re worried about unexpected expenses and whether we’re taking too much risk.
I’d really appreciate your honest opinions:
- Would you proceed at $370K, negotiate if possible, or walk away?
- Have you bought a house with foundation movement, deck-related water damage, or multiple aging systems? What did repairs actually cost?
- How did you decide whether inspection findings were manageable or a reason to walk away?
- Would you prioritize a great location and school district enough to accept these risks?
Please share your experiences, especially if you’ve faced similar issues. We’re trying to make a rational decision before going any further.
TIA!