Friend Buying A House

[bobo60]

What is the name of your state? NY

hi,
a friend of mine is in the process of buying a house. his first time. there sems to be something wrong right off the bat here! the cost of the house is $115000. the realator for the seller said that $122340. would pay for the house, including closing fees. just a few days ago, the realator drops off papers to sign, says they are just a formality (my friend didnt read what he was signing) my friend read them later, and found out that the price of the house was crossed off and is now $124340. instead of $122340. he call the realator and asked why there was a $2000. increase. the realator said it was to pay the property tax that is owed for 2008. why does my friend have to pay this? the contract states that the house is free of leins and judgements, how can this be, if the 2008 property taxes are owed to the county? isnt the seller responsible for the taxes that are due? my friend paid $450. to have the house inspected before he buys it. the inspector found a few things that need to be upgraded, one being the wiring, its old knob and tube! does my friend have to pay to have the electrical service upgrade too? or is this the sellers obligation? i dont like what im hearing!

 

[Zigner]

Tell your friend not to sign things without reading them...

 

[seniorjudge]

the inspector found a few things that need to be upgraded, one being the wiring, its old knob and tube!

An exceptionally safe form of wiring....

 

[CraigFL]

I think your friend need to talk to the REALTOR about these things so that he will be an informed buyer and not start accusing someone about something they apparently know nothing about. If he does, he will find out that 2008 property taxes will be escrowed and prorated for the sellers part and the buyers part of the amount. He will also find out that the numbers you are talking about are most likely closing cost estimates which include the selling price of the house.

As far as the inspection, the offer contract should explain how findings by the inspector are handled as to who will pay for what and what must be done vs. what is there for information only.

 

[bobo60]

judge,

knob and tube, and a two fuse service box may have been safe back when the house was built, but by todays standards, it isnt. today the average house consists of appliances like microwaves, large refridgerators, window ac units, hair blow dryers, toaster ovens, coffee makers,well pumps, etc...

 

[FarmerJ]

Bobo a 2wire 30 amp sevice is small BUT in a smaller home its still manageable,My first home was like that, NOW onto knob and tube wiring , ACTUALLY knob and tube wiring dispenses heat much better than most people realise. The problem with most knob and tube installs Is that over the years home owners often added onto it with little to no thought, splicing into it as they saw fit. Knob and tube if left intact can serve for many years if not over fused. Your friend can learn to live with it for a while until they can bring in a new electric service. ( considering the cost of energy now and in years to come this will be a good exorcise for your friend , your friend will become much more aware of how much electricity every thing consumes until they do rewire the home)