Plumbing/piping dilema…help! - Posted by Kristy-AZ
Posted by Kristy-AZ on August 08, 2003 at 20:12:49:
Here’s the deal. I have a house listed well BELOW market. (I am a Realtor/Investor) My clients are in pre-foreclosure. We have had the house sold twice, but have had the contracts cancel after inspections reveal there is Polybutalane plumbing.(forgive my spelling)
I know these people well, as they are clients of mine from 5 years ago. This is their daughters house. (I did not sell it to them) I offered to have my husbands company purchase the house from them and close in 2 weeks, but they wanted to try and get more money. It’s a great area and with the amount of offers we have had on the property, we are still interested in purchasing it for ourselves.
The pipes are the problem!! I called my insurance company and they WILL NOT insure the house if it has Polybutelane plumbing. (We were considering keeping it as a rental)
Any suggestions? I know the sellers are going to get tired of the up and down roller coaster with accepting offers only to have them cancel again after the inspection. It is noted in the “Sellers Disclosure” about the piping and also, there is a wall in the garage which is open from a previous pipe repair, that ANYBODY can see what type of plumbing is in the house! This is another problem I am foreseeing, as the daughter had the repair done through her insurance Co. She filed a claim. (CLUE report dilema too?)
So…what can I do about the plumbing/insurance problem? And any ideas on how much it would cost to have the house replumbed in copper? House is 1300sqft, single level.
I am waiting for the sellers to call me back, so that I can tell them their most recent contract came apart and that they have 3 choices, replace the plumbing, sell it to an investor for less money or let it go to auction.
JT, RonStarr, JoeK?? any suggestions??