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mikvg99

04:25AM | 05/28/04
Member Since: 05/27/04
13 lifetime posts
Bvrealestate
My wife and I are about to purchase a home. This home is "for sale by owner". It is a very nice home, very well built. According to the inspector, you don't see too many ranches built this well.

There is one problem: The oil boiler is shot. We managed to secure the deal by offering more than the asking price. According to the owners, the boiler is on its last legs, but would not require immediate replacement as the inspector has implied. We obviously would like this replaced and would like the sellers to help out with it, totally or partially. Assuming the rest of the house is in great shape, should we not purchase the home if the sellers decide not to help us out this? My real estate agent (buying agent, who is not taking a % comission on this purchase) says it is not a good reason to back out of the deal. What are some opinions out there about this? My understanding is that a new boiler costs about $3500.

Thanks,

Mike

devildog

05:15AM | 05/30/04
Member Since: 09/16/02
250 lifetime posts
If it's a matter of not being able to afford it right now, maybe you can re-write the purchase agreement and split the cost. Ask them to pay for $1000 and you will pay $2500. Or whatever you see as fair. Then increase the amount you are paying for the house by $2500. It will still have to be appraised for that much, but some appraisers are gracious if they know they're close to the selling price.

Remember, if these people put the boiler in, you are going to get the bottom of the line model. Whereas if you put it in you can get the model you want. And you will be the family using it for the next 20 years.

Good luck,

Devildog


plumber Tom

06:04PM | 05/30/04
Member Since: 05/10/03
801 lifetime posts
If the house means that much to you, i say go for it. Yes a new boiler is going to be what you want to call a 'lifetime' investment. Some points to ponder: Plumber's charge mark-ups on materials. This means if they get the boiler for $1,000.00 then an additional fee is charged to cover their expenses. I have seen people charge as much as 40% mark-ups. This is not only unscrupulous, it's considered robbery. Choose your plumber wisely. Another thing is oil fired boilers are dirty. Yearly maintenence requires that you disassemble the boilers sheet metal jacket and clean the heat exchanger. This is a huge filthy mess, but is required to ensure the boiler operates efficiently. One more thing, then I'll shut-up. if you considered a oil-to-gas conversion, by all means check gas suppliers in your area. Some utilities offer incentive programs to convert. You will get considerable discounts on the labor and the price of the boiler itself. Do research before you decide. The cost of gas goes up just like oil. Good luck, plumber Tom/Moderator/www.bobvila.com/BBS/Plumbing

Allison1888

08:35PM | 07/11/11
Member Since: 03/24/08
62 lifetime posts
I think you have to try to put emotion aside and look at this as a financial decision. Frankly, I would never offer more than the asking price for a house, particularly in this real estate market.

I would ask to have a heating and cooling company come out and give you an opinion on how long the boiler will last. Most last 25 years or so and there's no reason to replace it until it's run its life. Keep money aside for it and shop around so you know what you'll buy, but don't buy it ahead of when you need it. I would ask the seller to pay for it--the house isn't complete without proper heating.
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