Prospective house purchase listed as 2007 built but sitting on 1950 foundations! - Michael McVinney
Contact Michael McVinney, a NY licensed Real Estate Broker. Michael McVinney is also licensed in PA.
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Prospective house purchase listed as 2007 built but sitting on 1950 foundations!

So the wife and I while casually looking for an acreage found something close enough to our dream house we decided to put in an offer. It shows beautifully as a modern design/layout with some rustic charm. She viewed it in person once before I was able to see it for the first time and took pictures and videos so we could get a better picture of how it could work for us and our family. By the time I had been there for a viewing we were in agreement that it was nearly perfect for us. I’m no expert by any means but am a handy man of sorts who’s done a little bit of everything in home upkeep and renos/upgrades and I went in with a critical eye for potential issues. Clearly though I overlooked a notable aspect of the house following a professional inspection. It is not a 12 yo home but instead sits on a foundation built in 1950 and on floor joists and ship lap sub floor from who knows when. The evidence was plain while examining the utility room as it had exposed joists (the rest of the basement is fully finished) and it of course lead to many questions especially why was it listed as being built in 2007? Now I’m not overly concerned about the house itself as long as it all passed permitting but where I’m not sure what to do is with our current conditional purchase agreement (set for conditions to be released in less than a week) and the well and septic tank (that up until a few hours ago I thought was only 12 years old) I’m looking for any advice or insight on what my options are for having some leverage renegotiating the conditions including the price but more importantly the building disclosure.

My thanks in advance for your input.

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