Am I going to be screwed?
I am in the process of closing on a 50 year old home in NJ. Tentative closing date is 10th of next month. Attorney's review was completed on 08/19 and I did home inspection on 08/30. Things got delayed because of Irene. Inspection report has all sort of small problems typical of a 50 year old house but few things stood out. There was mold in the crawlspace because of stagnant water there. Home inspector advised me to do a mold remediation and re-grading soil around the foundation so water can not get into the crawlspace. I immidiately reported this matter along with an other problem of worn out service entrance cable to the seller's attorney.
They took a week to acknowledge saying they had a bad computer problem. It took them another week to respond that they will fix everything (mold in crawlspace/regrading soil/replace service entrance cable). Another week passed and I was informed today that they are willing to give me cash credit at closing instead of fixing all these problems.
The seller is saying that she will get a quote for the mold remediation work as well as re-grading if necessary. I am highly suspicious that they will hire a third grade contractor to generate a quote and try to lowball me on repair costs. I really want this home as fits my bill perfectly but it can cost me quite a bit if I have to take care about every pending problems. Do you guys have any suggestion to handle this situation?