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We are in the process of buying a four story four family brownstone in bedstuy. We put an offer on the house, which was accepted, but we are not in contract yet. We knew the elictrica system needed to be updated and had planned 25k for that. We also knew the kitchens would need to be updated and had planned for that money also. We are using a 203k loan to get the renovation funds. We had an inspection yesterday and found that there were substantially more repairs than we had thought. Specifically the plumbing is in severe need of an update, there is no hot water heater, the boiler will need to be replaced, asbestos removed, all the windows need to be replaced. I have a couple of questions:
1. Even though the contracts are drawn up (not signed), is it okay to come back and renegotiate the price. The house has been on the market for awhile and the imspector thought there had been at least 3 previous inspection.
2. Does anyone have any off the cuff idea how much this would cost. I think we would do things like sheetrocking, labor for the kitchen updates, etc. But the bigger stuff listed above is definitely out of my skill level. We need to be able to come back with a specic number, but electricians an plumbers are (understandibly) hesitant to
do estimates and are trying to charge us for an estimate. I am hesitant to sink any more money into a deal that may very well go nowhere.