Outdated Electrical System = Mortgage Issues?

Hi all –  We are thinking of buying a house with an ancient fuse box that should be updated. Everything is up to code, but our inspector told us that a lot of banks are unwilling to lend against properties with outdated fuse boxes. Has anyone had any problems with this? (Or, conversely, had smooth sailing even with an outdated fuse box.) Upgrading it will be our first step when we buy the house. Thanks!

brooklynbound

in Mortgage 12 years and 10 months ago

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jeanna | 12 years and 9 months ago

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we just purchased and old home with a federal pacific electricl panel (major no-no these days), which we were immediately told by our inspector, would need to be replaced.  we got our mortgage through chase and not once did that box get mentioned on the appraisal or anything.  we just closed last week and are in the process of getting it updated as well as all the outlets in the house…etc. good luck!

shahnandersen

in Mortgage 12 years and 10 months ago

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25 years ago our bank required that we replace the 20A service fuse box with 100A (minimum) service before they would give us the loan.  However, they didn’t require some of the things that the seller had agreed to pay for such as termite service.  So we made a trade with the seller, we would relieve him of some of the things he had agreed to, if he would do the electrical work.