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Old 11-29-2012, 05:54 PM   #1
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About to close on a house in 2 weeks and found out that it has aluminum wiring in the house. Insurance companies so far are not willing to insure. Bottom line is should I rewire the whole house. Any response is appreciated

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Old 11-29-2012, 05:56 PM   #2
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If you want the house, I would think it would be a good idea.

No copper wiring...no insurance...no mortgage...no house.

I don't see much of a choice.

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Old 11-30-2012, 02:01 AM   #3
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How bad do you want the house?

Make a point to get some money off from the seller.
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Old 11-30-2012, 03:23 AM   #4
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To completely wire a house is going to be a HUGE cost and will involve electricians, Sheetrock guys and painters, be prepared
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Old 11-30-2012, 07:07 AM   #5
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If you're closing in two weeks, I assume that means you already are under contract for the house. So changing your offer now wouldn't be an option. Does the seller's disclosure statement say anything about the wiring? Did you have a home inspection, and if so, does the inspection report say anything about the wiring?

If you're paying cash, I think you're stuck with going ahead with the purchase since you're under contract. If you're getting a mortgage, you should be able to get out of the contract because of inability to obtain financing - no lender is going to give you a mortgage on an uninsurable house. Such a provision has been in every real estate contract I've ever signed. The only other option I see is continuing to look for a company willing to insure the house.

Full disclosure: I am not a Realtor or a lawyer, and have never played either on tv. But I have bought and sold a dozen or so houses over the years so have experience in how the process works.
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Old 11-30-2012, 07:24 AM   #6
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You may want to check specifically with your insurance company as to what they require. That would mean, if adding AFCI breakers as a first level of protection, along with having the system inspected by an actual electrician, not going by what the idiot Home Inspector stated. Aluminum wiring is only dangerous if the system is not maintained, or people have made changes with the wrong connectors, or not knowing how to work with AL wiring.

Also beware that tinned Copper wiring to rookie Home Inspectors makes them think that it is aluminum, but actually isn't. Can you post the report and pictures from your own inspection report, and what your Home Owner's Insurance agent stated regarding this matter.

Also update your location, which does matter in these cases.
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Old 11-30-2012, 07:51 AM   #7
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Quote:
Originally Posted by keith3189 View Post
About to close on a house in 2 weeks and found out that it has aluminum wiring in the house. Insurance companies so far are not willing to insure. Bottom line is should I rewire the whole house. Any response is appreciated
Are you buying or selling?
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Old 11-30-2012, 08:36 AM   #8
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Iam selling in Ballwin, Mo. With all the research I have done on aluminum and worked at an apartment complex with aluminum wiring, been to school for building maintenance and in the end I can only see one solution for this problem and that is to re-wire the whole house because of the safety factor involved. I already have a contract on this house but my insurance will not cover it so if no finance no house, right? I can't believe the seller won't meet me half way and change it out. In the end she will have to face this music with the next buyer. To say the least , selling a house and buying one is a COMPLETE CIRCUS. No wonder house sales are down. Reap IT.
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Old 11-30-2012, 08:48 AM   #9
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I don't know much about buying houses, I just bought one, but how do you get a contract without insurance or a mortgage? I thought it was all part of the process.
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Old 11-30-2012, 08:52 AM   #10
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Does this seller have insurance on the house now?
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Old 11-30-2012, 08:59 AM   #11
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I don't know much about buying houses, I just bought one, but how do you get a contract without insurance or a mortgage? I thought it was all part of the process.
You don't need either of those things to sign the contract. But you do need them to go to closing. Any contract provided by a Realtor will have contingincies for both items. And most Realtors won't even show you any houses unless you're pre-approved for a mortgage. At least that's how it used to be - we paid cash for our current house (actually, we built it ourselves) so we haven't had a mortgage in years.
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Old 11-30-2012, 09:16 AM   #12
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That's where I'm lost a bit. So the pre-approval is considered a contract? I thought the contract would be when they settled on the agreement to buy/sell.
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Old 11-30-2012, 09:45 AM   #13
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I don't understand why your insurance copy cares. You are selling the house as is. It should be the buyers problem. I'm confused.
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Old 11-30-2012, 09:48 AM   #14
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No, pre-approval is nothing more than the Realtor verifying that you can qualify for a mortgage before spending their time showing you homes you couldn't buy.
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Old 11-30-2012, 10:26 AM   #15
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If you are going to rewire, see if the electrician uses a unit like this.


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