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Old 02-19-2009, 01:16 PM   #1
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Roofing estimate in home purchase?


My husband and I are currently in the process of purchasing a home. However, the inspection revealed that the roof was at the end of its life, so we'd like to have it replaced. The current plan is to up the purchase price enough to cover a new roof and put the funds into escrow. I am currently working on getting estimates so that we know how much is needed for the escrow account. However, one place I just talked to stated that in order to get the estimate, I need to have the owner present? (She said by law they have to have the owner present/permission to even give the estimate) Its an estate owned home, so I am not sure how feasible this would be. Is this really a requirement? Is it a bad sign that the other company that I called didn't require this? Thanks for any info!

Forgot to add, we are in Michigan :-) Thanks!

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Old 02-19-2009, 01:45 PM   #2
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Roofing estimate in home purchase?


the owner (or estate) of the house is responsibile for any accidents and damage for anyone on the roof.

The contractor you talked to has apparently been through that before. You must get written permission from the owner to be there as a "guest" and cannot make any destructive probing.

You will never exactly know about what the real cost will be until you strip the roofing and see the condition of the sheathing(if it must be replaced). - That is where much of the roofing cost could be in the end.

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Old 02-19-2009, 01:52 PM   #3
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Roofing estimate in home purchase?


I assume the cost of the roof is being figured into the purchase price - IE lowering it. Many banks will not approve a loan where a house needs a roof, they want the roof on 1st. In addition some insurance companies will not insure the house. Make sure you 2x check on this
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Old 02-19-2009, 03:26 PM   #4
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Roofing estimate in home purchase?


I actually already spoke with the mortgage guy about this.. It will be an FHA Loan, and since roofs need decent weather to replace them (above 45 or so at night) and its still pretty cold here (and likely will be until after close) he said that we can escrow the funds for the roof replacement since its weather related. (the escrow idea was his, actually)

The home is being sold as-is, and is still way below its normal value, so we don't figure on too much lowering of the price, if at all.

I will be sure to mention this to the insurance agent when we call regarding home owner's insurance. It will be repaired as soon as the weather clears up. The roof isn't really in super bad shape, its just getting there and we want it done now so we won't have to worry as much about it for 20 years or so. (and its got 3 layers of shingles which I am not comfortable at all with)

In our Purchase agreement, we do have 10 days in which we can get experts out there to inspect various parts of the property (including the roof) So i suppose that should cover basic estimates at least.

Thanks for the help! It is greatly appreciated.
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Old 02-19-2009, 05:02 PM   #5
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Roofing estimate in home purchase?


How big is the house(roof area)?I would just over guesstimate to allow for any unknowns,worst case scenario.Just my 3-cents
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Old 02-19-2009, 06:02 PM   #6
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Roofing estimate in home purchase?


I think its about 12 squares or so... The mortgage guy said that we'd end up taking the lowest estimate and multiplying by 1.5, so I'm sure we'll be fine.
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Old 02-19-2009, 06:54 PM   #7
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Roofing estimate in home purchase?


Quote:
Originally Posted by de_sjiem View Post
I think its about 12 squares or so... The mortgage guy said that we'd end up taking the lowest estimate and multiplying by 1.5, so I'm sure we'll be fine.
why does lowest estimate = best value, job, etc...this is going to be your house right? Your biggest investment? Why would you skimp on one of the most important areas?
just my $.02
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Old 02-19-2009, 06:57 PM   #8
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Roofing estimate in home purchase?


Actually the lowest estimate x 1.5 allows enough to choose a higher estimate
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Old 02-19-2009, 07:11 PM   #9
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Roofing estimate in home purchase?


Quote:
Originally Posted by Scuba_Dave View Post
Actually the lowest estimate x 1.5 allows enough to choose a higher estimate
What if the lowest estimate is way off?
What if the lowest guy does not know how to estimate?
To much credit to a low ball bid if you ask me
A roof with 3 layers will, more often than not, have underlying issues. This will add quite a bit to the cost. Easily eating the 50% mark up.
I do know that I can sometimes be double or triple other bids.

I am just looking out for them that is all. Choose whomever you want just do your homework
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Old 02-20-2009, 10:12 AM   #10
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Roofing estimate in home purchase?


Well I don't necessarily intend on taking the lowest estimate. Its just the lowest estimate is used to figure out what goes into escrow. I intend to chose who does the best job, and has the best ratings etc. Hopefully the two aren't too far off. If they are, I might just get another estimate. However, both companies who are giving estimates have been around for at least 30 years, both are at least A marks in the BBB and have come recommended. I am hoping they know what they are doing. But before I hire either of them I will definately do my homework since its easier to deal with now, than a leaky roof 5 years down the line.

Again, I appreciate all the help Will be coming back for help on choosing the correct roofer Thanks so much!!
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Old 02-21-2009, 06:58 AM   #11
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Roofing estimate in home purchase?


Keep in mind the 'material' cost increase, prices are rising by and average of 10% this month here in my area.

12 square on a home normally means steep roof slope,
3 layers of existing roof normally means wood work, complete sub & counter flashing replacement and most likely gutter work.

I would make sure all/any estimates you get are itemized,
so you know exactly what their price's cover.

Congratz on your new home.

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