Keith
1 - 20 of 27 Posts
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.
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.
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.
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.
Joined
·
1,844 Posts
Are you buying or selling?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
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.
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.
If you are going to rewire, see if the electrician uses a unit like this.
http://www.youtube.com/watch?v=x920gPEkWhQ
http://www.youtube.com/watch?v=x920gPEkWhQ
Joined
·
6,041 Posts
I cannot see why the insurance company can do this as the wiring is compliant then and it is now. There is no law or rule that makes AL wired homes un-insureable. In fact, how do the thousands of other home owners get insurance? You are not the only person to have a house with AL. There are plenty out there and they are insured. Maybe you just need new insurance quote.
I am asking?
I am asking?
Joined
·
350 Posts
Sounds like you need to have an electrician do an inspection. Aluminum wiring can be quite safe. Search this forum for 'aluminum', there are several informative threads here.
Home inspectors, as much as some of them might like to think so, are not electricians.
If you have a licensed electrician (or better yet, the local electrical inspector)sign off on the wiring, I don't see how the insurance company can refuse you.
Home inspectors, as much as some of them might like to think so, are not electricians.
If you have a licensed electrician (or better yet, the local electrical inspector)sign off on the wiring, I don't see how the insurance company can refuse you.
Of course they can. They're private businesses and can do whatever they want. It's the same as when I had a muscle car back in the 1970s. Even with no accidents or tickets, I had a hard time getting insurance for it. Why? Single, under 25, in the military, and a high performance car. When I was transferred to MA, I was able to get basic liability because it was a mandatory insurance state (many were not back then). Cost me $700 a year for a $3,000 car. BTW, I'm now 65 and still have not had an accident.
Keith is buying, not selling.
His offer has been accepted by the seller, but like most real estate offers, completing the purchase (the "closing") is contingent upon (amongst other things) his obtaining a mortgage. If he can't get insurance, he can't get a mortgage.
Without insurance and a mortgage, the purchase will fall through (not be consummated). Whether Keith will get his hand money back probably depends on how the contract offer was written.
Joined
·
11,194 Posts
Have you specifically asked about aluminum wire with AlumiConn repair ?
Here is a link to companies that accept it, at least in some states.
http://www.alcopstore.com/insurance-companies-who-accept-alumiconn/
Hope it helps.
Here is a link to companies that accept it, at least in some states.
http://www.alcopstore.com/insurance-companies-who-accept-alumiconn/
Hope it helps.
1 - 20 of 27 Posts
