Deciding Whether to Buy a House That Requires New Furnace System Installation in Binghamton NY

by | May 9, 2018 | Plumbing Services

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Some houses are listed for sale in “as is” condition, and the sellers are not going to lower the price or provide cash to the buyers because of any problems with the property. They may or may not disclose problems they are aware of, so a home inspection before closing is crucial. One issue that is not so easily disguised is a nonfunctional heating system. Furnace System Installation in Binghamton NY may be necessary soon after the purchase is final.

Buy the House or Walk Away

The prospective buyers have the option at this point to walk away or to buy the house and include new Furnace System Installation in Binghamton NY in their costs for the property. The sellers are essentially saying “take it or leave it.” If they are in no hurry to sell, they don’t mind waiting until somebody likes the place enough to buy it even without a functioning furnace.

Not a Deal Breaker

For many people, needing to buy a new furnace right away is not a deal breaker if they love the house. If there are several other issues and the buyers don’t want a fixer-upper, they can keep looking. If the home inspection verifies that this is the only real problem, then factoring in the extra cost may well be worth it.

Mortgage Considerations

One primary concern may be finding a bank that will lend money for a mortgage if the furnace has been red-tagged by a heating technician. The red tag means the furnace is no longer safe to run, usually because it has become a carbon monoxide hazard. The technician shuts off the natural gas supply to the furnace, but unless the utility company shuts off the supply as well, it’s technically possible for a homeowner to get the furnace running again.

In any case, banks may be wary of lending money on a house that has no heat or access to natural gas. If everything else about the house is appealing, the buyers might work out an arrangement in which the mortgage is contingent upon new furnace installation by a contractor like Fancher Appliance. If they pay cash for the house, then this is not a concern. You can also visit them on Facebook.

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