Repair or reduce: a seller’s dilemma

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Q: I own a home that I inherited from my grandmother, so I don't owe very much on it ($30,000). I've always kept it up and my grandparents did, too. I'm engaged now and need to buy a bigger home, so I am in the process of selling my house for about $250,000. The buyer's pest inspection report quoted about $70,000 worth of repairs that needed to be done! Most of that was to replace framing they said was bad behind the stucco. I don't have that kind of money, and I was counting on the money from the sale to put down on my next house. My agent says that any buyer is now going to want the work done or they'll want to pay a lower price, but I can't really afford to do it. What is your advice? A: Older stucco often has cracks that allow water to breach the surface and rot out the structural framing beneath. Strangely enough, it is often the "pest" inspectors (who, more precisely, actually look for all wood-destroying organisms or conditions, including water and rot) wh...