Jon Wanberg Expert Advisors Group
Home Inspections Electrical
Today, we’re going to be talking about why you would want to do a trade-specific inspection after you have your regular home inspection done to confirm what’s going on with your property.
Sometimes when the home inspector comes out they will identify a problem and will let you know that there’s an issue. But, they don’t usually go into the actual cost to you, the buyer, or how difficult it is going to be to repair or remedy that item.
So, today we’re going to be talking about, specifically, the electrical system and the one issue that comes up over and over again: the issue with Federal Pacific electric panels.
Federal Pacific electric panels have been in homes for years and they stopped using them years ago. If you have a house that was built in the ’50s, ‘60s or ‘70s, very often they will have a Federal Pacific electric panel which has been proven to cause fires on properties.
Click for more on Federal Pacific electric panels
So, if you have that panel, your insurance company is going to have an issue with insuring your property. It’s either going to cost you a lot of extra money to get the property insured or they will just flat-out deny it and will refuse to insure the property at all.
So, you don’t really know how much this is going to cost… is this $1,000 issue? is it a $10,000 issue?
And, that’s why, at that moment, you’re going to need to do an addendum to request additional time in your buyer’s inspection period. The addendum is going to say that the inspection period will be extended by 5 days to allow an electrician to come out and remedy it or give a price on the cost of repairing this item.
The electrician will come out and let you know if you need to rewire the entire house or just swap out the panel and how much it is going to cost.
That way, you have the opportunity to:
- negotiate that with the seller
- request the seller to repair it
- choose to repair it after closing
- cancel the contract and find a house that doesn’t have that problem
Click for more about the dangers of faulty Federal Pacific circuit breakers
If you have any questions about an electrician that you might want to use or one that we’ve worked with in the past, fill out the contact form or go to expertadvisorsgroup.com and we’ll be happy to get you the information or the referral that you need and make sure that you can get that handled quickly.