So we found a house we like and have a sale pending. It was built in 1973 as were all the houses in the area. Today the inspector found aluminum wire used for all the branch circuits. Basically all the wires in the house are aluminum. I used my google machine to search the interwebs to learn the reasons why it was used in homes between 1965-1973 and why it is a fire hazard. I've also learned how it can be remedied without total replacement of the wiring. There are a few things I haven't been able to dig up and I know my friends on PPOT will solve that.
1. I understand that banks/insurance companies want to reduce their risk and I figured after the housing crash everyone is covering their butts. So most folks living in the area that have not bought or sold a '65-'73 built house in the last 5-7 years have no idea about this problem.
When did insurance companies begin requiring home owners to take action on aluminum wiring?
2. I had an electrician give me a ballpark price of $1.00/sq.ft. to make corrections using the "pig-tail" method. This is based on square footage of the house so the seller is looking at a $2,200 nut to crack. It has to be done by a licensed electrician even though you can buy the supplies at Home Depot.
Has anyone paid to have this corrected and what was the damage?
This is an item that devalues the house so I'll be asking the seller to handle it at the closing. I'll get a couple of estimates to back up my request. The seller is a widower that has been in the house for 10 years so she has no idea that this problem exists. It is up to her realtor to educate her on the problem.
I'll be asking my insurance agent and realtor these same questions but frankly I don't trust them as much as I trust the folks here.
Thanks as always
