Newsflash: Buying with known knob & tube wiring?

Hiya, FTHB here, am looking at a house in a very hot market (Madison, WI) I looked at a FSBO house built in 1928 with my realtor and she noticed that some knob and tube wiring was present in the basement and at least one ungrounded outlet was in the kitchen. The rest of the house seems updated, but I did notice the outlets were upside down in one of the bedrooms. The house needs cosmetic work on the kitchen and bathroom, as it’s very 80s, but functional. New roof, windows and garage in ’05. Furnace is 20 years old, air conditioner is older too and there is asbestos tiles in the basement and the ductwork has it too. In spite of all that, we like the house. It’s in a good neighborhood. How big of a hassle does this all sound because this house is priced like it’s not the fixer upper it is. She won’t go below appraisal and has already had one deal fall through. Are we crazy for even considering this house?

Read more at https://www.reddit.com/r/RealEstate/comments/6dk8qg/buying_with_known_knob_tube_wiring/?utm_source=ifttt

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