Red Flag or Normal?

Knob-and-tube wiring

DRAFT: severity and verdict are pending review by a licensed inspector.

Electrical Severity: Further evaluation

What it means

Very old ungrounded wiring with aging insulation.

Negotiate or walk away?

Get insurance and electrician input; rewiring is expensive.

Who to call

Licensed electrician

Typical repair cost

$6,000–$20,000+ (full rewire) (source). Get a local quote.

General information, not a substitute for your own inspection.