First Step BREATHE!!!!!!!!!
Yes, I knew I wad going to have to do that sometime.
Do you have a realtor and inspector that you trust? If there answer is yes. Trust them! there is a reason they make the big bucks.
I trust them both to give me information they believe. However, I don't trust them to properly evaluate risk of fiery death in electrical systems. I'm not sure who I would trust with that, probably not an electrician. Those people can tell you if things are installed correctly, but it's not like they are doing research into long term system longevity. The people doing that are possibly legislators who write the building codes (perhaps), insurance companies, and consumer groups. As mentioned above, there are mixed results from these groups.
Addressing your daily freak outs! Houses aren't perfect. they break have issues gain, lose valley and unpredictable. You will do the best you can and things will STILL happen. If you like the house, area and price than go for it. Talk to your peeps, take their advice, process it and move forward. There are things you want to freak out about, but if you freak out about everything your team won't take major things seriously. (i.e. boy who called wolf).
Yeah, believe me I realize no house is "perfect" and I'm not looking for that. If termite comes back with section 1, I'll ask seller to fix. No biggie. If the balcony railing is loose, I can fix that myself.
Many of these issues I have enough information to assess. I know how to read a title report to understand the obligations imposed by easements, etc. I can say "there's X risk the retaining wall will fail, and if it does, the repairs will cost Y". I'm OK with that risk after structural told me the wall is not holding up the house, just some landscaping.
In the case of electrical, as an engineer and a lawyer, I know just enough to freak out, but not enough to adequately assess risk. I can see why aluminum is inferior, and why it can only get worse
over time. Thus, the fact that the house has survived 34 years does not comfort me that there will be no future problems. Nevertheless, more research shows that the post-72 wiring is indeed a much better alloy (old alloys would break after 4-5 flexes).
But I still wonder why a modern builder would use aluminum to begin with. It has no advantage besides price, many downsides, and makes me worry about other cut corners.
For the record, I'm not worried about multi-stranded aluminum in street feeds, just the romex branch circuits running behind inaccessible walls.
Thanks Snackdog for the reference, I will probably see if he can perform an inspection.