Aug. 21st, 2014

Well I spoke too soon. A week ago Sunday we made an offer, did the negotiations, and came to an agreement; and then we went into the 12 day "withdraw at any time" period. Last week Wednesday the hubby was there when they did the inspection. And of course the inspection report comes back with all sorts of issues, but several of them raised a number of flags.

Basically the house hadn't been renovated much at all. They had done a nice job with the counters and cabinets in the kitchen, but the electrical was funky--not seriously problematic, but needed some fixing. The crawlspace under the house had standing water, which bothered us a lot. There were lots of little things with the roof, dry rot around the windows, and the various appliances like the A/C and water heater were within a year of dying.

So last Friday we made a revised offer, and they didn't come back to us until Monday, basically not giving us the info we wanted about the AC unit. We made one more offer/request, and they came back saying no. So we ran the numbers one more time, estimating how much it would cost to do all the expected repairs, on top of paying the new mortgage and the original mortgage until we can sell the house (at least 6 months), and it didn't work. We withdrew the offer yesterday evening.

Of course, today they came back to us matching our last offer, but it's too late/not enough, once we figured out how much fixing the crawl space etc. would cost.

So we get to try again next spring--when the interests have gone up, and who knows what will be available. But we need to have a buffer on top of the downpayment, because any house will need repairs of some sort, so we need to wait.

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jaipur

August 2015

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