So we weren’t able to close today. Due to the issues with the seller getting the utilities on for us to do the inspection and then us getting the loan application started after that, the loan is still in underwriting.
It’s almost done, but we’ve had a couple things requested from the bank that we are getting our loan from, mainly just little things such as a copy of the contract from when we bought our business and new copies of my paystubs, simple things.
New closing date is to be by 01/09/09.
Update. They offered back 4k and that was it. After putting a lot of thought into it my wife and I called our Realtor and turned it down. After some discussions with our Realtor he asked what it would take to make us say yes, and he told him 5k and the water heater replaced, he said he’d get that done one way or another, either having the seller accept it or him paying for the extra 1k and the water heater replacement himself. So we said yes!
It was only about $1,800 difference from what they were willing to offer but it was less then what we had already laid down as what we would accept. Can’t believe we are going to really get the place now! We both felt sick after saying yes, we are really going to be home owners now!
So inspection came and went on Saturday. There is nothing major that needs done except the water heater. But there are a number of minor things that really need to be repaired, roofing, plumbing, electrical, windows, etc. Things that would mount up to probably at least a couple thousand in repairs. Also we got the pest inspection back and it has about $5000 in work that needs done to get rid of infestations and to repair damage (I think a majority of that is because the water heater caused a bit of damage to the firewall of the closet that it’s in).
So we are now redoing a counter offer based off the inspection and the work that is needed to get this house in a better livable condition. We are going to amend the offer to include for them to replace the water heater (the thing is completely shot) as well as give us a $10,000 credit for us to do repairs that will be needed.
Also my insurance company is asking when the work will be done because in this condition they are saying that they might not be able to cover it, unless we are repairing it soon after purchase. Going to sign the new counter offer tonight. Our contingency ends on Friday! If they don’t at least go 1/2 way on the credit we will walk and see what happens from there.
So our extension offer was accepted, so we have an extra 10 days now because of the sellers failure to get the utilities on before last weekends failed inspection.
The inspection is slated for tomorrow morning at 9:30 AM. I already know there are various little things that will need to be repaired, and unless there is some major game changing issue we will be buying this house, but I had a question for all of you.
Since this house is a foreclosure and thus is sold “as-is”, should be still turn in a sheet of things we want fixed before we continue along with the contract? I mean what’s the worst that could happen, other then them saying no and us still end up buying the house.
Anyone have much experience with getting banks to fix things on foreclosures, most of my reading say it’s hit and miss.
Shitty Cars
Get Out of Fail Free
Well the gas and electricity are on, but after speaking with our Realtor we aren’t going to have the house inspected till the bank that owns the property has someone look at the water heater. It’s all rusted near the bottom and the probes appear to possibly be faulty. Good news about this is that they have a crew that checks out houses for them, so we might end up getting a free installed water heater out of this. After the water heater issue is resolved we will have the house inspected. Also on the contingency front, we have signed a request for an extension due to the issues we have had with them getting things ready for inspection. We should be hearing more about that today.
We were supposed to have the inspector by today, but the selling Realtor failed to get Edison and the Gas Company to activate the services, so now we have to wait till Tuesday to get the house inspected. My dad and I walked the house today and took down some notes on what we’ll need to fix/clean/work on before we move in next month. There isn’t a whole lot to do, but it needs a bit of work.
Here are some pictures I took today.