Quick update on the house – Last week was a tough week with the inspection on Tuesday. My realtor warned me that they only tell you the bad parts of the house. Geez oh Pete, the house was built in 1923, so of course there will be things wrong with it, but wow. I walked away completely bewildered and really confused.
Wednesday, my realtor set up an electrician, plumber and general contractor to come by and give me an estimate. Their total (to make it liveable) was surprisingly in my budget, even after the doubling. I was feeling better by Wednesday evening.
Friday I got the news that “The Fairmont” as it shall henceforth be named was appraised for less than the settled amount. Quite a bit less. Which blows open the “appraisal contingency,” basically, my bank will not lend me the agreed upon amount if the house is worth 20K less. And what fool would buy a house that is appraised for 20K less? Not this fool. The seller now gets the choice to take this lesser “offer” or walk away. One thing that helps my cause is that the appraisal stays on the books for four months, so if he goes to sell it in the next four months, that’s what that house will be appraised for, unless he makes major changes, which I doubt he would do.
So it’s a toss up. I should know by Wednesday what he plans to do. I still have nothing to lose here, so I would be fine either way. This house would be awesome, but others will come along if this one does not work out.