Well, as I predicted in this post, negotiations started up again when we gave the list of requested repairs to the sellers. At first they flatly refused to do any repairs. Now, normally if you know you are not in a position to do repairs/don’t want to do them, you list the home as being an “as-is” sale, so that buyers can factor that in to their offer. Since this house wasn’t listed as-is, we immediately called their realtor to figure out what is going on. It sounds like they are just being really inflexible on how much money they want to get out of this house (even though we’re the only offer they’ve had in 3 months.) Knowing that we are their only offeror coupled with the fact that we already have money sunk into this process for the home inspection, we made a counter-offer of raising the purchase price slightly if they take care of the all the requested repairs.
We felt comfortable doing this for a few reasons: the price on the house is still good for the neighborhood, it won’t drastically affect our monthly mortgage payments, and of course, we don’t really have the cash to do the needed repairs before moving in. The biggest item on the list is the roof, which will cost around $8,500 -$10,000 to repair (ouch!). It’s not falling in or anything, but it’s as old as I am (26) and the shingles are so old and worn that it really needs to be replaced before it becomes an issue. The estimate to get the two trees in back removed came in lower than expected, so hopefully that will give us some flexibility (although “flexible” hasn’t really been an adjective I could use for the sellers thus far…)
Of course, if they decide to reject our offer, we had to come up with a Plan B. We’ve decided that if they are going to reject our entirely reasonable offer this time, we’re just going to walk away. In fact, the hubs went out on Saturday to look at other houses while I was in Omaha for my best friend’s wedding shower/bachelorette weekend 🙂 We are absolutely serious about not making more concessions than we already have in this process, and as much as it would suck to start over again, we may need to. We have the home inspection contingency in our contract, so we would get our earnest money back and only really be out the cost of the home inspection and possibly the appraisal our lender was supposed to do (we’ve been receiving conflicting information about whether the appraisal was actually done already or not. Since the sellers originally said they wouldn’t do any repairs, we asked that the appraisal be put on hold until we reached some kind of agreement with them but we’re not sure our lender got our request in time to stop the appraisal; we decided to try and get it held for the moment because it doesn’t make sense for us to pay for an appraisal if we know we ultimately won’t be able to reach a compromise with the sellers.)
From reading lots of other blogs, I know that these are pretty common bumps in the buying-a-new-house road. Anyone else get frustrated during their house hunt/purchase process? Tell me it’ll all be OK!
Instead of ending on that decidedly tense note, here are a few new photos of the Horrible Hound 🙂