This September will be 6 years together. And possibly a new house. We made the offer today. Low, but that gives us room to negotiate.
update 5/9/14 ~ Owner countered with a slightly higher offer, we immediately agreed because it's still an excellent price. Unless that home inspection turns up something horrific, we're home-owners. But everything depends on the home inspection. Fingers crossed. It's such a lovely home.
update 5/13/14 ~ Home inspection scheduled for Thursday with a guy with a reputation as "the Deal Killer." I don't know if he gave that moniker to himself or if he's earned it. But I wanted a tough inspector & I may have gotten one.
5/15/14 ~ Really solid, thorough home inspection that did for sure turn up several immediate fixes. Some big ones. Like, "I hope the house doesn't burn down" fixes. We immediately have to replace both furnaces and electrical boxes. But many other things are a-ok, and I don't think there are any hidden horrors. There are always surprises, but nothing here seemed out of the norm for what I was expecting. I do, however, believe that once we start fixing these big issues, we're going to hit a cascading domino effect of small, interconnected problems.
We disclosed our inspection report to her--to justify where we're coming from in terms of the price drop we've declared as our final offer. Which means she's now aware of all the problems & the ball's in her court. She has two choices: sell to us and wash her hands of the home's issues, or, walk away from our offer, make repairs--and put it on the market at a higher price. She won't recoup the repair costs, but everyone has different priorities. She could drop probably 11K into it and get it safe enough to sell. We're only asking for that price difference. We'll need to drop at least 20K into the house immediately. Our higher cost includes not only adding (safe) heating back into the home, but to further add A/C. And that doubles the cost. We're not asking for that, obviously. But we do feel it's worth the extra up front for us--in terms of comfort and future re-sale value.
We have no wiggle room here. Committing the 20K + taps us out for negotiation. If she says no, I will be sad to walk away from this home, but there are other places out there for us, and we will surely find them.
5/21/14 ~ Seller has decided to replace several of the big-ticket items: scary, dangerous electrical panels, both furnaces as well as the driveway (the grading was dumping water directly into the house--and our neighbor's backyard drains into the drive, compounding the water issue). We'll split closing costs. All this is very fair. Now, we had wanted to replace the furnace AND add AC. But, once we're moved in, we can see how necessary AC is. Maybe make it though this last part of summer--and add the AC next year. With at least a few of the big ticket items either totally fixed--or made tremendously safer and to code, it gives us more breathing room to work on other items. Like the gutters.
6/25/14 ~ So, today, Wednesday, was our original closing date, but the seller didn't get all their paperwork in on time, so we've had to bump it back to Friday. Would just be nice to be done with it all--and that's really where my low-level anxiety stems from. Would like one process completely done, so we can move forward. But, we're contractually obligated to stay in our rental for another 3 months--so a few delays don't matter. And the next 3 months will be tight.
Meanwhile, I'm doing a final walk-through at 4:00 to check on the changes the seller made. We'll get receipts and warranties for this work via our realtor once the home is officially ours. And we need to get utilities set up and transferred so there's no interruption of service for the current tenants. Plus, today I should get verification about precisely when the lower tenant is moving out. Crucial in terms of my plans to work on some area in that level, as well as when I can start moving small items in. In fact, that was the delay. The seller didn't get the vacate notice in on time.
6/27/14 ~ Going to own a house today.