As I told svelte, it is nice to hear from one of the oldies.
Yeah, the rigidity of the sellers is extreme. I put in an offer of $385k with the seller paying the closing cost. We made the offer and may not be the chosen one, but if we are we will still think hard before going all in.
I do like the home and the mortgage is something I am comfortable with. Our income may put us in a higher bracket of middle class; nothing more though.
The $5k credit, I thought, “Ooh, thank you for your generous counter offer.”. Feel the same as you. Mix that with no repairs will be done and you feel more hesitant and that you are really getting the short end of the stick.[/quote]
Well, if you really like the house, then that’s all that matters. I can’t comment on what I would or wouldn’t do because we’ve all choices based on preference. If you do get the house, I would just make sure that
(1) you make sure with that the appraisal will come through such that you’ll get the loan
(2) you make sure you find a good property inspector to wring that house out. As much as you like the house, you don’t want to get blindsided into a money pit, and it sounds like the original owner isn’t going to be forthcoming in bringing up everything that could be wrong with the place.
If worst comes to worst, walk out. There will always be another house. If you keep in mind you “don’t have to do this”. I it will keep your honest on what you should or shouldn’t be doing.
I’m assuming that the 12 days versus 17 days period is just for inspection, but you still will have a loan contingency thereafter, right? If not, or if you’re not sure, make sure on that. You don’t want to give up on your loan contingency, no matter what.
Because you don’t know how long that will take.. Also, if for whatever reason you find something wrong with the property after the inspection period, there’s been time you can talk to your lender and so that you end up not qualifying for that property, so you can walk out that way. And I know plenty of people that have done that up in the Bay Area too… lol….
