We have been back and forth with the sellers and it seems somewhat likely this house purchase is going to fall through. Today is the current deadline for Jeff and I to back out without losing our deposit, or to extend the inspection deadline. We're trying to extend the inspection deadline so we have time to adequately respond to their counter we received last night at 8:30PM.
Last week we asked the sellers to reduce the price another $15K. We had a eco-cool builder out there and he gave us a no-doubt high guesstimate of $60K for the needed repairs on the house. He couldn't see what was in the finished areas and so surely allowed for some unseen damage repair. He was also accounting for the fact that we wanted real, structural repairs, not cosmetic touchups.
This week, the sellers had their person out and he said he could make all the requested repairs for $6K! Really??! They can't be serious. Based on the shoddy roof installation, I guess I shouldn't be too surprised.
So, today we are trying to find another builder satisfactory to all parties who can go out and give a "real" estimate to repair the foundation damage and the pest damage. But if the sellers won't extend the deadline for us to do this, then we'll just sign a document backing out of the purchase tonight.
This is very disappointing for us. We've been seeing a light at the end of a tunnel, but it turns out it was a train (again).
You would think it would be easier to buy a house... I guess my expectations are just too high. Unfortunately, I have an affinity for historic fixers because then I'm not paying for the previous owners remodeling, but then I expect the price to reflect the unimproved condition. We're not finding that to be the case.
Update at 8PM:
The sellers extended this transaction until Wednesday. So, this transaction marches on. Our realtor is going to go out on Monday to meet their realtor's recommended contractor to hopefully get a firm estimate for what the foundation and pest repair would cost. We don't trust the seller's guy.