Let me be brutally honest – the process of buying a house is a huge fucking pain in the ass. I have more understanding and appreciation of why my parents and in-laws haven’t sought new housing (and in my in-laws case, despite the pleadings of several of their children). The process has also made me more grateful that Erin and I never seriously considered buying the 100+ year old 2-flat plus coach house off our landlord in Chicago (by comparison, the house we’re looking to purchase now is a mere 41 years old).
Next Wednesday is the finish line though, of sorts, in that it’s our last day to pull out of the contract without losing our earnest money (1% of the total contracted price of the house).
I specify total contracted price because the value of the house we’d like to buy has dwindled considerably after we completed every type of inspection known to mankind (and my recommendation to any readers looking to buy a house is get every type of inspection done, including a chimney inspection if you like to have a fire). There are clearly things that need to be fixed before we’d even consider purchasing the home, and we seem to be squabbling with the owners over these items. Or rather they seem to be squabbling with us, because as far as we’re concerned a few of the items are non-negotiable.
I’m reservedly optimistic that a deal can be struck though, as the owners have an empty house and in one year on the market we’ve been the only party to step forward with an offer.
Until then it’s wait and see on how much the 2nd contractor’s estimate for repairs is going to add up to be. My guess is, yes, it’s that expensive to do what needs to be done, or at least to do it properly the first time.