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Trying to purchase 1st home - thoughts and advice? *UPDATE*

Posted by on Jul. 17, 2014 at 4:56 AM
  • 25 Replies

   So we've found a house, and we have a pre-approval for a loan, plus we have the money for the down payment - we made a verbal offer and the seller accepted, and we just received the paperwork offer and all we have to do is sign and then wait for everything to go through.  

    Problem is, now DH doesn't want to sign because he would actually like to have an inspection done before signing because he is concerned about the basement/foundation (it is a wet basement and we were informed prior to making the offer).  DH just doesn't want to sign & put down the earnest money ($1000) and end up losing it after turning in the contract if the inspection turns up that it is too dangerous for the kids and us to live there (he is worried the basement will cave in). We have until monday to turn in the paperwork and pay the money - so today I need to call the owner and see if we can have an inspection done on Monday (DH only day off) and hope that he just won't pull the plug on us for being difficult.  

   I am stressed about it - I really hope he lets us have the inspection done and that it all turns out ok because then once we close on the house, it will cut our rent by $475!! Which would be super awesome and allow to finally get on track to saving more money for the future.  

   Anybody have any experiences with this (buying or sellling?)

*UPDATE*

After a few messages back and forth with the attorney, and the attorney with the seller - the seller has agreed to allow an inspection prior to us signing anything!! Yay!! Now all we are praying for is the inspector to say that the house is livable and won't fall apart from under our feet and we will be in the clear to purchase the home!  So excited, and very thankful the seller agreed instead of just pulling the plug on us for being difficult :)   I will update again after the update - which should be happening Monday morning :)


~Let go, and Let God~

by on Jul. 17, 2014 at 4:56 AM
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Replies (1-10):
Peephy
by Member on Jul. 17, 2014 at 5:10 AM

BUMP!

Peephy
by Member on Jul. 17, 2014 at 9:17 AM

Bumpiing since it got buried from this morning, lol.  Stress has been keeping me up at night and making sleep impossible, ugh!

Peephy
by Member on Jul. 17, 2014 at 9:31 AM

BUMP!

Peephy
by Member on Jul. 17, 2014 at 9:31 AM

BUMP!

Peephy
by Member on Jul. 17, 2014 at 9:31 AM

BUMP!

Peephy
by Member on Jul. 17, 2014 at 9:32 AM

BUMP!

Bmat
by Barb on Jul. 17, 2014 at 10:04 AM

I am sorry that this kept getting buried. Inspections are very important, so I'd go along with your husband on this. If something is found, frequently the owner will repair it instead of you having to. Also they could take some off of the price of the house because of the cost of repairs.

Peephy
by Member on Jul. 17, 2014 at 10:19 AM

I know it is a good idea, I just hope because of how quickly it would have to be done, and that it would be before we put in the official offer - that it won't be a problem.  And we wouldn't be looking for cheaper sell - it is already pretty cheap - my DH just wants to make sure that it is safe for us and we don't get landed with a home that falls apart on us from under our feet.  I don't know why, I just can't help but be super stressed from it - haha, i suppose trying to buy a home and being in my second trimester might be taking a little bit of a toll on me.

Quoting Bmat:

I am sorry that this kept getting buried. Inspections are very important, so I'd go along with your husband on this. If something is found, frequently the owner will repair it instead of you having to. Also they could take some off of the price of the house because of the cost of repairs.


~Let go, and Let God~

FrankMamma
by Member on Jul. 17, 2014 at 10:26 AM

I've bought and sold quite a few homes over the years. Remember that by law the inspector has to give full disclosure, but also that they are being paid by the seller. States vary as to earnest money and how it is applied, but typically it is paid at this point to prove you are truly interested, it can also count as part of the down payment, but again, laws vary. If I were the seller this would be enough to aggravate me, and may end up being reflected in further negotiatons, remember nothing has been signed but you could be held to the deal because a verbal agreement is binding.You didn't mention if you have a realtor but they are worth their commission because she would be handling this stress now not  you. Spend the thousand.

Peephy
by Member on Jul. 17, 2014 at 10:42 AM

Everything is being done through the seller's attorney.  We know we would be paying for the inspection, and we are fine with that, its just that my husband doesn't want to put down the $1000 earnest money (which in our case would be applied to the % down)  because he would like the inspection first, really only to determine if the foundation is safe for us to live there.  We know the house needs work, and we are more than ok with that, the seller is selling the house at a very reasonable price, so we wouldn't be changing our offer - only taking it off the table if the inspector says that it isn't habitable.  

And what you stated is my fear - I don't know anything about house "defects", nor does my husband, but I understand his concern for our safety especially since we have two toddlers and a third on the way.  But if this causes us to end up the seller just backing out, then I will be sad :(  My husband says that if the seller doesn't agree, that it would be red flag for him and the house, so I'm torn emotionally because from a finacial perspective, it would be a great move for us.

Quoting FrankMamma:

I've bought and sold quite a few homes over the years. Remember that by law the inspector has to give full disclosure, but also that they are being paid by the seller. States vary as to earnest money and how it is applied, but typically it is paid at this point to prove you are truly interested, it can also count as part of the down payment, but again, laws vary. If I were the seller this would be enough to aggravate me, and may end up being reflected in further negotiatons, remember nothing has been signed but you could be held to the deal because a verbal agreement is binding.You didn't mention if you have a realtor but they are worth their commission because she would be handling this stress now not  you. Spend the thousand.


~Let go, and Let God~

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