The contractor gave us his new bid! This addresses all the concerns that the City Housing Inspector had. And man, did he have concerns. Apparently, the galvanized plumbing in the house needs to go. All of it. Which is ridiculous. It's not dangerous, but there's no recourse. So what will these paltry little expenditures add up to? An additional 10k. There's a dent in the keyboard from where my jaw hit. Now that our rehab loan is over $35k, we need to have a 3rd party HUD consultant, which will cost another $1000. How did buying a cheap foreclosed property get so expensive?
The realtor sent an amendment to the seller, telling them they need to knock $10k off the purchase price. We'll still have to have the HUD consultant, but the overall mortgage should stay the same. We've sent the new bids to the city inspector and the mortgage guy. The contractor guy is getting nervous, because if the seller (the unfeeling megabank) says no to the amendment, we might just walk. Which is a sad proposition, and makes me feel very tired at the prospect of trying to find *another* dilapidated forclosed home. I think NPR needs to do a story on the true cost of buying cheap foreclosed homes. I guess there isn't such a thing as buying a house for $30k. So.....stay tuned. The seller (the unfeeling megabank) usually takes about a week to answer any questions we have. In the meantime, I will delight you with puppy photos!
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