We had the home inspection for our chosen house yesterday. Our chosen house which is owned by two of the biggest douchebags in the Chicagoland area, as is only fitting for this entire real estate experience. There was nothing cataclysmic, but a few things that absolutely need to be addressed, will cost significant money, and must be addressed by the sellers (circuits overtapped to the point they're a fire hazard, leaking gas valve on the water heater, just to name the two biggest issues). We asked that these issues be rectified, in addition to a bunch of other stuff that any reasonable person would agree to fix but these people most likely will not. We also let a LOT slide, including major kitchen issues, since we will be gutting the kitchen anyhow.
We are fully expecting our sellers to tell us they will not fix a single thing. We decided, when we agreed to pay more than our original best and final, that if we were not happy with the inspection, we would walk. Someone else could pound sand for a change. Our two other potential choices both have significant drawbacks, but if it got to the point where we would be making a financially irresponsible decision, we'd take the less-than-ideal houses over this mess.
Seems straightforward,right? Of COURSE it's not! I talked to our loan officer yesterday, and she somehow managed to lock us into an interest rate of 5.99%. It's a miracle! ...but we have to have our contract in the computer by wednesday, and it has to be the contract for the house we ultimately buy. Meaning, we can't put THIS contract in the computer, then change houses, and keep the rate. Our sellers have until monday at noon to respond to our inspection demands, and possibly until tuesday, if their attorney chooses to view Columbus Day as a non-work day (our attorney will be working, but theirs could easily say no). So we'd have to move IMMEDIATELY on our second choice, and just pray to have the signed contract in place in time. Interest rates, as of today, are nearly 0.75% higher than our locked-in rate. This will come close to $100/month.
Now it turns into a complicated math problem, where we try to figure out how long we'd have to stay in the house to have the expense of a higher rate outweigh the expense of the repairs the house needs (answer: pretty darn long), in addition to the questions about how we'd feel about one of those second choices, and making sure we're not having a kneejerk reaction to the assholes selling us the house. Because, make no mistake about it, they are truly assholes, but once we close, they are assholes we never have to deal with again. (well. I suppose that, given both our jobs, we could conceivably have to deal with them in the future, but not in a real estate context.)
We're going back sunday to decide which house is our second choice, just in case. I'm not sure how easy it will be to make that decision, since one house is completely gorgeous and amazing, but on a rotten block with no backyard to speak of, and the other is a very small house which we would ultimately outgrow in several years, on a very nice block with an enormous backyard and, oh yeah, one of the biggest high schools in Chicago located directly across the alley. This? Is why we've put up with so much crap with our sellers thus far. Decisions, decisions.
I'm pretty sure this is interesting to nobody in the world except us.
ICE CREAM! Today I did an experiment, and mixed a 100 calorie snack pack of Chips Ahoy with my daily ice cream. It sounds good, doesn't it? It really wasn't. I mean, it wasn't bad, but I wouldn't bother with it again. That's me: attempting variations on McDonald's ice cream so you don't have to. You're welcome.