Wednesday, May 18, 2011

Inspection Day!

Today is the big day!  Today we find out whether we will actually be able to afford to buy our house or whether we will have to back out and keep shopping.  The sellers have said that they are selling the house as-is and will not make any repairs, so the only good possibilities are: 

1. The house passes inspection and only needs minor repairs that we can make over time as we can afford them.

2. The house needs immediate repairs but they are minor enough that we can afford them with what little money we have leftover from the purchase.

3. The house needs major repairs but the sellers agree to make them in exchange for raising the sales price of the house.  Our down payment and monthly payments would be a little bit higher, but at least we wouldn't have to pay for all the repairs upfront.

If the house needs major repairs before the bank will finance it and the sellers will not make them we will not be able to afford to buy this house.  But from what we know and what we can see the house has been very well maintained, so fingers crossed for options 1 or 2!

The general inspection will take 2-3 hours and will cover everything from the furnace to the roof.  Fearless Home Buyer has a lot of information about What to Inspect and what The General Home Inspection entails.  Today we're also having a sewer scope, which will check to make sure that the sewer line is in good condition and that it isn't connected to anyone else's line.  If there are problems with the sewer or if it is connected we will have to fix it and separate it before we can close on the house.  However, the neighbors on both sides of the house have had their sewers scoped without issue, so we feel hopeful that the result will be good.

Most importantly, Fearless Home Buyer suggests bringing a lot of questions to the inspection.  Along with the suggested questions they provide, here are some questions we plan to ask about this house:
How should we go about opening up the front porch?

How do we best remove the carpet and linoleum from the wood floors?

How can we update the windows to a more energy-efficient option without losing the charm of the original ones?

How can we most easily expand the bathroom and possibly the kitchen?

What will it take to open up the fireplace and make it useable again?
We'll be asking these and many more questions today, and keeping our fingers crossed that nothing scary comes up in the inspection.  If all goes well, this will just be a really great opportunity to learn all about our new house!

If you missed our post about the house, Click Here!

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