Nightmare on Luwana Lane

The house buying process is becoming a nightmare! Despite my best attempts to be patient & keep my hopes high, this process has become WAY more complicated than I think it needs to be.

So, you already know that they accepted our offer, which we were really excited about, and we had the home inspection done on Saturday morning. The home inspection revealed several things (as to be expected in a home that age) but our main concerns were the costly & dangerous items that the inspector found. The HVAC unit and the hot water heater would not come on at all (and those are VERY necessary, but probably just need to be repaired), the whole house still has galvanized steel plumbing (may last another 10 years, but not healthy and needs to be replaced completely, but can be done later if we had to wait), and most importantly....the electrical wiring was "funky" (not kidding, he actually put that word in the inspection report!). So, in this case, "funky" means that the electrical done in the addition/enclosure of the house was kind of a "handyman" special and in the original part of the house he found old cloth wiring....NOT safe!! Sooo, even though the house is a foreclosure and being sold "as-is", in this kind of housing market you have to ask. We explained to them that the only way the house would qualify for an FHA loan is if they fixed the electrical and HVAC unit (leaving us to fend for ourselves on the plumbing). They said they would fix the HVAC, but not the electrical. They were getting ready to terminate the contract when I asked them to give me a little more time to see what our other lending options were (I'm currently reading about the FHA 203k loan).

 ~~Keep in mind, all of this is happening through entirely too many emails, calls, and texts over a period of entirely too long!!~~

Oh, and did I mention that the selling realtor actually told me that if we walk away that they are going to lower the price again! So, a logical person would say, "Well, walk away, let them lower the price, and then put in a bid again." Sounds reasonable and that was my first thought, but *luckily* I watch a lot of HGTV and so I know that they will probably lower the price and hold offers to start a bidding war and end up finding a cash or conventional loan buyer who can close much faster :( 

I'm SOOO frustrated and the only thing that keeps me from throwing in the towel is the thought of having to start this process over again! We're still in limbo on what we're gonna be able to do and the thought of possibly having to walk away is breaking my heart! I can see us being happy there for many, many years....if we get it. Keep praying for my sanity!