Part Two - Under Contract

After making our offer and quickly being told that at least two other offers came in the same day, we increased our offer several thousand dollars.  The bank countered - we countered - they countered - and we accepted.  Even after we were under contract I was still wary.  We'd done this many times before and in the end we would back out because it just wasn't right.  There was still so much to be determined.  What was the condition of the well and septic system?  How hard would it be to fix the pipes?  Would the inspection uncover a major flaw? 

After the pipes broke the the bank winterized the property and the water couldn't be turned on unless the pipes were repaired.  We knew that an inspection was absolutely necessary, so we paid the plumber $450 so the we could turn on the water.  This would be the first of many things we would pay for before we even owned the house. 

A few days later we received great news from our loan officer.  Once they plugged everything into the computer it was determined that all we needed was a 25/75 appraisal.  This meant that they only needed an appraiser to go out and take a picture of the outside of the home.  We were relieved because that meant our appraisal wouldn't be "subject to" the necessary repairs especially the drywall damage in many rooms of the house.

Everything was going along smoothly and then we received bad news.  Once all the paperwork went to the underwriter he/she decided that actually they did need the full appraisal - one week before we were to close!  That weekend was VERY long as we waited to hear the specifics on what needed to be fixed.  The appraiser went out on Friday and decided that he was unable to appraise the house in its current condition.  We waited all weekend to find out the news.

Here is what he wanted us to do before he could sign off on the appraisal:

Fix Drywall
Fix Window in the basement
Replace Light Fixture in the Kitchen
Put a doorknob on the back door
Replace cover to the heat registers
Install faucet in the kitchen
Clean the stain on the carpet

When my agent read these requests she couldn't believe it.  She has never seen such a picky appraiser.  As she put it, "people buy homes with stains on the carpet all the time.  If he doesn't like the stain put a rug over it so he doesn't have to look at it."

How would we get in all done in time for closing?  How could we put another dime into a home we didn't even own yet?

To be continued....

Posted by:  Bekki