Quite a bit has happened since the last Home Buyer Series post. Here’s what has happened since we agreed upon the original offer:
Home Inspection Results
Because the house is 45 years old, our Realtor warned that we would receive a long laundry list of problems from the inspector. She suggested we be present during the inspection in order to fully understand each problem and why it had to be reported.
The inspection took 3 hours out of my work day, but it was worth every second. Thankfully, the inspector was very patient and willing to explain each detail and answer every question we had. Out of the multiple page report, there were only 3 big problems that we wanted addressed before moving forward with our purchase:
- Roof
- Water Heater
- Valve for Sprinkler System
More Negotiations
While the sellers’ were happy to have their insurance company pick up the tab on a new roof, they initially balked at replacing the 14 year old water heater and installing the water sprinkler valve now required by law. Their agent said they absolutely would not install the valve, and since they were purchasing a 1 year warranty on our home, that the water heater could be replaced for the $69.00 deductible upon its demise.
Fair enough, but the day after the inspection we sat down to amend the contract stating that the seller would replace the roof, and replace the water heater. We decided we could let the $400 valve go in hopes they would agree to our other two requests…
Any they did. We will be picking out the color of our new roof tomorrow and they are paying $900 in closing costs to cover repairs/water heater!
Waiting Till Closing
All in all we couldn’t be happier. We’ve signed the paperwork associated with our loan and now it’s time to hurry up and wait. We are scheduled to close on November, 6, well before the 1st time home buyer’s tax credit deadline.
Tips and Advice
Here are four tips that I can give to first time home buyers:
- Find A Good Real Estate Agent (we found ours via Dave Ramsey’s ELP program.)
- Find an Inspector who will take their time and is happy to explain each and every detail until you are satisfied.
- Don’t be scared to push for what you want, but be willing to give a little to get a little.
- Most importantly, Have Fun!
