Well, it's Friday the 13th, that's for sure!
Let's see...I woke up to a snow storm. But I brought my laptop home last night so no worries there. In fact, It's 4:30pm and I'm still in my pjs. I haven't a clue what I look like either. O'well!
Secondly...I started my period. Major bummer with major cramps.
Thirdly, I decided to walk away from the house I was buying. The seller was being unreasonable. Am I gutted? Yes. Is it for the best? Yes. There were a number of repairs that needed to be made after I paid over $500.00 for the inspection but in the end, the seller was only willing to pay for 2 $1.00 jobs that take no more than 10 minutes to fix. For example...in this historic home, the seller still had active knob-and-tube wiring that is considered dangerous these days. I could not find any insurance companies willing to take this house on and the home inspector said the bank would have a concern with it being active. So naturally, I brought up these very valid concerns to the seller. Essentially, the seller will run into this problem with anyone who is trying to buy a house with a loan from the bank. How many people do you know that can just pay cash for a house these days? ...Yeah...that's what I thought. Also, major mechanical updates were needed. A new furnace, a new hot water tank, new electrical updates and panels were needed to comply with code, there was no insulation in the house, windows needed updated, etc, etc, etc, etc.... I was willing to tackle most of these but needed the active knob and tube wiring to be repaired prior to closing. But no. The seller isn't budging. So now I'm in the process of having my realtor draw up a mutual release form. Structurally, the house is amazing. But I just couldn't see myself paying for a bank appraisal when all parties know the bank will turn around and want some repairs done from a seller that won't budge. Nor am I willing to pay out the roof in insurance costs (that is, if I could even get a good insurance company to insure me). But hey...learning lessons, right? I know what to look for when I go on my next house search and I'm much more informed about the difference in mechanical systems, age, brand, purpose, etc.
Then the seller suggested the active knob-and-tube wiring "probably" wouldn't be an issue if I went with a conventional loan instead. That would mean I'd have to pay 20% of the cost up front. Why would I do that when there are so many other updates needed. I'm not going to tap into my emergency reserve to make updates on a house that should have been made prior to going on the market. Just saying... nice try, dear seller. It's your problem, not mine.
A girl's gotta stick with her gut. I stand proud knowing I made a wise decision today.