I only have a few short minutes to spend here but I wanted to share an update on the information that the inspector provided.
I had 4 businesses come out to the new house today and give me estimates on the duct job. I had them price removing the current mess, replacing the duct system with new system and installing a 4 ton package unit. The highest bid was $9600 and the lowest bid was $5000. Why the big difference? Because the lowest bid was from a father son team who installed our current system 6 years ago and they don't believe in making a month's salary on one job. Since they are not located in Rome but do service that area and we are already current customers and have sent them several referrals in the past 5 years.....we get the job done for $5K. The equipment and brand was basically the same with each of the businesses - just the labor is different.
I talked with the contractor and we went over item by item on the inspector's report. We evaluated together the validity, importance and expense of each item. He helped me work out a time line for the next 48 months so that all of the items can eventually be completed. We identified the items that are of critical importance and must be completed before we move in. He can handle the support structure issues/repairs and that will add an additional $1000 to the cost of what he has already quoted me. This brings his portion for materials and labor to $4500.
One thing that our contractor said to me that stuck with me and helped me to side with the position that B was already taking is that I will not be able to go anywhere in this county or upper part of this state and find a home for the same square footage and amount of property and buy it and build a house the same size for less than $300K plus some. I won't find the same quality construction that my house has and it will be a headache dealing with building. He expects the cost of building materials to jump a great deal due to the rebuilding in the LA, AL and MS states. He helped me to see that I'm talking about spending an additional $6-$8 K. He echoed what B said - they are just repairs, nothing more, nothing less. We'll work out the money.
I think a good bit of my anxiety comes from some old money issues with my previous marriage. Every time I would get ahead and have savings, he would go in a clean me out. I feel anxious when I think about not having an adequate nest egg or that we're spending money over what we have budgeted. We worked out the numbers this morning at breakfast and discovered that it will be just fine. We will even have $2500 left for things that come up that we weren't prepared for. If we don't use this money - we'll put it towards the priority for next year and get started with that list.
I spoke to our buyer's agent. The electricity and water will be back on tomorrow and switched to our name the day of closing. We schedule the utilities sometime next week. The guys doing the duct work will clean out the day of closing and then come back 2 or 3 days later so that our contractor has time to get in the crawl space to do the support work with the crawl space empty. Once the contractor is done then the HVAC guys can come back and make it all new again and put in that unit. While this is going on - we'll get that kitchen torn out and put that exterior door in. The garage guy (that we are required to use due to the covenants in the subdivision) is meeting me at 2 tomorrow (Friday) to select a door and measure to order. There is a 4 week turnaround time on the door. This isn't what I wanted to hear because I won't be able to store anything in that garage space without a door since we aren't living there yet. I'll work around it.
The lending officer called to tell me that she has a tentative closing date of Friday, September 16th. I asked if there was any way that we could do it on the 14th and she said she would see but no promises. I mentioned to her that I had spoken with several lending officers that I was connected with through LendingTree.com and that one lending officer had quoted me an interest rate of 5.5% on a 30 year fixed. She matched that rate (coming down from a 5.8%) and we locked in at that rate. She emailed me the new truth in lending expenses of settlement cost and we are in excellent shape financially with what we have to come up with at closing. We will put less down to complete the additional repairs but will still be at a 70% loan. Our house payment with escrow will be well within our budget. This makes us both v. v. happy.
Next week I'm focused on preparing for the moving sale. That sale must take place the 9th and 10th of this month come hell or highwater. I wish I had some friends to come for a few days to help me go through the things in the storage unit. That unit will be my biggest challenge. I'll just put the boxes out on the lawn if I have to because I am getting rid of all of those things. My goal is to make enough so that I can pay for our first month's house payment. The last yard sale that we had, I made $1107. Keep your fingers crossed that this one does better than that. We are selling a good bit of furniture this time.
So - we are not withdrawing our offer. We will close in about 15 days and hopefully be able to complete the repairs and remodeling in time to move before we attend our friend's wedding in Wisconsin on the 14th of October.