Before I go on to discuss the repair items, I learned something about the Seller that somewhat irritates me. The Seller purchased the home in 1997 for $180,000. In 1999, she was let go from her job that she had for 17 years. She was unemployed for 2 years until 2001. Her next employment only lasted 1 year. The Seller was then unemployed for another 3 years until 2005, where again, she was only able to maintain a job for 1 year. She's been essentially unemployed (or "self-employed") ever since.
In August 2006 (hopefully during the time she was gainfully employed), she refinanced her home to the tune of $375,000. In March 2007 (during her unemployment period), she took out a 2nd mortgage in the sum of $73,000, probably via a NINJA ("no-income, no-job application") loan.
I know I have no right to judge the Seller because I don't know her entire story. But considering that she's had a spotty employment history since 1999, I can't help but to think she was either greedy or irresponsible for refinancing, rather than selling her condo. Personally, if I wasn't confident about having a steady income to repay my mortgage, I would sell my condo. I certainly wouldn't take out a 2nd mortgage during a period of unemployment.
Had the Seller sold in 2006 or 2007, she could have easily sold for $483,000 - $508,000 and broken even or even made a small profit. The Seller instead chose to live off of borrowed money despite her unstable income. She spent $0 on maintaining the condo and it shows. Every repair item that I know I have to make due to "lack of maintenance," sticks in my craw. I guess it infuriates me because I should've asked for a bigger discount during the negotiation. *Sigh* Live and learn, I guess.
Oh... and did I tell you that the Seller is going to get rewarded with an additional $3,000 from the HAFA program? Oh righty. I'm finished ranting and raving.
Anyhow, here are some of the issues the inspector found:
- Broken garage door hardware;
- Corroded pipes underneath all of the sinks;
- Chipped kitchen sink and broken garbage disposal;
- Damaged fire door;
- Leaky bathroom faucet;
- Dirty and unmaintained air conditioning unit;
- Dirty and unmaintained heating unit;
- Unsealed platform at heating unit;
- Rusted and discolored burners at heating unit;
- Vent pipe at water heater stained;
- Various locations of drywall damage;
- Various locations of ceiling damage.
I'm a bit nervous now that I've underestimated what it would cost to make my unit "move-in" ready. I'm getting a dose of home ownership reality before I've even closed.