We have entered a very critical stage of our home purchase. All is going well with the mortgage company and the title company and yesterday we submitted the Buyer's Inspection Notice and Seller's Response (BINSR) form. The seller has 5 days to respond with actions they will or will not take to remedy problems we requested to be fixed. The list is huge and we have concerns that the seller may balk at performing the requested actions.
Actually, we lost some enthusiasm following the inspection as we realize that the home has never been upgraded in any way. We knew about most of the problems and that is why the home was attractively priced. We feel now that the costs for upgrading to the point we want may be prohibitive. For that reason, we are preparing ourselves to walk away from the deal if the seller balks at performing repairs. They have 5 days to respond to our request and we will cover other bases in the meantime. Those bases include: determine the cost to withdraw and find out if we could get some credits from the inspector and title company for changing the home to another in the event that happens.
We will discuss the options with our agent this morning and agree on a plan in the event that this home falls through as a result of the inspection report...
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