— 13 November 2002 —
The inspection and radon test were on the 11th of November. Everything went pretty well. For the radon test he left the detectors in for 48 hours, taking a reading each hour. We got 1.9 picoCuries. 4 picoCuries is the upper limit, and is like smoking 20 cigarettes per day. I think it must be an exponetial progression because even though 1.9 is half of 4 it isn’t the same as smoking 10 cigarettes a day.
The big things that need to be fixed are a new water heater, water pressure when the toilet flushes (which takes about 15 minutes to refill) is next to nothing. The seller has agreed to fix this. The roof will need to be replace within 3 years, 5 years if we vent the attic which needs to happen regardless. Hand rails need to be installed on all stairs, which the seller is installing.
The furnace is past it’s prime, but still works very well. The inspector turns on the heat high and in 5 minutes it was uncomfortably hot. And it was about 40 degrees (f) outside. The gutters need cleaning, and gutter guards attached. Painting needs to happen. Which brings me to the appraisal.
The appraisal is different than the inspection. It covers similar things, but not as in deapth. One thing they look for is lead-based paint. The appraiser said there is no need for a required repainting as the facing paint is not lead-based. However there could be lead-based paint under the facing paint, so since the paint is peeling we will need to repaint this coming spring/summer. And we will have to bear the cost. In our original deal, the seller was to pay 6000$ to repaint, but only if required. So now we foot the bill.
The upside is that we also met the bank guy. He mentioned a new financing option that gives us money back at closing, and gets the seller to replace the plumbing and install handrails. Cool. This thing called Ameridream is a charity that the seller gives 3.75% of the purchase price to. They in turn keep the .75% and give us the 3%. Crazy. I think it should be tax-deductible for the seller, too. So that 3% is what we would be paying in closing costs, and since we already gave 500$ in earnest money, we get that back plus a bit extra.
And we locked in at 6% fixed rate. The rate will actually be 6.5% because of the private mortgage insurance (PMI). But this is doable for us. And the big thing is that we don’t have to have cosigners, which is something we thought we would have to do when we started all this (only a little over a month ago).
December 6th is the closing date, and a house-warming on January 18th. If we know you, you are invited. Email me if you want to come.
When I get all the reports, I will scan them, PDF them, and post them here. The inspector’s (not appraiser) report is about 45 pages long. When I asked him, while signing his 450$ check!, if the place was ‘salvageable’ he said, “Oh definitely.” So even though there will be some work on the place I think we are getting a good deal. He said a lot of the things that are wrong wouldn’t be wrong if the current homeowners were into fixing things up. I get the impression they just don’t have the time.
Otherwise not much is happening. Sagan turns 2 in 19 days. And we get to celebrate in a new house. Tres cool.