Saturday, June 21, 2008

House Update

First and foremost - CONGRATULATIONS TO THE BOSTON CELTICS! That was beyond exciting! I wish I had been able to go to the parade, but since paring down to a 4-day workweek, I try not to ask for more than I need from my employer.

Secondly, we are inching ever so closely to buying the house, but it isn't easy. Is it ever? We had a mold specialist come into the home yesterday to take samples from the basement where there are 2 distinct patches of mold. One of the patches contains a number of different types of mold, and a small amount of it is toxic. This is not good news. It means that the basement must undergo a remediation. And the question now becomes: Who is going to pay for it? It's a small area, which is good, but all mold remediations are expensive. They start at $1000. We've already negotiated with the seller to absorb full closing costs and he's come down a considerable amount since his initial asking price. We've asked him to deal with some electrical and plumbing issues that our inspector identified. We are wondering how much further he's going to be pushed.

It's in his best interest to take care of the mold because if he refuses and we back out of the deal, the mold must be disclosed to all potential buyers and in this market, ain't nobody gonna select a home that has toxic mold in the basement, no matter how little.

It may also be in our interest to pay for the remediation, because we've already invested $1000 in testing and assessment. We would be able to retain our deposit (as toxic mold is a serious enough problem to merit our backing out of the deal), but we would lose all the upfront $$$.

I am thinking that if he refuses to deal with the problem, we can ask if he would go in for half. Or possible a full/partial credit at the closing.

Either which way, the mold is outta there before August 14th. My agent is working up an extension right now for the final Purchase and Sale.


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Blogger Caitlin said...

It sounds like even if you have to pay for the mold work, you've already made out like bandits with getting the price reduced and closing costs covered! I am in awe of your abilities. We were total idiots when it came to that stuff. Couldn't get the price down and didn't get anything covered for closing but they did fix some very minor electrical things before we moved in.

Either way, it seems to me that you're doing great with this! I can't wait to see it!!!!

June 21, 2008 at 7:56 PM  
Blogger Kim said...

Thanks, Caitlin! We've got our work cut out for us (translation: remodel bathroom and upstairs bedrooms), but we are really psyched! I hope this mold biz is quick and painless.

June 22, 2008 at 4:47 PM  

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