2.09.2009

One more step . . .

Saturday night we got word that the sellers have asked us to submit a couple engineers to them. They will pick a couple and then we will agree on one to come out and do the inspection. This is a step in the right direction for sure! Once they have a report that says the foundation is out of spec they will have to fix it. Our mortgage company said they wouldn't finance a loan for a house that is in need of such a major repair and insurance won't cover it unless it's repaired. So, most likely no one else could really get a loan for the house in this condition.

Theoretically they could decide to just not sell the house and rent it for awhile, but the problem will still exist in a few years from now. I guess all we can hope for is that they will be willing to do the repairs.

Our option period ends on Saturday, so it looks like we will have to extend it in order to get this all sorted out. The sellers are not exactly quick at getting back to their realtor when it comes to making decisions and I'm not entirely sure they are acknowledging the reality of the situation. Who knows. Time will tell.

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