Under contract, crazy stuff happening in world, do I back out?
Been trying for over a year to buy a personal SFH so we can get out of the current one to rent or sell. Finally under contract and the appraisal price came in above my offer yay me. However it is $5000 below the previous appraisal done within the last 6 months (I was not told the date of it). So what seemed like a good deal and could even be considered a good deal still, except for the virus has hit the fan and made everything crazy.
Considering we will live in the purchase for about 10 years is it still a good idea to close? Do I have options other than backing out?
My main concern is that the place needs work and I cannot do it all myself so will need to hire for some things. Some people are posting that workers are not showing up because of the virus so if I cannot get the place ready to move in then what? Or if I manage to get us moved in then will there be buyers or renters to put the current home on either market? I say this because of the posts about cancellations to move in / out. If people aren't moving how can my plan work out now? Also, lots of STR in the area that may need to change to long term. I really can't think right now. If anyone has any words of wisdom please post away and thank you!