Is 25k too much for a fixer upper?
I now have a mobile home under contract for 25k. I knew the house was a fixer upper as it is listed as "as-is". The seller told me it needed a new HVAC and drywall in parts of the house. As well as cabinets, door fixtures, and cosmetic work. All of which I could see when I looked at it. I've since gotten an inspection done and some things came up that he didn't mention. The report says that it has polyethylene plumbing and organic growth on some spots on the kitchen ceiling, but they don't show elevated levels of moisture. I was quoted $9000 for a new hvac system and $7000 to replace the plumbing. That's already 16k in repairs right there. Not even counting appliances, carpet and drywall. I don't even know where to start with the roof. There maybe issues there too. I asked the seller would he be willing to bend on the price based on the other issues found in the inspection but he says he has a back up offer over what I offered in writing and 4 other people waiting to make offers. However they haven't gotten an inspection done as I have! I have 2 more days left in my due diligence period to decide rather or not I should back out or push the issue on renegotiating the price? I'm leery of doing that because I don't know if the seller can back out of the contract or not. I've been looking for a house for so long that I don't want to mess this up, but I don't know if i'm getting a good deal or if i'm being stiffed. I don't feel good about it. The seller is not using a listing agent BTW.