10-05-2020, 03:06 PM
You guys are all smarter than me, but it sounds like you're falling for the sunk-cost fallacy saying that because you've already spent 3.5k, you can justify spending another 10k plus. I'd walk, watch them sell it to someone else, get your deposit back because of breach of contract and go get a decent rental. Not trying to jump in on the bandwagon, but I'd never buy something like real estate that makes up so much of my portfolio, and not have leverage to buy what I want, in the condition I want it in.
I'd only consider what you're doing if it was foreclosure or something and you're buying for well under market price. Like 50k under market price. That would make sense. But since you're directly talking to the seller, I'm assuming you're paying near market value for a home with an unknown-severity plumbing issue and the seller won't budge on price or getting it fixed. If I was in your shoes, I'd be wondering what other things didn't pop up in the inspection and start to question the seller's integrity.
3.5k is a tough pill to swallow but gonna be a lot less than being upside down in a property.
I'd only consider what you're doing if it was foreclosure or something and you're buying for well under market price. Like 50k under market price. That would make sense. But since you're directly talking to the seller, I'm assuming you're paying near market value for a home with an unknown-severity plumbing issue and the seller won't budge on price or getting it fixed. If I was in your shoes, I'd be wondering what other things didn't pop up in the inspection and start to question the seller's integrity.
3.5k is a tough pill to swallow but gonna be a lot less than being upside down in a property.
2008 4Runner
1974 CB360
2015 FJ09
1974 CB360
2015 FJ09