... fix an old air conditioner and save the deal!
Older home, fair market sale, USDA loan.
After the first offer was rejected by the seller, the second offer came in considerably higher but the home didn't appraise for that much. Seller agreed to reduce the purchase price to the appraisal amount and to pay 6% in seller's concessions (which really hurt!).
The inspection day revealed that the A/C is not functioning and the loan cannot close unless we have an A/C in working condition at full capacity. The buyer agent had an A/C specialist look at it to give an estimate of repairs: we need a completely new unit! $3,000! That's $3,000 the seller didn't have. We couldn't reduce the purchase price, which both parties would have agreed to do, because the loan wouldn't close unless there's a working A/C. Now what?
Not only am I married to Mr. Right, I'm also married to Mr. Fix-It, both the same person, which happens to be my partner in crime as well! Friday night, hubby and I went out there to take a look at the A/C. Our own blew out just a few months ago and he was able to fix it with a few new parts. After some thinking, my husband decided that if the thermostat panel doesn't work, the A/C can't work either and maybe all we need is a new thermostat panel. $15 at Home Depot. No, Mr. Right/Mr. Fix-It is not an A/C repair man!
Saturday morning he installed the new thermostat panel and voila! The A/C is working and at full capacity!
We are now awaiting another inspection!
