No. of Recommendations: 0
Again, thanks to all the fools who responded to our request for advice regarding the home inspection we had yesterday. The inspection took 3 hours (would have been longer for reasons stated below) and the results are as follows:

1. The day of the inspection, the boiler still had not been repaired. Consequently, we could not check the plumbing and their was no heat. This part of the inspection will have to be done later, prior to closing.

2. Lots of little things were wrong but most of the expensive stuff (with one exception), was ok. The electrical was fine, just need to switch polarity and ground a few of the outlets. The house has fuses rather than breakers, but that's ok. The roof had snow on it, but we could check some of it out from the windows in the upstairs bedrooms and the asphalt shingles probably have another five years in them. The attic showed no signs of leakage. The upstairs wood floor was highly desirable wide plank hard pine; a tree gone forever in America. The banister was maple and the original brick foundation was in good shape.

3. Now the bad news. Some decades ago, whoever owned the house, decided to turn part of the porch into a room and build a room and a bath over top of it. To do this, they removed a load bearing wall and extended a stone foundation which is now falling apart. Bottom line--about 5-8k in immediate repairs to the foundation. Also, the floor in the upstairs bath needs to be replaced. (On the bright side, there's a great big clawfoot cast iron tub in the bathroom.)

Here's the rub. The houses on either side of this place are beautiful and would list for somewhere between 225 and 300k. Our contract for this "diamond in the rough" is 176k. We believe the owner owes the full contract price to the bank and probably cannot go down any lower. There are other buyers waiting and the market here is hot.

What would you do?
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