1st time home buyer. Inspection went bad. Need advice.
I live in a small rural town in the South (US) where the housing market is nearly nonexistent. At any given moment, there might be 10-15 houses listed on Zillow, usually a couple of modest homes close to my price range, and then the rest are all insanely nice homes way out of my price range. Got tired of the renting charades around here, contacted a realtor i know, she put me with her lender, got pre-approved, found a house i loved within my budget, put in an offer at $10k under asking price with them paying closing costs, so it ended up being $3k under asking price.
Had the inspection done today and it didnt go great. No real structural issues to speak of, but lots of issues in the basement when it comes to plumbing, pipes, ductwork, leaks, moisture down there. Also is going to need a new roof very soon, and a new hot water heater.
That said, im still interested in pursuing it, but i have no idea the correct course of action. I have a feeling that the sellers probably arent going to go much lower and are wanting to just sell as is, which would result in me probably having to put at least $20k into the fixes (just guessing the amount off the top of my head).
Where do I go from here? Im in a really desperate rental situation where I NEED to get out of here as soon as I can, and I dont want that desperation to cause me to make a rash decision. But even with said issues, the house is very livable and is in a better shape than what im living in now. At the same time, I dont want to sign up for a money put. All of this is new to me and I really am at a loss of where to go from here. Thanks for any advice or input.