This is a few days late, guys, but whoa......Thursday night we got the call from our realtor and the bank accepted our super lowball offer. As in, $26,000 off our original offer. Hooray!!!!!!!!! Obviously, it just goes to show how bad the inspection report was, but still, that gives us enough wiggle room to make all the updates (with a safety net for surprises) and still gain some pretty good equity right off the bat. Our final hurdle is the appraisal, which should come in this week. If anything fails, we may have to increase our purchase price and have the bank fix the issue (the roof, for example), but we'll cross that bridge when we get there.
At this point, we won't be able to close until the end of June so we'll still likely be couch surfing the first few weeks of July while we work to make the house liveable. Another downside is that we'll have to get our inspections done again because they're only valid for 30 days, but both the termite and well had issues that need to be addressed so the only one that is a total waste will be the septic (ha! septic! waste!).
So that's where we are now. I'll give another update this week when we hear back on the appraisal. Thank you all for your well wishes and offers to stay with you!!!!!!!