I think I'm paying too much for this house...

[Jack B.]

The bank had put it for sale for 234K, and came down to 190K, over a period of months. I had just seen the most recent huge price drop, and in a really competitive market, I jumped on the opportunity, telling my agent to tie it up, I'll view it later (since I can use the inspection contingency). Well, I went to view it, and the house needs far more work than the pics showed. Both bathrooms need updating, one of them has serious mold issues on the walls and ceiling and will have to have all the drywall torn out.

The kitchen needs a remodel (cabinets and appliances with some paint, mostly). It needs carpet and paint in the rooms as well. Also, the roof has a THICK carpet of moss on the back of the house. I'm figuring this is easily 40K worth of work. Plus I have to let the house sit empty while all the work is being done.

I'm thinking of backing out of this deal. Either that or asking for a lower price as a result of the inspection.

http://www.zillow.com/homedetails/2901-14th-St-SE-Auburn-WA-98092/49055358_zpid/