It's done. The contract has been terminated and I feel so relieved. I really debated whether to send a copy of the inspection to the seller or not. Part of me wanted to keep it because, after all, I bought it! But, according to my realtor, if the seller has a copy of the inspection report, it is supposed to become a part of their disclosure. I have no idea if this particular seller will do that or if they'll throw it in the trash. But, I would hope that my lessons learned might be a benefit to whomever buys this property. So, I sent the inspection report along with the contract termination form. Here's a copy of the email that I sent to the seller's agent (who is married to the seller, by the way).
Please find attached a signed contract termination. While I was initially very excited to purchase this home (due to its prime location, great storage and many exciting features), after much consideration and a thorough review of what I would be undertaking to get the property up to the standards that I would require, I have decided not to purchase this home. Knowing that the property had been rented for many years, I expected some renovation and updating to be needed. However, after visiting the property again during the inspection and reviewing the extensive inspection report, there were many more items that caused me great concern than I could manage to deal with. Thus my decision to terminate the contract.
I am forwarding to you copy of the inspection report that I received in hopes that it might be of benefit to someone else who desires to purchase this property.
Now, to figure out how to revamp my search criteria to start the search again!
Happy weekend, all!