rewire woes

I learned post-inspection that the only "catch" about this house is the electrical. It is 99% knob and tube, which I learned after making a few phone calls (thanks to my aunt for mentioning something off the cuff) that many insurance agencies will not insure K&T, which is a requirement to obtain funding. Some will ensure K&T at exorbitant rates. Swell! One insurance agency to remain unmentioned (FARMERS!) won't even insure a home pre-1930. I finally tracked down a quote from Pemco that is reasonable, but I have to rewire the house within 45 days of closing. My first quote came back that this rewire would cost $11k. Um...ouch? So I am now gathering additional quotes.

Fortunately, the sellers understood the severity of this predicament and that it will be universal with all buyers...it's not a "Gina problem", which is a first. They offered to offset the rewire cost a bit by giving me a credit at closing. I took it and ran.

Frankly, I would have still taken the house without the credit. I really like this house.

One of the repercussions of this extra cost, however, is how I am going to pay for it. I had purchased my BRAND NEW Seattle townhome close to two years ago thinking I'd live there short-term and then turn it into a rental. I have instead decided to sell it and take advantage of this obscene seller's market going on right now so I can grab the cash and throw it into the new place and build equity there. In reality, I am comfortable with this decision. I don't want to be a landlord. I am too much of a control freak and the idea of renters abusing my place in any way scares the living crap out of me. The stress is not worth it. And I want to clear my name of additional loans. That's good feng shui!