My husband and I were ready to make an offer on a condo, when I decided to do a little research on it, I found out that it has had a failed septic since January, and the town had rejected the recent proposal to make a it town sewage less than a week ago. Even though I had specifically asked about the septic no one had told me this. There are also a few other issues I have simple questions about, and despite asking the questions repeatedly no one is giving me any answers. We love the place, but I have some questions I need answered, what should we do?
2007-06-21 08:07:20 · 8 answers · asked by Kini 3 in Business & Finance ➔ Renting & Real Estate
Yes we do have a professional working with us
2007-06-21 08:17:40 · update #1
You surely do NOT want to buy a property with a failing sewage system. You may make an offer contingent upon a successful inspection of the premises AND a successful inspection of the sewage system. If an inspector determines that the septic system is not in compliance, you will not have to follow through on your offer to purchase.
Insure that you get a licensed and authorized inspector of your own choice.
If you buy this place without these provisos, you are buying a condo with a failed septic system, and YOU will be tapped along with the other owners for your part of the cost to replace this failing system.
2007-06-21 08:12:38 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Have a home inspection done. Find a qualified inspector, and pay him/her to do the inspection. The inspection report should show everything wrong with the property, including the bad septic system.
With the inspection in hand, you should make your offer contingent upon the seller fixing all of the broken stuff, especially the septic system. They may counter-offer by lowering the price so you can have the work done yourself.
If you are a first time home buyer, see if you qualify for an FHA loan. An FHA loan is always contingent upon the property being in excellent shape. The seller will have to fix the property prior to the closing of the sale.
Good luck!
2007-06-21 08:15:32 · answer #2 · answered by Kurt B 3 · 0⤊ 0⤋
Many foreclosures are sold "as is" which means that no matter what is wrong with the property, you agree to take responsibility. So just make sure you check your contract and didn't agree to buy the property "as is". Usually because banks are already selling the property at a deeply discounted price (and they are taking a loss), they are not willing to put any other money into the property. So again definitely consult someone who is an expert with this kind of stuff to see what your options are by law.
2016-05-17 04:27:37 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Who are you asking the questions from?
You can write an offer contingent upon the septic being fixed or replaced.
2007-06-21 08:12:43 · answer #4 · answered by QuarterRoy 2 · 0⤊ 0⤋
Forget it - the place is a dump and if there are other expensive issues, they aren't telling you that, either. Very shady. Keep looking - there are a lot of condos out there.
2007-06-21 08:16:15 · answer #5 · answered by gouldgirl2002 4 · 0⤊ 0⤋
You don't say whether or not you are being represented by a real estate professional. I fyou are, shame on them, they didn't do their job and their broker needs to be so advised. If you're not, now you know why it is important to have your won representation. It costs you nothing, so why not?
2007-06-21 08:11:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Well, one option that came to my mind is see if you can get a rehab loan...if there is already equity in your transaction, borrow a few thousand, roll it into your loan and get everything updated and fixed.
2007-06-21 08:35:14 · answer #7 · answered by YSIC 7 · 0⤊ 0⤋
You should not buy there.
2007-06-21 08:20:44 · answer #8 · answered by Scott Drescher 2 · 0⤊ 0⤋