I am buying a foreclosed home, they want me to have atleast 10,000 in esgrow incase the septic is bad, I was reassured it is fine but they still want that money there, I do not have it but already have the prequalification to get the home. What can I do to get around this. Any ideas?
2007-12-13 03:28:39 · 3 answers · asked by Ash1227 2 in Business & Finance ➔ Renting & Real Estate
Have you had a professional inspection of the septic system ? In most states, such inspections are available, if not mandatory, to determine whether a septic system passes current codes.
Check into it. It may satisfy your lender, since it does where I live.
2007-12-13 03:39:19 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
Get with the county or whoever gives the septic permits in your area, and have the system tested. Do not lay out the ten grand as you'll play hell getting it back, and once they have it believe me, they'll find fault with it. If you can't work that out, kill the deal. $10k is a lot of strings to be attached to any home purchase.
2007-12-13 11:42:23 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Find out off of your lender if you have the septic system certified by a licensed septic company can they then waive the escrow. If not email me and I'll get you with a lender who will actually service you. rick.cordisco@gmail.com
2007-12-13 14:13:56 · answer #3 · answered by rick 2 · 0⤊ 0⤋