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Started By
Message
Under contract to buy a home and septic system failed inspection.....
Posted on 5/26/17 at 1:00 pm
Posted on 5/26/17 at 1:00 pm
Planning to close on June 5, inspector said repairs will be 3500.
What's the best way to get seller to cover this?
House is in FL
What's the best way to get seller to cover this?
House is in FL
6
Posted on 5/26/17 at 1:07 pm to Ignignot
quote:
What's the best way to get seller to cover this?
Ask him to pay for the repairs, or deduct the repair price from the contract.
Nothing else you can really do except pay for it yourself. But if you're already under contract, add it to the items requiring repairing. He'll either agree to repair or back out of the contract. It's certainly a reasonable repair request.
This post was edited on 5/26/17 at 1:08 pm
Posted on 5/26/17 at 1:09 pm to Ignignot
repairs will have to be made prior to closing if your lender see's the inspection sheet. If they decide to reduce the price for you to pay for it i would have that on a separate purchase agreement also. basically if the lender gets wind of this you are going to have to fix it before closing. best of luck to you.
Posted on 5/26/17 at 1:26 pm to hawkeye007
Your seller has to fix it buy law if your under contract or the contract is voided
Posted on 5/26/17 at 1:49 pm to Boat Motor Bandit
Contract is void if not repaired by the seller. Need to have a working sewer system. Not sure about Florida, but had to get sign off by the parish here that the septic tank passed inspection when I sold my home last year.
Posted on 5/26/17 at 2:38 pm to Ignignot
Same house that appraised for 5k less than your contract? Bail out while you can
Posted on 5/26/17 at 2:50 pm to jorconalx
I was bullshitting in the other thread just to piss off the OT hotheads.
This is real, why I came to the outdoor board lol
This is real, why I came to the outdoor board lol
Posted on 5/26/17 at 3:37 pm to Ignignot
Don't know about the real estate question, but I just had my entire old septic tank system replaced last year with a treatment plant/modad system for $2,400. So you may be able to find it cheaper that $3,500, if you really want the house and are willing to pay for it yourself.
Posted on 5/26/17 at 6:22 pm to Slim Chance
I'm a lender so I know what I'm talking about. This depends on the type of loan you are doing. A conventional loan will allow this to be fixed after closing. All other loan types you will need this repaired prior to closing if this is noted by the appraiser. If you are still with in your inspection period, you should continue to negotiate with the seller to get him to fix it prior to closing. Also, a good realtor would have put that the seller pay for the inspection and a pump out prior to closing. Good Luck!
Posted on 5/26/17 at 6:36 pm to CajunTigerBabe
Seller just agreed to pay for repairs.
Thanks OB!
Thanks OB!
Posted on 5/26/17 at 6:39 pm to Ignignot
Where in Florida?
Posted on 5/26/17 at 7:44 pm to Ignignot
Your contract is contingent on the inspection. Seller either fixes it or the contract is void.
Posted on 5/26/17 at 7:47 pm to Ignignot
quote:
Seller just agreed to pay for repairs.
Smart thing for the seller to do, once defect is on paper and documented and if he had backed out on you the next realtor would have to disclose to all prospective buyers after yourself.
Posted on 5/26/17 at 9:48 pm to Ignignot
I'm assuming the contract had an inspection contingency. House did not pass inspection so you have to decide what the house is worth to you with what you know now and proceed accordingly.
Come back to the seller requesting he either drop his price by $3500 or present you with cash to cover the repairs at the closing. If he agrees, no issues. If he counters or refuses, that is when you need to know it the house is worth the additional money to you.
ETA: just saw seller agreed. Makes sense for him to do that.
Come back to the seller requesting he either drop his price by $3500 or present you with cash to cover the repairs at the closing. If he agrees, no issues. If he counters or refuses, that is when you need to know it the house is worth the additional money to you.
ETA: just saw seller agreed. Makes sense for him to do that.
This post was edited on 5/26/17 at 9:49 pm
Posted on 5/27/17 at 9:15 am to mdomingue
Anybody have an idea what a new aerobic system cost to install
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