Curb Appeal in Lansing>Question Details

Bob, Home Buyer in Lansing, MI

We are going back to the house that we originally offered on. The agent has said that after the septic

Asked by Bob, Lansing, MI Sun Feb 15, 2009

showed up that it failed, everyone pulled their offers. We originially had it at $115 and the asking was 98k. Since the furnace, water heater and septic are bad we came back at 90 on this foreclosure and am waiting for acceptance. Anyone have insight into how bad the bak will want to get rid of a house after they find out the septic system needs to be replaced?

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I assume you had the inspection done professionally. Try summiting the inspection report with your offer. Some banks are starting to move their inventory faster. I hope that this is one of those banks. I have had buyers move on to another home the bank took so long. We all hope this is changing.
0 votes Thank Flag Link Sun Feb 15, 2009
Everything you noted surely totals more than $8,000. $90,000 still seems very high to me, but I am obviously quite removed from the situation and transaction. You need a buyer's agent (and hopefully you have one) to guide you through this one...
0 votes Thank Flag Link Sun Feb 15, 2009
Bob,

I agree with Mike and Bill, banks might actually keep track of their "acceptable" losses each quarter. So, this bank shouldn't be any different. My opinion is that it will take months for the bailout package to be placed into practice by banks. (knock on wood) Hopefully they won't stop selling off their bad inventory.

I suggest speaking with your agent to verify what "proof" was included with your offer. Good luck in your transaction.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Sun Feb 15, 2009
HI Bob,

No one knows how bad the banks want to get rid of their homes. Alot of it depends on how many they have in inventory and how much they have been hurt in the past. What I would suggest is to get some quotes on the three items that need to be replaced. The furnace and hot water heater are the easy ones. See if you can get a copy of the health department report on the septic and drainfield. This report should tell you alot. The question is...did the septic tank fail or did the drain field fail? That is a huge question you shoulld find out. Its much easier to repalce a septic tank then an entire drain field. If its the drain field, there certain standards that need to be met today that did not need to be met when it was installed...this is a huge question you need to find out!! Good Luck.
0 votes Thank Flag Link Sun Feb 15, 2009
Bob,

Right now it's difficult to tell. There may internal motivations to push things foreward but then again the bank may want to wait to se what shape the "bail out" package is going to take and how it will effect them.

Our recommendation is that if you don't hear anything for a week have your agent contact them for a status check. There is a reputation of banks losing important documents. AND " the squeaky wheel gets the oil."

Good luck
0 votes Thank Flag Link Sun Feb 15, 2009
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