Keller Williams Realty - Atlantic Shore
I am an agent who works in your area around Clinton/Annandale NJ. I am not sure which specific listing you are talking about, but here are some general suggestions.
Always ask to see the seller's disclosure, if available - this should include info such as whether the property has a septic system or cesspool, and UST properly decommissioned with township and county approvals.
Some townships in our area do allow decommission without removal of UST. Hence it may not reduce the home's value in such townships, if done with proper permits and inspections.
Cesspools generally do reduce the home's value, but depends on whether comparable homes also have cesspools. They are common in some towns in our area. If it needs repair (based on an inspection) the health dept now requires replacement with septic. BTW, septic/cesspool inspections can cost anywhere between $400 - $1200 depending on what is included in the inspection e.g. digging to expose tank opening and distribution box, pumping out, video inspection etc.
Whether the owner is asking for a reasonable price again depends on actual sold prices in the specific town. Seller is entitled to refuse any offer whether or not reasonable - and it may mean the property just sits on the market! Their choice - even if it is foolish.
This deal sounds like a 'Just Run' situation.
REMAX Competitive Edge
It is really hard to comment on whether or not the issues drastically reduce the home value without knowing where this home is priced at and if it was marketed as a handyman or being sold striclty as is.On most listings in NJ the sellers typically fill out a sellers disclosure (not mandatory, just customary) which potential buyers have an opportunity to review at anytime before, or during a negotiation. Deficiencies are usually not posted on a listing. It sounds like you still have time to do your diligence & get prices for the necessary repairs since the seller is not willing to do them. If it is more than you care to take on then your option is to try to renegotiate the price, buy it as is, or move on and look for another property. If you are already in contract I would discuss your options with your real estate attorney & ask what you can do since it was not disclosed earlier.
I hope that this helps. If you aren't working with a realtor, please feel free to call me (908-334-0437). I am a local realtor in the Clinton area with 11 years of experience.
This always includes a General Inspection coupled with a Roof Inspection and a Pest Inspection.
As so often happens in an area like this, we may need a Septic Inspection and a Well Inspection.
Most of these Inspection are either cheap, or free; (the company wants to keep the customer and spread Good Will.)
If my Client does not want the Inspection, for any reason, I have them sign an ADVISORY that they decline such-and-such Inspection(s). This emphasizes how import the Inspections are.
Also, this is a step in the Buying process that Buyers, without a Buyer's Agent, will not be aware of. One of the ways we protect our Clients.
Good luck and may God bless.