Home Buying in Webster>Question Details

John Piekarc…, Home Seller in Webster, MA

How are assumable betterments (sewer/water) handled by a buyer's bank?

Asked by John Piekarczyk, Webster, MA Thu Sep 5, 2013

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In that case the seller needs to understand that they have to take care of it. If its not too much it should be a big deal.
0 votes Thank Flag Link Fri Sep 6, 2013
Thank you for your responses. We were approached by a buyer's agent with an offer from their client. But their agent told us under no circumstances will a bank allow. I appreciate your honest answers.
0 votes Thank Flag Link Fri Sep 6, 2013
I have to agree with my colleagues below, however, Linda hit the nail on the head. You need to speak directly with the bank in regards to it, as some banks wont allow and some banks will. They will be able to advise as to how they will or will not handle and that will get you pointed in the right direction.
0 votes Thank Flag Link Thu Sep 5, 2013
Some allow some don't. Definitely check with the mortgage person you are working with.
0 votes Thank Flag Link Thu Sep 5, 2013
John. Usually a bank or mortgage company does not have an issue with betterments of sewer/ water from most towns. Buyer would need to get all information from the town's public records and provide to mortgage officer. Linda Buckley. Coldwell banker
Web Reference: http://www.lindabuckley.net
0 votes Thank Flag Link Thu Sep 5, 2013
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