We had to drop out of that situation. I would know your numbers before you sign on that one. Way to risky.
Who came up with the figure of $7,000 and what was that based on? The cost to repair a septic tank can vary greatly and as already stated, the price tag on a new septic tank is considerably more. Make sure to have it inspected.
Best of luck to you,
That septic system, as you likely know, would've had a 5-digit price tag.
Be aware though that if you need a mortgage then your lender may not be OK with a seller credit. They may require necessary repairs be made by the seller prior to closing.
You might want to ask your lender about this. If it will present a problem then you might not want to incur the inspection expenses.
The seller, on the other hand, probably know that the septic is old and may have not been pumped for years.
These are just presumptions. Have your realtor ask the other realtor questions specific to the septic system.
Since, this is just a counter offer, you have the right to either accept or reject it. Or counter the offer.
Moreover, make sure you have septic inspection as part of the contract. The seller has already given you an indirect advice by stating this on the counter offer.
It sounds to me as if they know there is some sort of issue with the septic/well and are trying to lock you in a contract so you can't get out of it during inspections.
I would be very leery of this. Septic and well issues can be very costly to repair or replace depending on the issue.
Are you working with a Realtor?
Give me a call if you would like me to represent you on this transaction.
Coldwell Banker Kaiser
Mobile: (317) 721-2274
Office: (317) 844-1131
Fax: (317) 843-8450
12401 Old Meridian Street
Carmel, IN 46032