Home Buying in Randolph>Question Details

Scott Smith, Home Buyer in Hewitt, NJ

89 Gristmill is a short sale with a cesspool, which as I understand http://www.state.nj.us/dep/dwq/pdf/tnef2.pdf cannot be transfered

Asked by Scott Smith, Hewitt, NJ Sun Dec 30, 2012

until the seller replaces it with an acceptable septic. Can anyone speak to the what an interested buyer should expect in a transaction like this? Thank you.

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a long painfull process of negotiating with seller, bank, local health department at the very least. Short sales are difficult enough. Unless you are an investor with knowledge, contacts and ability to address issues I would advise other wise. You could spend quite a bit of time and money only to not purchase.
0 votes Thank Flag Link Wed Jan 2, 2013
I would contact the local Board of Health in Randolph and find out what your options are. Typically on a short sale the seller will have no funds to install a septic prior to closing. The bank is only approving a short payoff they do not own the property so it is unlikely they would want to assume the cost. That said the property should be priced accordingly. You may be able to purchase the home with an FHA 203K loan and install the septic after closing. This would allow you the option on financing the septic into the mortgage along with any other repairs or updates the home may need. Feel free to reach out to me for any information regarding the FHA 203K

Mike Spinetta NMLS 124703
Annie Mac Home Loans
973-670-9948
mspinetta@annie-mac.com
0 votes Thank Flag Link Sun Dec 30, 2012
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