Foreclosure in Lansing>Question Details

Bob, Home Buyer in Lansing, MI

So the inspection is in. We offered $16000 over asking price and was accepted and found out from the health

Asked by Bob, Lansing, MI Mon Jan 26, 2009

department and inspection that the drain field is kaput. Also, since foreclosed they turn off sump pump and furnace and water heater are fried. THere were many offeres on this property, but will the bank help us out to complete deal?

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Bob,

I suggest reading your purchase offer carefully. There should be a clause or clauses that covers your options. Speak with your agent and voice your concerns. (assuming you are working with a Buyer's Agent.
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0 votes Thank Flag Link Mon Jan 26, 2009
It will likely be closer to 15K. It seems jobs always end up costing more than you anticipated. I would ask to lower the price down to slightly below original list to account for the furnace, HWH and the septic.

If it is already way below market, you may want to ask for half. Or, ask for it all and settle for half. The worst they can do is say no.
0 votes Thank Flag Link Mon Jan 26, 2009
Yes the septic and it is clay so they are saying 8-15k for it. There were many offers and we love the house. I was told that usually banks come back and offer something. The asking was 98 and we got it fr 114 so there was a lot more money
0 votes Thank Flag Link Mon Jan 26, 2009
Bob:

When you say drain field, are you referring to the septic system? If so, can you tap into local sewer for a cost? Septic systems can be extremely expensive to replace depending on the local codes in your area.

I think the bank will likely want to throw money at the situation. As I stated in previous posts, gather estimates and all documentation from the health dept. Meet with a few HVAC guys and make your request. If they wont do it, walk and dont look back. There will be others.

PS-It drives me crazy when the banks do not leave the electricity on! Stupidity!
0 votes Thank Flag Link Mon Jan 26, 2009
You can only find out by asking.
0 votes Thank Flag Link Mon Jan 26, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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