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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Richard Shap…, , Framingham, MA
Fri Sep 6, 2013
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.
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John Piekarc…, Home Seller, Webster, MA
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
Joshua Lioce, Agent, Milford, MA
Thu Sep 5, 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.
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Richard Shap…, , Framingham, MA
Thu Sep 5, 2013
Some allow some don't. Definitely check with the mortgage person you are working with.
0 votes
Linda J. Buc…, Agent, Auburn, MA
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
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