Asked by JxyJ, Basking Ridge, NJ • Mon Mar 4, 2013
1. Purchasing a house in Somerset County with a septic that failed. Mtg will be 30 yr fixed.
2. Both myself and the seller had a feeling this would happen, given the age of the system. The seller will remediate.
**My issue- septic can take 3 months to finish (permits, tests, design, installation etc.) and my rate lock will NOT last that long. Just trying to see if there is a way to close and have the seller give me a credit for the septic. This seems to be a sticking point as I understand that any credits need to appear on the HUD and the price of the septic will probably be 30-40k. Our attorneys are communicating, but I thought it was worth posting here since maybe someone had a similar issue and there is a solution that we haven't thought of.
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