Approved WFB short sale - now need new septic system $3k!
Seller doesn't have the $3k, buyer won't pay the $3k. Agents don't have the $3k. House can not be sold without the new septic tank. County "could" red tag it if not taken care of.
Luckily I have not had to go back to lenders after a short sale has been approved with request for repair or the need for more dollars, so there's less net to them.
Anyone have thoughts or experience with this? I'm in a pickle.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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Anna, provide the documentation that the house needs a new septic and that the county could cause some issues with it. If that does not work, you are going to have to come up with something to get the buyer to pay for it.
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Permalink Reply by Jim Schneider on
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Anna,
by "red tag it" do you mean the county can prevent the sale, or does it mean they pull the certificate of occupancy after the sale (which happens in my area sometimes). It's important to establish this in order to figure out what your options are.
Jim Schneider - Chicago Suburbs -
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Permalink Reply by Sherry Pyszczynski on -
What ended up happening?
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Permalink Reply by Anna Boyd on
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WFB wouldn't budge. Seller had no money. Buyer ended up installing a new system before escrow was closed because their lender wouldn't do loan without it. Was quite a catch 22, but buyers really wanted the place and took the chance - on a short sale yet!
Escrow did close and everyone is a happy camper. Whew.
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