Hello -
I just got an approval on a short sale with septic. I generally deal with sewer but got a referral for one with septic. Our county requires an inspection and pumping within the last year before a sale paid for by the seller. I got BOA to agree to pay for this. Unfortunately, in order to close this must be completed before the close date and BOA will not put any money up front.
I'm wondering if anyone has had similar issues and how they have been handled. My seller doesn't have the money to pay for this and I hate to front my own money with the risk that this may never close and BOA will end up foreclosing on a property with a septic system I paid for. If it closes I've been told I can get reimbursed but that is still an "if."
Has anyone else had similar experiences and if so how were they handled/paid for in the past. I believe this one will close but also hate taking expensive risks when as we all know with short sales...you really just never know what will happen until the deal is done.
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If you've already received the approval, and there are no other liens, I'd go for it. Nothing's guaranteed but some times you have to take a logical chance. After all, you invested all your time in this sale, wasn't that worth something?
Sam,
I deal with this all the time in Minnesota. If you have a written approval from BOA and a solid buyer, you should be within 30 days of closing. Most septic and well companies will do the inspection, bill you and then get paid directly from escrow at closing. The other option if the service provider won't do that is to have an agreement that you would get reimbursed by the buyer if they fail to close for this cost.
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