Well, we got some bad news today. Our would be home failed the septic inspection. No one really elaborated on why it failed, just that it had to do with the drain field. My guess is it’s too close to the house/well or something and may need to be moved.
If you remember back, the sellers tried to get us to do the Septic/Well Inspection. Since we denied that and forced them to, they now must eat the cost of anything wrong. They are saying that if the house appraises at or above our agreed price, they will pay for the repairs up to $5000. If it cost most than the $5k or the house appraises low, they want to renegotiate or back out.
That being said, Justin and I are kind of lost at the moment. We know nothing about the actual problem with the septic (there were no details given) and we really don’t want to lose the house. That being said, if the house appraises lower than we are buying it for, we will be denied MSHDA assistance and we won’t be able to buy the house anyway. Since the sellers do not want to sell it for less AND have to fix the septic, they will back out from the deal. Our only hope is that the house appraises at value and the fix is less than $5k. So far we have no reason to believe the house will appraise low, that means it’s really up to the septic repair guy.
It’s amazing to me that the house is in “fantastic condition”, as the inspector put it, for it’s age. But the roof on the garage is falling off and the septic system needs to be dug up. If only these people had cared a bit less about their carpet and a bit more about their entire property, we wouldn’t be in this mess.
There is one saving grace, if anything goes wrong at this point, we can back out of the deal and get all our money since the septic failed inspection. We can’t get our inspection money back, but we will get the $750 we put into Escrow.
I guess I’ll let you know what happens on Wednesday hopefully.
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