About to bid on a home on Xome. Personal home, not investment. My agent says we should bid and if we win, then have the septic inspected. ($325 to have the camera come out) - already did the rest of the inspections and have quotes on everything. It's just the septic guy that charges, so we didn't do it yet. Auction says "There are no inspection or financing contingencies" There's a 5% buyers premium which is a lot of money - will I be losing my earnest money if I win the bid and then back out later due to bad septic? Should I eat the cost?
Also, looking for a CT RE Attorney... if anyone is on here practicing in CT, please message me.
Anyone out there have an answer? :) THanks.
Yes you would more than likely lose your earnest money. Your bid should simply take into account that you will replace the septic system.
@Steve Racicot Good advice. Thanks Steve. I'm figuring something like that is between $15-20k. But I've never done a septic before. Any advice on what to figure in for cost? I'll call a few local guys to see what they say.
Depending on size, type, etc. Price will vary. Best to see what the local septic guys have to say. They may be able to tell you the age of the current system, specs from county, local records.
@steve racicot is that something I can find out by calling town hall?
Townhall won't know the prices but they might recommend you contractors.
Companies who work with septics know the latest requirements which might be pretty harsh.
Depending on the size of the house and therefore on the number of plumbing fixtures, to replace the septic might cost more than $20K. Besides, there is new environmental requirement to the quality and protection.
It's been really sensitive subject lately - in Ohio, particularly.
You have to know about septics really well to get into the bidding or auction: even with contingency on septic inspection it's not so easy to get out of the deal - the inspection can't be conducted when septic haven't been used for a certain time....plus much more issues.
If there is a septic involved - I pass on the property no matter how good is the price. It might be a deal breaker even with new septic installed - can't sell in quite few cases