 Credit a disclosure?? (by NE [PA]) Jul 20, 2017 6:15 PM
 Credit a disclosure?? (by Sisco [MO]) Jul 20, 2017 6:37 PM
Credit a disclosure?? (by Vee [OH]) Jul 20, 2017 7:09 PM
Credit a disclosure?? (by Ken [NY]) Jul 21, 2017 3:49 AM
Credit a disclosure?? (by NE [PA]) Jul 21, 2017 4:10 AM
Credit a disclosure?? (by LindaJ [NY]) Jul 21, 2017 4:55 AM
Credit a disclosure?? (by razorback_tim [AR]) Jul 21, 2017 4:57 AM
Credit a disclosure?? (by S i d [MO]) Jul 21, 2017 5:29 AM
Credit a disclosure?? (by plenty [MO]) Jul 21, 2017 5:35 AM
Credit a disclosure?? (by Dave [MO]) Jul 21, 2017 6:36 AM
Credit a disclosure?? (by DJ [VA]) Jul 21, 2017 5:40 PM
Credit a disclosure?? (by Ray-N-Pa [PA]) Jul 24, 2017 5:23 AM
Credit a disclosure?? (by NE [PA]) Posted on: Jul 20, 2017 6:15 PM
Message:
I'm interested in how you folks would handle this. I pretty much know what I'm going to do, but would like feed back before I do it.
I'm selling a property. It's under contract. About 6-7 years ago, this town got a central sewer system. Before that, it was all on Lot septics.
I bought the property through foreclosure. The borough installed the tank in the driveway for the central sewer, before I bought it.
Previous owner never hooked it up. I also never hooked it up, because they never made me. No harm, no foul.
In PA, we have to fill out a full property disclosure when we sell a house. In the disclosure, I put that the house is serviced by an on Lot septic and can be hooked up to town sewer when the buyer feels the need.
I wasn't hiding that fact.
In the sales contract, I put again that the house is serviced by an on Lot septic and can be hooked up to the town sewer at the buyers convenience.
Now the buyers all worried. Wants to know cost, etc..
Wants a septic inspection. I told my realtor that it's useless for them to get a septic inspection, because the condition of the existing septic doesn't matter, because if it's bad, just tie into the town line. It's not bad, it's been working fine for 5 years I've owned it.
Anyway, buyer wants to know the cost of doing that. I figure about $1,500 with a mini excavator and some pvc.
I'm leaning towards giving them $1,500 credit in what I consider to be "shut up and buy it" money. Each sale, I spend a little "shut up and buy it" money"! :) haha.
However, in this case, I'm having second thoughts about it, because it was stated in the disclosure BEFORE the offer came in and also in the offer. So they knew. If they didn't read the disclosure, that's their fault.
Like I said, I'll probably credit them the money to install it, which is fine with me if it gets it sold.
What would you do?
--74.47.xxx.xxx |
Credit a disclosure?? (by Sisco [MO]) Posted on: Jul 20, 2017 6:37 PM
Message:
I would write the prospect a letter explaining the situation. I would extend the offer to have city sewer connected if I thought the deal was about to fall apart. I don't think they are chiseling for more money.
People who haven't bought many houses before get completely overwhelmed. While they may nod their head in agreement, they are as lost as a ball in tall weeds.
Additionally, many home buyers aren't saving money for a down payment......they never have saved any money in their lives. Coming up with $1500 to fix their sewer is daunting to them.....By rights, they have no business buying a house. But this is world we live in. --72.172.xxx.xx |
Credit a disclosure?? (by Vee [OH]) Posted on: Jul 20, 2017 7:09 PM
Message:
I would do nothing, full disclosure in 2 places, maybe (maybe not) offer 500bux in escrow towards sewer in 9 months or refund it. --76.188.xxx.xx |
Credit a disclosure?? (by Ken [NY]) Posted on: Jul 21, 2017 3:49 AM
Message:
Are you making a profit on the sale? sometimes you have to do what you have to do to preserve a sale and a profit.A credit may not be enough,you may need to get it done with your time and knowledge because they simply can't deal with it.If it falls through how long to get another buyer and at what price will it sell for?Is it vacant and not producing rent,if so how much does it cost you every day it sits?As Brad says do you want to be right or rich?I would do what it takes to make the sale,you can't sell volume of houses retail if you fight with every buyer --24.25.xxx.xxx |
Credit a disclosure?? (by NE [PA]) Posted on: Jul 21, 2017 4:10 AM
Message:
Right Ken, I'm ok with giving a credit. I really don't want to get into having it installed. They can do that. --74.47.xxx.xxx |
Credit a disclosure?? (by LindaJ [NY]) Posted on: Jul 21, 2017 4:55 AM
Message:
Inexperienced buyers these days want everything perfect and guaranteed. Those of us who have bought and owned buildings understand that is never going to happen, even if it looks fine now, it could break in a year or two and we just fix it. A lot of them don't understand the "home inspection" process, they think that every square inch including inside the walls can be inspected and that anything not perfect should be fixed. People who don't understand septic systems are afraid of them as well.
Even though they would pay for the inspection, the company could give them a high price for hook up and say it needs to be done. They you lose a buyer or have to give more money. It might be worth it to give them the $1500 or half of it.
I just bought a house that the septic field needed replacing. They seller was jumping to get it done for the sale. Since I have family in the business, I wanted to be sure it was done right for the money and of course I could get it done for cheaper. I had to insist they just give me the estimate amount in credit.
--96.236.xx.xx |
Credit a disclosure?? (by razorback_tim [AR]) Posted on: Jul 21, 2017 4:57 AM
Message:
I would offer a credit. I like the way you phrased it - shut up and buy it. --70.182.xx.xx |
Credit a disclosure?? (by S i d [MO]) Posted on: Jul 21, 2017 5:29 AM
Message:
I agree with those saying just credit it and/or pay for it to be done. This is distracting you for those $500 houses in dead town. We don't worry about the price of gasoline when there's an oil well in our back yard. --173.19.xx.xxx |
Credit a disclosure?? (by plenty [MO]) Posted on: Jul 21, 2017 5:35 AM
Message:
If the run their test it may open a can of worms. You may have to hook on even if they don't buy. So yes hush it. Pay . sell. Repeat. You rock man! --66.87.x.xxx |
Credit a disclosure?? (by Dave [MO]) Posted on: Jul 21, 2017 6:36 AM
Message:
Have they done their inspections?
Buyers can walk from a deal after inspections for any reason they see fit.
I would ease their minds and offer a credit of 1500 for the hook up. Or if you did the hook up you most likely would be able to expense it off your taxes, opposed to credit for the buyer. I like keeping a deal together as long as it's a win win. --72.24.x.xxx |
Credit a disclosure?? (by DJ [VA]) Posted on: Jul 21, 2017 5:40 PM
Message:
"Sut up and buy it money" Love it!
I agree that if you are making a good profit, give them the credit. Even though you'd rather not, I'd consider doing the work prior to closing - but only if they are totally clueless/freaked out by the idea of handling it themselves. In other words, if it's the only way to stop them from walking away and forcing you to start all over to sell to someone else. --68.105.xxx.xxx |
Credit a disclosure?? (by Ray-N-Pa [PA]) Posted on: Jul 24, 2017 5:23 AM
Message:
Be careful exactly what you agree too NE......
what I am hearing is $1,500 the lateral install. I haven't heard anyone say what the tap in fee is. Around here they are between $1,200-5,000 for the buy in for the plant.
So I would make sue that the buyer is getting up to $1,500 to assist in the cost of installing a new lateral - or to be spent any other way the buyer would like.
It makes it sound like you are being a nice guy and encouraging them to do the dye test on the septic and pocket the cash AND YOU ARE --24.239.xx.xxx |
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