help (selling home with failed leach field)
Hi, this might sound dumb but we are going to sell our home with a failed leech field . I am having the health inseptor out to have core soil samples done so we can have the estimate of replacing the field to potential buyers.The house has been renovated, new kitchen, windows ect. We are going to list the house for 225.000 ( based on our realtors advice ) and we owe 199.00 . Is it better to list the house at a lower asking price or is there a way to put the difference -minus regular closing cost- in a retainer for buyer to aid in the replacement cost for a new system. Thanks , Unless there is a high demand for housing in your area and buyers are desperately seeking homes, the failed leach field is going to be a major turn off at any price even if you are covering the costs. Would you buy? Would you want to deal with the trouble, mess, and backed up sewer in a new home? Too, the health department may not allow you to sell the property with a failed leach field. It would be best to fix the leach field problem before selling if at all possible. As 12pole said it would turn many prospective buyers away, from the get go. you don;t say if the 225k is taking into consideration the cost of a field or not. If not, you may be in a losing position. If you can sell it with a failed field (which I kind of doubt although there are ways to work that into the deal) and this price does not include a discount for the field, by the time you pay Realtor fees, closing costs, and the cost of a field, you may end up paying some money to sell the house. at 6% the commission would be $13500. Don;t know a very accurate price for whatever field you would need but a friend spent $15k a few years ago for his. Not including any other costs, we are already below the 199 you owe. and that is figuring a full price offer. So, did was the 225 already discounting for the field or would it be taken out of the 225? The concerns of the other guys are real but depending on the market, your problem is not unsurmountable and definately isn't unique. It can be overcome. Hi thanks for the reply's, here is a little more info, I am in Ledyard CT, 7 miles from the navy sub base and within 10 miles of 2 major casinoes. This is a desirable area for the schools and location to the mentioned above. The price range is at the low end for this location since the average runs between 250.000-500.000+... The money we would make off the sale is what I would be offering the buyer would not cover all of the cost of replacing system - but I'm hoping all the renovations we have done will offset that. We have put a lot of money in this house already and are now tapped out. Also this neighborhood was built in the 60's and most of my neighbors have had to have new systems installed, example my neighbours failed during home inspection and had to have it replaced in order to close. We only have problems when it rains heavy and we pump the tank-there is a safty valve installed in the basement that prevents any liquid to back up into the house . It will take me a couple of years to save for the replacement cost but of course will do if I have to. ah, now I recognize the name from your other threads. Terralift. Have your researched it any more? Be cautious though. If you should go this route and there are problems in the not too far future, disclosure becomes very important. ======================== We only have problems when it rains heavy and we pump the tank-there is a safty valve installed in the basement that prevents any liquid to back up into the house . ========================= No, you have problems all the time. They are simply noticable when it rains. If a family that uses more water would move into the house, they may have problems all the time. =============== this isn't typically how you price a house but you are on the low end of the area so it may work. Since you would be willing to wait the couple years it would take you to save the money for repairs, it may not make a diff if it does or not. price the house higher so that you have enough money to cover the complete repair of the field. If it sells, you can (and most problably will have to) fix the field before closing. If it doesn;t sell, you don;t really lose anything. When you have the money to fix the thing you can fix it and sell then. Good points, nap! If already listed the house without knowing up front the costs for replacing leach field and addressing any other septic issues involved, you can be selling at a loss. You know nothing at this point about about what's the problem. Inspector has yet to come. You have no idea about cost of leach field replacement (Thousands!!) Disclosure laws require that you reveal everything! Nap brings up important points. Number of people in your household. Usuage. Proper maintenance and care. Soil conditions. Rising water table due to rainy season. How long problems have existed. What contracts have you signed? Contracts on new home and contingencies, such a dependent upon sale of new home? A real estate attorney can be a good and wise friend. May cost a little, but save a lot of headaches. And, you need to know findings of inspector and talk with head of local health department. Make informed decisions. Again, no one is going to jump on a property with a dead leach field. Again, would you? I wouldn't, even if you told me you were giving me money. I have no guarantee that it's enough money, soil conditions and percolation rate, or future guarantees against problems. I don't care if the property were the Taj Mahal. Just playing hardball here and pretending to be the average Joe Jane home buyers and trying to put you in their shoes. You will be more informed after sewer inspection. At this point, just concerned re: the contracts you signed and your financial obligations. When you are moving a property, it has to be staged and savvy buyers want no problems and the ability to walk in and not see a dated home and envision their possessions in it. They want move-in ready, despite age. They want to be able to add personal touches of their own. If homeowners are turned off by paint, floor and wall coverings, kitchens and bathrooms, the impact of a dead leach field will likely mean NO SALE! To move quickly and get your asking price or more you have to be as good as or better (something outstanding for more money) in your neighborhood. You are dealing with homebuyers who are addicted to hgtv, Flip this House, and other TV shows and magazines. You are dealing with a savvy buying public and a real estate selling slump. You've never shared any info re: housing market in your area or info about comparable properties. Did improvements also price you out of the neighborhood?
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