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Florida septic issue

I'm trying to close on a bank owned  AS IS Forclosure using FHA financing. The seller has replaced all the internal pipes and is contributing 3.5 percent toward the closing of my property (they have/ will have spent a total around +7.5k between the two contributions) Recently some drain-field issues popped up during a failed septic inspection. I was shown the original estimate but then the seller had a different septic company give an estimate. they wern't satisifed with the alternate company's estimate so they went with the original (recommended by my lender). Ignorantly I signed an amendment allowing the price of the sale to be increased by the cost of the septic repair without having the details of what is being repaied in writing. But now the contract is past the closing date and the seller is pushing me to sign the extension on the closing date.  I'm simpily asking that the seller/agent confirms exactly what is being fixed and wether or not I'm still entitled to the 1 year warranty of the septic repair as in the original estimate stated. my sale price was increased 3.5k so I don't think that is too much to ask. But they are pushing me to sign the extension before providing the offcial word and documentation of what is being repaired on the septic. I don't feel comfortalbe signing the document until I have this info. IF it comes down to it and I decide to walk due to lack of cooperation on the sellers part What am I forfiting and what fees am I liable to pay if I don't sign the extension?  I 've invested $450 on an appriasal a $1000 downpayment to the title company and about $900 in inspections (private contractor insp., septic and water test).
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May 22 2012 - Naples
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Answers (3)

Foreclosures are so tenuous and one sided in behalf of the bank, a buyer really needs to be ready to concede to the bank as they hold the cards and do not really have a willingness to negotiate. If you sign an addendum that gives them something, they really do not feel for you. We really try to show customers homes where the seller is open to negotiation where hidden or latent defects could be found and would need repair. Usually an investor makes offers that allows them to feel comfortable with the price in whatever condition (usually not in tip top shape) the home is in including minor and sometimes major repairs. Addendums for more money or leeway to the bank really should be carefully considered before signing.
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June 15 2012
Frank,

As Joseph already stated. You need to know the specific wording in your contract. Assuming you have a realtor, they should be able to help you with that.

If you are prepared to lose the money you have mentioned and your time has expired and there has been no extension signed. It is reasonable to assume that would be your total losses. However, as mentioned earlier. Your other option would be an atty to review your contract.

Hope this helps.

Steve

If you do end up not finishing this sale and are still looking for a property in Naples. I would reccomend using a realtor and I would be glad to assist you.

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May 23 2012
The only way to tell what you will lose if you cancel is to read your contract.  Chances are if you fail to extend the closing date it will likely be the same as canceling.

Where is your agent in all of this?  You could always enlist an attorney to help. It may cost less than losing your $1000, but either way the appraisal and inspections are probably gone.

Many times we hear buyers complain about what they feel is unfair treatment, but fair or unfair, this is a financial transaction. Only you can decide if hanging on or canceling is the best financial decision.
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May 22 2012
 
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