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Replies (3)
- KristenDaileyRE
- Contributions:51
its negotiable, but generally they will not.
- Judy Boyle, "JudyBoyleCDPE"
- Contributions:149
Hi Shane. The bank can and should disclose right in the listing that they are not repsonsible for clear Title 5. This of course will limit their buyer pool...mostly to cash buyers. I've seen it done both ways.
If the bank does take responsibility for doing the inspection and it fails, like any other seller, they are backed into a corner because the transaction may not be able to be financed otherwise.
Talk to your agent or attorney for specifics about a property you may be interested in.
Good luck!
If the bank does take responsibility for doing the inspection and it fails, like any other seller, they are backed into a corner because the transaction may not be able to be financed otherwise.
Talk to your agent or attorney for specifics about a property you may be interested in.
Good luck!
- Thomas Trifon
- Contributions:49
You can certainly close on the property even with a failed Title V, and have a mortgage on your purchase. The bank however, will require you to have estimates for the replacement system, and then have you put 2X the replacement costs into escrow (which they will hold), and give you a specific time frame to have the new septic installed. The septic company will be paid by the bank from the escrow, and any surplus will be returned to you when the job is complete (and inspected).
Hope this helps.
Hope this helps.
Title 5
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- 4.9/5.0
- (9 reviews)
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