Would you be willing to buy a home with a Cesspool?

There are several properties in Portsmouth which are in need of upgrading their sewer.  Portsmouth properties are on either a Cesspool or septic system. 
Many properties are in decent condition. Might need a roof, or a new septic system, or maybe a new kitchen.  These tend to be the properties that sell below market value.  Over the past 12 months (September 2011 – September 2012, excluding mobile homes) 17 properties sold with Cesspools in the town of Portsmouth, vs the 138 that sold with a septic systems in place.  The 17 homes with cesspools sold for 12% less than list price and 28% less than the assessed value.  While the homes with septics sold only 6.8% less than the list price and 7.2% less than assessed.  A buyer taking a risk in installing a new septic system made out with a deal!  

Would you be willing to take the leap for the opportunity for a good deal?

  • October 02 2012 - Portsmouth
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Answers (2)

Profile picture for user6004215
I'm considering buying a house with a cesspool in a different city, but most lenders don't want to touch it.
  • February 20 2013
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I purchased 4 homes with their own cesspool...really "old tech," but it is very sturdy...I am very happy with them.
  • February 20 2013
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