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1. Your lawyer sucks.
2. I would be looking to get out. There is probably a reason why they don't have what they need.
Why is it the lawyer's fault?
This is the dumbest scenario ever.
House with a septic system.
No one bothers to have it inspected way before the set closing date?
Whose fault is that?
The buyer's lawyer? The buyer's REA? I bet that the OP didn't want to pay for the inspection, and the seller's thought all was good, so that is why he/she is (buyer) where he/she is now.
I mean, come on....OP is looking to get out of paying for an interest rate extension. All because no one knew to have a STANDARD septic inspection?
Did the OP have a house inspection? Or is he/she waiting to sue buyer for **** that crops up over the next few years due to "non disclosure".
If you are too stupid to know that you need to have a septic inspection done on a septic system that is on the property you are going to buy....I have no words for you other than: dumbas*s
The town we are purchasing in requires the seller to have the septic inspected. As the buyers we wanted to convert to city sewer so we saved $1,000 inspection to put towards that once we own the property. I am just confused on how the sellers can blatantly disregard the contract, meaning the septic issue arose 2 weeks ago and they have yet to act, without penalty.
As the buyers we have made some mistakes, put too confidence in our RE agent and the sellers to do the "right thing". Thank you all for your advice.
The town we are purchasing in requires the seller to have the septic inspected. As the buyers we wanted to convert to city sewer so we saved $1,000 inspection to put towards that once we own the property. I am just confused on how the sellers can blatantly disregard the contract, meaning the septic issue arose 2 weeks ago and they have yet to act, without penalty.
As the buyers we have made some mistakes, put too confidence in our RE agent and the sellers to do the "right thing". Thank you all for your advice.
Sounds like a mess. You need to find out how bad the septic issue is. If it's a total fail and replacement is necessary, we could be looking at $30,000 and maybe the sellers just don't have the money. In which case escrow for city sewer hookup, get a temporary CO, and close. Also escrow for proper decommissioning of the septic. You don't want an unexpected sink hole down the road when the system naturally implodes.
1. I would first call the mortgage company to find out what it would cost to extend the rate lock by, say by 2 weeks and/or 1 month. Then you will know the amount of money in question (My guess is it would be around 1/4 point for every 2 weeks, maybe less).
2. You have not mentioned what is the issue with septic system which caused it to fail the CO, it could a trivial issue or it could be a major issue. I would investigate what exactly is the issue and re-evaluate if I still want to make the purchase.
3. Considering the current real estate market and the deal you made for this home, I would re-access if you really want to go ahead with the closing or walk away from the deal. If you still want to buy the house, then it is just a question of $$ from point (1) above. You should still fight for the amount, bluff and threaten to walk away from the deal etc. but at the same time be prepared to swallow the $$ if things do not turn out your way. Is it fair? NO, but so is life.
4. To get your lawyer's attention, leave him a voicemail stating that in light of this sewer issue, you are having second thoughts about the whole deal and are thinking of walking away from the deal. That should get his attention... Best of luck.
We just sold our house with a temporary CO. The buyers have 60 days to fix the issues. We put money in escrow for the things the inspector found which were very minor but on one item, very expensive to repair.
I was pretty bitter about the whole thing. We fixed everything the inspector found--very minor issues. Our township came in the last week and flunked us on a number of items including one item that was part of the original CO and had passed, lol. The inspector was surly, unprofessional and I knew the moment he stepped out of his car, we were in trouble. Really had a bitter taste in my mouth leaving NJ.
Not so sure about a failed septic system though. If you love the house, you can always negotiate with the seller and put aside enough for all the repairs. Otherwise, walk away. In our case, the buyers loved the house, repairs were very minor and the house was in excellent shape. We had a really good lawyer who went to bat for us---with the township to no avail but she did her best.
Not sure where you bought the house but in my town (Wyckoff) and other surrounding areas, the sellers are responsible for having the septic replaced if it fails inspection. The failed septic is reported to the town and the sellers must remediate.
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