Legal Question in Real Estate Law in Massachusetts
title five
i am currently in the process of purchasing a short sale home with a failed septic system.
the bank willnot approve my loan until a septic design is in place and approved by the town. the bank is also questioning why we are paying for the new septic and not the present owners? any comments
2 Answers from Attorneys
Re: title five
A Bank will sometimes allow for the loan to go through while the Septic system is being replaced if the money for the Septic System is held in escrow.
As to the short sale and amount, well that is a business and appraisal issue. Good Luck.
Re: title five
The bank's question is not super important as long as the failure is repaired. If in your town the design has to be approved, then you or the seller must seek and get this approval.
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