In massachusetts and buying a failed title V property – in Massachusetts any property with a cesspool is required to install a septic prior to selling the property – unless the buyer agrees to take on the work.
That’s what we decided to do, now the appraisal comes in… it says that the property has a septic – it’s right at our asking price. I have an email from our loan officer saying that the septic work would not be included in the appraisal. Now they’re saying we should include it in the appraisal ‘so the loan gets approved’.
I’m about ready to fire my loan officer and get a completely different team – I just wanted to know if anyone has any experience dealing with this? This seems fraudulent and beyond that – I want the credit for adding value to the property by installing a working septic system.