If your well or septic system is non-compliant, here’s how this will impact your home sale.
If your house isn’t connected to city water or a city sewer and you have another well or septic system, how does this affect your home sale?
In the state of Minnesota, you need to include a septic or well disclosure. This will include information like the well identifier number, the type of septic system you have, etc. Also, you typically have to include a map showing the location of the well or septic system relative to the house.
In addition to the disclosure, part of the contract process involves a well or septic contingency. This requires that your well or septic system be tested for contaminants and ensure that everything is in compliance. If it’s been a long time since the home was last sold or updated, the system is likely non-compliant. If that’s the case, the buyer might not be able to secure financing for the home.
If it’s been a long time since the home was last sold or updated, the system is likely non-compliant.
If your system is non-compliant, you have a few options. Usually Buyers will want you to replace it with a compliant system which, in some cases, costs as much as $25,000. However sometimes you might be able to make a concession and reduce the sale price, or cancel the contract and start from scratch.
So if you plan on selling soon and think your well or septic system is non-compliant with EPA standards, give me a call and my team will provide you with a free home valuation and consultation. We’ll test your system and provide an estimate of what we’d pay for the property as is. If we can agree on a price, we’ll buy the home without you having to fix the system yourself.
If you’re interested in this home valuation or have any other questions about this or other real estate-related topics, don’t hesitate to reach out to me. I’d be happy to help you.