Often times one of the greatest stumbling blocks sellers have is their septic system. Before putting your house on the market it is important to have a Title V inspection so as to know where you stand, and how to move forward. Do your research, and ask your real estate professional who they recommend for an inspector. Inspectors follow town and state requirements stringently, but some go above and beyond. Last summer an inspector did a pre-sale inspection of a pond front system, suggested repairs to bring it into compliance. Once the repairs were made, he returned for a formal inspection, and was able to pass the system saving my client tens of thousands of dollars.
In the event that your Title V inspection does not pass there are ways to solve this – do not despair! It may be difficult to come up with the funds, and for this reason septic installers will often install a new system before closing, and once the sale is on record be paid from the proceeds. Doing this is a smart way to expand your pool of buyers easing their concerns, and bringing you, the seller, top dollar for your home.
Bank Owned Properties
Buying a bank owned property is completely different from purchasing from a normal seller. It is not for the fainthearted, but can offer savvy buyers a bargain. As a company Upper Cape & Vineyard Realty does not represent banks, but we often have buyers interested in foreclosed properties. The most important thing to understand is that there is no rhyme or reason as to what the bank’s representatives will do. They require multiple people to review offers internally, and can be slow to respond. We send them an offer, and they can take as long as they want to to respond. In one recent sale the bank waited over six weeks to respond to an offer, but wanted our client to respond within twenty-four hours.
Typically banks use their in house electronic offer system, and each one requires hours of effort for the buyer’s agent to learn. While we may not be required to submit a standard offer form as a company, it is Upper Cape’s policy to take this extra step. Recently one of our associate brokers was in a situation where his client wanted to change an offer she had made through an electronic system, but would have had to completely submit it losing her priority in the bank’s system. Because he had her sign an updated offer, he was able to call the bank and reach a real person who reviewed the offer and accepted it. We later learned that the agent representing the bank had a client who put in a similar offer, but because our agent took that extra step our client ended up with the house.
At Upper Cape & Vineyard we recently have had success in getting buyers into bank owned properties. In both cases, the buyers ended up with monumental deals! In Massachusetts most bank owned properties are put into a multiple listing service called MLS Pin; meaning few Vineyard listings are exclusively in it. By partaking in this MLS system on the Vineyard we are able to ensure that our clients receive the fullest list of opportunities available.
If you are interested in bank owned properties it is important to work with an agent that goes above and beyond what is required for typical residential sales. Call or email our office, and we will put you in touch with an agent and team to walk you through this difficult process.