Real Estate Question again

[FarmboyBill]

Im looking at a place, 10 acres, house, barn 32 X 62, out bldg 24sq, ground all open and FLAT, NO trees other then in fence line.

Question. Should I get the bank to send out their appraiser prior to making a bid, or what?

Im not sure where the septic tank is. I asked the realitor to find out where it is. She said a couple places she named by initials but I cant recall now she checked didn't show no record of any septic at the place. It was built in 92 thereabouts.
Im going to offer $50,000 if no proof of a septic exists, and $60,000 if there is a septic.
Im just needing to know IF I should get it appraised BEFORE making an offer or what. Thanks.
Funny. Ive been out there 3 times. The 2ne time there were trains almost chaseing each others tale. The 1st and yesterdays visits there were no trains.

[Brighton]

If it was built in 1992, there would have to be a septic, or at least 99% sure there would be a septic. If you are talking about 1892, well that could be an issue?

Do you have an MLS number, it should have some details on the place, septic, AC, etc.

Opps, sorry, it have been my experince that the bank will send out their appraiser after you make the offer.

Anna

[Conhntr]

The bank generally will generally send for an appraiser when you "lock in" you rate. The appraisal fee is what locks in the loan. I was very worried about the appraisal for my purchase but there isnt much you can do. Just make sure you offer has a financing cluase. I.e offer is contigent on buyer being able to secure a 30 year fixed at 3.xx% with x%closing costs. If the appraisal dosnt come in high enough you cant get financing and unless the seller offers you a loan that meet the terms, or alters selling price you are back where you started.

For the septic just get an inspection. The company will pull records (if there are any) and they are very good at finding hidden tanks/systems. For a "walkover" with permit pulled should be ~200$nthe lender will probably require an iwell/septic inspection anyway so ask them what is required so you dont end up paying for 2!

[po boy]

No,

The agent should know if there is one or not.

And no, the appraisal fee does not lock your loan. In most cases, you can lock the loan when you decide on a property and you are willing to lock the loan at the current rate.

[Raymond James]

Ask the seller to locate the septic tank they may not be able to but try and put it on them. If they know who put it in it is possible the installer will recall. Some tanks put in during the 90's will have inspection ports if so you can find the tank pretty easy. If not guess 10 feet from where the sewer line exits the house and start probing. They are usually only 2 foot below ground where I live in Missouri.


Once you find it have it pumped out and emptied then have an above ground access riser put on. Makes servicing the tank easy no need to spend time hunting for the tank then digging the lid up just to see if it needs pumping. Check it every year or two to see if it needs pumped make sure you have it pumped at least every 5 years.

[wannabechef]

Environmental Health Department will have record of septic location.

Septic tanks need to be pumped only when solids reach a certain level, not every 5 years or even every 10.

[Alice In TX/MO]

If you don't know if there's a septic system or not, you don't have enough information to make any bid at all.

[ChristieAcres]

Originally Posted by FarmboyBill

Im looking at a place, 10 acres, house, barn 32 X 62, out bldg 24sq, ground all open and FLAT, NO trees other then in fence line.

Question. Should I get the bank to send out their appraiser prior to making a bid, or what?

Im not sure where the septic tank is. I asked the realitor to find out where it is. She said a couple places she named by initials but I cant recall now she checked didn't show no record of any septic at the place. It was built in 92 thereabouts.
Im going to offer $50,000 if no proof of a septic exists, and $60,000 if there is a septic.
Im just needing to know IF I should get it appraised BEFORE making an offer or what. Thanks.
Funny. Ive been out there 3 times. The 2ne time there were trains almost chaseing each others tale. The 1st and yesterdays visits there were no trains.

If you were using your own Realtor, you could get a CMA done to give you a good idea what the property is worth. If you have directly contacted the Realtor, I'd still ask for a CMA to show the worth. In addition, you can find out what the County Assessor values it at.

Like the others, I wouldn't make an Offer unless I knew there was a Septic System and it was Pumped/Inspected.

[wannabechef]

If its a house built in 92 the poop is going somewhere, either sewer or septic...no certificate of occupancy will be given if not. If the home is listed with a tax value on tax map it's had a CO.

[Yvonne's hubby]

Originally Posted by wannabechef

If its a house built in 92 the poop is going somewhere, either sewer or septic...no certificate of occupancy will be given if not. If the home is listed with a tax value on tax map it's had a CO.

Interesting, We have been living in our home for several years now that I built in 2000. I am somewhat puzzled.... perhaps you can enlighten me.... Whats a certificate of occupancy? I just built the house and moved in. And yes, it shows up on the county tax books, and I pay my taxes every year on it.

[Wolf mom]

If you're interested in making an offer on a property that you know little about, make the sale "contingent upon" then list what you want inspected. IE: Sale contingent upon a roofing inspection by a licensed roofer and acceptance by buyer. If you don't accept the inspection - no sale. Or you can go the route of a home inspection. (much debate over home inspectors) Costs should be either by seller or 1/2 & 1/2, seller & buyer, as both benefit from this.

As far as a septic: Sale contingent upon septic to be pumped and certified (you get paperwork). No septic - no sale. The seller should pay for this.

Who pays for what is always a point of negotiation.

As far as an appraisal - as was said, just get a cost comparison analysis from your realtor. Most banks use their own appraisers and will not accept an outside appraisal. By now, you should know the value of land, buildings, etc. You've been looking a long time.

I can't believe you are working with a realtor that is not advising you of basic things like this.

[BigHenTinyBrain]

Of course we're all assuming that this is owned by a person, not a faceless bank... in which case the real estate agent may NOT know where the septic is, the bank may have no info about the condition of the tank or if it has ever been pumped and you may be flying blind.
If it's a foreclosure I'd suggest having a home inspector come look for the septic, etc. Then you've got some concrete info. And the words :contingent upon" in a contract are very useful!
-although if it's a foreclosure expect that your contract is meaningless, they have their own contracts and they'll be using theirs, which usually specifically say there is no such thing as "contingent upon".

[wannabechef]

Originally Posted by Yvonne's hubby

Interesting, We have been living in our home for several years now that I built in 2000. I am somewhat puzzled.... perhaps you can enlighten me.... Whats a certificate of occupancy? I just built the house and moved in. And yes, it shows up on the county tax books, and I pay my taxes every year on it.

Did you have a building inspector inspect your home during and prior to moving in? You cannot legally live in a home without having a legal place for your poop to go.

[Yvonne's hubby]

Originally Posted by wannabechef

Did you have a building inspector inspect your home during and prior to moving in?

Ok, I have heard of building inspectors, they have those in faraway places like big cities, We do not have such folks where I live, so no, our house was never inspected by any officials. I pretty much inspected my own work as I went along.

[wannabechef]

Originally Posted by Yvonne's hubby

Ok, I have heard of building inspectors, they have those in faraway places like big cities, We do not have such folks where I live, so no, our house was never inspected by any officials. I pretty much inspected my own work as I went along.

So no permit required to build a home? You just walk outside with a truckload of wood and start building?

If that's the case it's not like that in majority of the US. We have rural areas in GA and you won't build a home without a permit in any of them.

[wannabechef]

It appears Kentucky ain't so far away after all...

http://dhbc.ky.gov/Pages/default.aspx

It appears they do have a permitting process and inspection departments. And since environmental health is a State entity, I know for a fact they have that.

You will not build a house without a safe place for your poop to go and safe is not left up to a property owner.

[Yvonne's hubby]

Originally Posted by wannabechef

So no permit required to build a home? You just walk outside with a truckload of wood and start building?

If that's the case it's not like that in majority of the US. We have rural areas in GA and you won't build a home without a permit in any of them.

Thats correct. sorta. It was actually 3 truck loads of logs that I had delivered to the farm, had them milled to the dimensions that I wanted and started building. I also had a load of old fireplace stones hauled in for the foundation. This is also one of the reasons I opted to live where I do instead of in GA or Oh or many other places where there are meddlers telling everyone how to live every detail of their lives. Freedom is a good thing.

[Dutchie]

Originally Posted by wannabechef

Did you have a building inspector inspect your home during and prior to moving in? You cannot legally live in a home without having a legal place for your poop to go.

Bill lives is Oklahoma and this house is in rural Oklahoma. We have no codes.

[Dutchie]

Originally Posted by lorichristie

If you were using your own Realtor, you could get a CMA done to give you a good idea what the property is worth. If you have directly contacted the Realtor, I'd still ask for a CMA to show the worth. In addition, you can find out what the County Assessor values it at.

Like the others, I wouldn't make an Offer unless I knew there was a Septic System and it was Pumped/Inspected.

Standard CMAs don't work in Rural areas.

[wannabechef]

Kentucky: http://chfs.ky.gov/dph/info/phps/enviromgmt.htm

Oklahoma: http://www.deq.state.ok.us/eclsnew/septic.htm

There are certainly rules and codes, even in rural OK.