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Just had a soil scientist out to test some land we're under contract to buy. The test revealed a problem with shallow soil all over the property, and he couldn't find a good spot for a septic field. One spot was marginal, and may work for a small 2 or 3 Bdrm home, but that's all, out of 30 acres.
Now, my question is, should I take advantage of the opportunity to terminate the contract under our due dilligence clause and get our earnest money back? Or should I use this as a bargaining chip to get them to lower the price significantly enough to cover the cost of installing an alternative type of septic system? I am otherwise happy with the place, and it's a great location. Most everyone around here has conventional septic systems, though. The seller's agent said they're gonna have to find some solution (obviously) such as getting a septic easment onto a neighbor's property, or finding a buyer who's willing to put in an alternative system. Should I stick around and try to work this out if they are willing to drop the price 20-30,000? Or what is a reasonable figure?
Now, my question is, should I take advantage of the opportunity to terminate the contract under our due dilligence clause and get our earnest money back? Or should I use this as a bargaining chip to get them to lower the price significantly enough to cover the cost of installing an alternative type of septic system? I am otherwise happy with the place, and it's a great location. Most everyone around here has conventional septic systems, though. The seller's agent said they're gonna have to find some solution (obviously) such as getting a septic easment onto a neighbor's property, or finding a buyer who's willing to put in an alternative system. Should I stick around and try to work this out if they are willing to drop the price 20-30,000? Or what is a reasonable figure?