The septic system failed inspection. Needs have new tank installed! So our flippers will most likely back out. So we will just default on the loan (deed of trust) and let it go to foreclosure. Oh course, IPX did not it inspected as the law requires when he sold to us. We were not aware of the fact the property was on septic since we did not get SPDS on it either. The law requires inspection and transfer of the ADEQ permit .....HOW DOES HE GET AWAY WITH THIS?
After the BINSR requests from our fix n flip buyer (which of course we declined to do those repairs) I figured the deal was dead in the water. But they are going forward... YEAH! We will have to pay about $1,000 at closing to cover our DOT, though. Lose every penny of our down PLUS all the $$ we have put into it in repairs, taxes, leasing, etc... Never thought I would be this relieved to lose only $70,000! But our other option was to not pay our DOT holder and let it go to foreclosurem and we didn't want to do that. Just keep your fingers crossed that the septic inspection goes well, with no major repairs needed... that could be the ultimate deal breaker if .... OK Nana, think positiv
Our sale of that bad property to a house flipper just went to shit! Damn, damn, damn We weren't even going to make enough to fully pay off the Deed of Trust! And now it seems it isn't even worth that much! We may have to default on the loan, cuz I don't know what else to do. Can't get blood out of this turnip, and since it's IRA $ we can't pay for it with our own $$ (like we don't have it anyway). After inspection here's what we know it needs and they want from us before they will buy it: repairs totaling over $32,000 ! If we did that we would lose $100,000 on one stinkin' property.... 1. Septic inspection and repair $3000....(Hell, we weren't even told it had a septic by IPX!)
