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Updated about 10 years ago, 12/17/2014
Friends need advice selling house, just discovered plumbing issue.
They were planning to list it in the spring as they've outgrown their starter home. Several weeks ago the plumbing backed up and yesterday the plumber came back to run a camera in the lines to make sure everything is clear. He discovered that the pipes leading to the city lines beneath their back yard are bellied and they are facing roughly $6200 in repairs, not including the cost to repair the deck, which will be torn out, fencing, and replacing the landscaping. They are thinking about discounting the selling price by the cost to fix the line, and letting the new buyers design the back yard however they want. I was thinking they should apply for a HELOC and have it fixed, assuming HELOCs can be used for that. The house was built in 1976 and they bought it in the summer of 2011. What's the best thing they can do in this situation?
Thanks,
Marcus