Purchasing Properties with Failed Title V

[Isaac D.]

Hi,

I'm in central Massachusetts, and often come upon properties I want to purchase that have failed septic systems. In the past I've been running away, but I'd like to learn how people are making it work. How long did it take you to get it installed from start to finish? What did it cost? What factors can contribute to the cost being higher or lower? What are some other considerations and major things to be aware of? 

TIA

[Lien Vuong]

Theres a few options you can do as a buyer - obtain a private money loan so that a working septic system is not required at closing (their assumption is that you will repair post closing), get a traditional mortgage with a construction portion to address the failed septic, or as the sellers to escrow in funds to be able to replace it. I've done #1 and 3 in assisting clients and it's completely fine to execute. 

Cost wise, depending on the scope and size of the system its a range of $20-75k and shouldn't be more than a few weeks to install assuming you are in right climate outside of winter.