My wife and I purchased a home in Jacksonville, Florida, three years ago.
After living in the house for just eighteen months, the septic system failed and destroyed both bathrooms.
We had sewer water backed up and flooding the bathrooms. The smell and mess were horrible. The floors, baseboards and many of our plumbing fixtures were ruined. We faced major repairs and expenses. We just recently learned that the previous homeowner knew that the septic system was a pressing problem and did not share these concerns on the seller’s disclosure. The home inspection also failed to identify the problem. We hoped to sue the former owners but were beyond the three-year statute of limitations for fraud. Because of the location of the septic, the only way to install a new one is to incorporate raised fields, a pump station and retaining wall. I got several estimates and the total cost of the project comes in at approximately sixty thousand dollars. There are also fees for the engineer to draw up the plan. My wife and I can’t afford such a hefty investment, and we don’t qualify for a personal loan for that much. We would like to avoid a HELOC (home equity line of credit) because they can be risky. The variable interest rate is likely to increase. If we were unable to pay back the loan, we could lose the house. We would like to get out of this house. We’ve added up around one hundred thousand dollars worth of problems with it. While insurance has covered some of the expenses, my wife and I are traumatized, aggravated and ready to move on. After debating different options, we have decided to work with a cash home buyer. It took a few minutes to fill out an online form. We had an offer in a matter of hours. Considering the elimination of repairs, realtor fees and risk, we feel the offer is very reasonable.
