Cindy Stys, The Premier Equine Realty Broker (Cindy Stys Equestrian & Country Properties, Ltd)

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Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Avoid fraud by disclosing everything to the lender.

Jul 25, 2017 08:55 AM
Ambassador
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I wouldn't dream of it, Cindy Stys! My first thought would be loan fraud and I really don't look good in orange!

Jul 25, 2017 02:43 PM
Rainmaker
679,899
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

AOS = Agreement of Sale? What's the specific reason that you don't want the lender to see the septic report? That would not fly here (AZ) -- it has to be legally transferred per state law.

Jul 25, 2017 02:29 PM
Ambassador
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Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

That won't fly in AZ. NO NO NO. It is a requirement and they must use the proper form.

Jul 25, 2017 02:28 PM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Transparency is important, not something you should hide if the lender is interested in this report.

Jul 25, 2017 09:14 AM
Rainmaker
1,366,727
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Cindy Stys As Roy Kelley said, "Avoid fraud by disclosing everything to the lender".

Jul 25, 2017 02:51 PM
Rainmaker
724,099
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I would think it would need to be disclosed as the septic is an integral part of the property, which is the bank's collateral. If the septic is not functional, the collateral is rendered defective and the value goes down (at least by the cost of a new septic system, or what it might cost to repair it and that might be up to $35K or more), which might put the loan in technical default if the proper loan to value ratios are not maintained. 

Jul 25, 2017 02:21 PM
Ambassador
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Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

What is AOS?

Jul 25, 2017 02:11 PM
Rainmaker
998,559
Corinne Guest
Corinne Guest, REALTOR® | Barrington Realty Company - Barrington, IL
Barrington Lifestyles

Not sure what AOS is but this sounds like a terrible idea. Living in septic and well land we have it all on the main contract.

Jul 25, 2017 01:53 PM
Rainmaker
729,360
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Most buyers here verify working septic systems. Any previous septic repairs are usually on file at the health dept. Not all buyers get septic inspections though.

Jul 25, 2017 11:52 AM
Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

This type of inspetion is right in our contracts

Jul 25, 2017 11:11 AM
Rainer
221,871
Caroline Gerardo
CMG Financial - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

I assume you drop off this information so lender won't call or ask for any repairs. Conventional this might work but buyer might be calling his attorney in a year when the tank leaks. Make sure you get every thing signed off

Jul 25, 2017 11:09 AM
Rainmaker
2,891,714
Richard Weeks
Dallas, TX
REALTOR®, Broker

I don't know what an 'AOS' is; however, I am a big fan of over disclosure.

Jul 25, 2017 10:40 AM
Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

I believe it should be part of the contract. What's an AOS?

Jul 25, 2017 10:17 AM
Rainmaker
1,520,996
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Disclose, Disclose, DISCLOSE even to the lender through the contract and addenda. 

Jul 25, 2017 09:57 AM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Is someone fearful it won't pass ???

Jul 25, 2017 09:16 AM
Rainmaker
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Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

Each one is different & someone 'should' read the listing sheet in which it states that anyway. It's not a good idea to do this.

Ages ago we didn't give them the riders, now the appraiser asks for the riders if he doesn't get them. I think it's a different world out there.

Jul 25, 2017 09:07 AM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

We have sewer out here.  Sorry, can't help there.

Jul 25, 2017 09:03 AM
Rainmaker
382,467
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

An attorney told me that if you receive written direction from the lender to limit the addendums they are given, you are okay as this is coming from the authorized representative of the bank who is producing the funds for the purchase. However, make sure this direction is in writing and made a permanent part of your paperwork on the transaction.

Jul 25, 2017 08:58 AM
Rainmaker
761,803
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Is it something the lender wants/needs to see?  Then is it something that is being kept from the lender intentionally?  Then is it fraud?  A separate addendum that doesn't go to the lender sounds sketchy to me.  I don't like it, wouldn't do it. -Kasey

Jul 25, 2017 08:47 AM
Rainmaker
4,866,933
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

all of our lenders in MA want to see a copy of the Title 5 inspection and certification.... 

Jul 25, 2017 08:41 AM
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Call to your lender each lender is different.....

Jul 25, 2017 08:33 AM
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Living in the City, we don't have septic inspections.

Jul 27, 2017 07:08 AM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

I think he did:

Jul 26, 2017 06:29 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is not required in my state.

Jul 26, 2017 04:49 AM
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Cindy Stys - now in MA, this is required by the lender so no matter what...

Jul 25, 2017 10:45 PM
Ambassador
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Someone is playing games and I don't play along.

Jul 25, 2017 04:07 PM
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The scale of justice is leaning toward fraud right now. My thought is that this is not recommended!

Jul 25, 2017 04:01 PM
Rainmaker
4,431,972
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

No. I would not mislead the lender.

Jul 25, 2017 02:57 PM
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I don't know what the requirements are where you are, but I don't even know what an AOS is. Inspections are at the discretion of a buyer in my market and don't go on any addendum. We never send inspection reports to lenders.

Jul 25, 2017 09:09 AM
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Never had an issue,but then again, have always disclosed!

Jul 25, 2017 09:00 AM