My Daughter is having difficulty getting financing on a home because the shared well is supporting more than 4 houses.
Any way to get around this problem?
But any place she has tried to get a loan says that it can't service more than 4 homes.
Don’t see how she’s going to get a loan. Requirements on hud and fha loans is 4. They need to confirm to the secondary market which is fnma and Freddie Mac guidelines. If she’s buying it I’d walk away.
of the other 4 homes sold recently? If so, it cant hurt to door knock and see who they used
are just as motivated to sell their house as your daughter is to buy it, except that they have a bigger problem than your daughter. Your daughter can simply walk away and buy another house, but the sellers will need a cash buyer to buy their house because of the lack of marketability of any mortgage on their house. Depending on the specific property, that can be very difficult to do and perhaps not even realistic.
I would have her agent talk to the listing side or seller and see if they can't find a solution in which a new well is dug by a certified contractor as a condition of the sale.
in a rural section of Asheville,NC