Wow. Someone is going to get a steal.
It’s not even that bad as-is. Needs updating, sure, but it doesn’t look scary.
And thank goodness someone already hauled off the appliances. 
How much does a new septic system cost for a 4 bdr? Just out of curiosity. Don’t run across septic systems much in the San Diego area.
Why would flood plain restrict adding square footage? If houses up and down the street are larger, aren’t you allowed to at least add sq footage up to a certain % of the lot size? It’s not water frontage, is there a certain area of the lot that gets flooded all the time or something? Or is the cost to add foundation in the mushy soil prohibitive?
Obviously I shouldn’t come to Cape Cod because I know nothing about local conditions 
I could renovate the interior all day, but I probably don’t understand what it takes to frost proof, or flood proof, a new foundation build. Heck!! that’s what subcontractors are for
30 years ago, we had to replace the entire septic system leaching field for our 5-bedroom house. We got three estimates-- $8K, $12K and $18K. We picked the middle one and it lasted for the 25 years we lived there.
ETA: That’s in high-priced Fairfield County, CT.
Here in my neck of the woods, it can be as low as $15k or as high as $50k depending on the design and drainage availability.
Uh oh… how does anyone estimate if it can be $15k or $50k?? that’s where a huge risk would be to take on that project.
You do a drain field feasibility analysis, making that a condition of the sale for new construction; then, depending on how well it works, the cheapo tank/pump/drain field might do (like with us) or the more elaborate design will be required (like the next door neighbor). Have no idea how that would work for an existing replacement… Possibly some sort of a feasibility study.
Found this:
http://www.gotperk.com/king-county–wa.html
$450 for basic feasibility. More $$$ for design. Plus construction. Plus variances and major headaches if a complex design is needed.
That lot is flat and open, if a new system was needed I think it would be very straightforward and towards the lower end of the price scale. I would call a few installers and find out what they systems are typically costing in that neighborhood.
Adding sq footage in the flood zone isn’t a matter of soil conditions or anything like that, it has to do with flood insurance and what is allowed to be developed in the flood zone. I don’t know the rules though, although they are probably googleable.
I’d be surprised if any of those houses have ever been flooded, but when FEMA redrew the flood maps a few years ago, a lot of people found themselves suddenly in the flood zone and needing flood insurance, and there was a lot of gnashing of the teeth and it got all political.
I had DW look this house up on MLS. It’s an auction - the minimum bid is $213K, there is a reserve which is not directly stated but is likely the $292.6K in the description. And there is a 4.5% buyer’s fee. Still - $300K to buy, $75K to renovate, $25K for a septic if needed, and sell in the low $500’s - not bad. B-)
And then cb can do my house, which is pretty much all interior work. [-O<
The cost of the new septic has a lot of factors. One is the lot itself. The new septic needs to have leaching fields as wall…and some lots just aren’t very big. If this place needs a raised septic system, it can easily run $30,000 or more…depending on the terrain.
In this state, a septic inspection is part of the selling protocol. If issues, then a smart buyer would get some kind of estimate on the type and cost of replacing.
As a note…we own two acres of land…but when our septic needs to be replaced…it will be about $30,000 because of the placement of those leaching fields.
And as noted above, CB…in many places here…septic is sized for the number of bedrooms…so adding a bedroom might necessitate a septic system change.
In MA, in theory the Title V inspection is supposed to happen before the sale unless there are weather-related reasons why it can’t be done. So it should be known in advance whether the septic system passed or not. Given that this is bank-owned and the listing agent is not in MA, it’s somewhat questionable if this will happen. There was nothing in the listing about it, although the agent may have more information.
Leaching fields for a 3br system can be surprisingly small, because the soil on the cape tends to be pretty sandy so it drains well. The septic design for my house calls for a leaching field that is 12’x25’x2’ deep, which provides 448 sq ft of leaching area (sides + bottom), and uses only 300 sq ft of surface area. They can generally reuse the same tank as long as it is in good shape, that is the case with mine.
This lot is dead flat with minimal tree coverage, terrain shouldn’t be an issue. It’s more than 100 ft from the water, so that’s not a problem. From looking at street views in this neighborhood, I don’t see any raised systems.
Obviously you never know until the system gets designed, but it certainly doesn’t seem like it would be too challenging in this case.
ETA: You can also call the Town Hall, they will have records if work has been done before. If a new system was installed in 1999 when it last sold, they will be able to tell you. And if a new system was put in, odds are high it will pass Title V, 18 years is not old at all. The houses in my neighborhood have 50+ year old systems and many are passing without any work needed.
Thank you for all of the septic tank info. Fascinating.
Banks are pretty ignorant about all of this and will refuse to provide any disclosures. If purchased at auction, it is ‘buyer beware’ (if it is a standard type auction, maybe not if it is an ‘after’ foreclosure auction) and you would not have any chance to do septic inspection, drainfield analysis, whatever.
Right now I am not able to travel for work, but possibly in the future. I’ll just have to live vicariously through all of these great possibilities you guys find!
@notrichenough … keep us posted on how the auction goes and what it finally sells for. I’m curious to follow it. My guess is that it might get bid up to about $330k, depending on whether it is an online auction or a live auction on site.
Here is some septic educational material:
http://www.co.thurston.wa.us/health/ehoss/pdf/cms/CMS_Glossary_of_Sewage_Related_terms.pdf
Actually @coralbrook the mortgage lending agencies around here are very aware of any issue that could affect the property value…and that includes septic. The bank or lending agency would have their lawyer looking for documents about the septic, for example.
And we also have disclosure laws in my state that are very clear.
So…here…the septic would need to be inspected. No choice. And if not up to par…that would need to be disclosed. The septic inspection would be required for the closing to take place.
Same here, for conventional sales. We are paying a guy to get ours certified for RE transfers, to the tune of $500. Foreclosures - anything goes.
In MA (and probably other places), mortgage lenders are now are very reluctant or refuse to even allow funds to fix the septic to be escrowed at closing. They want the problems fixed before the sale closes.
In this particular case, I don’t think a traditional lender will be involved since it is an auction. It will most likely be an all-cash deal to an investor. The law requires a Title V inspection to have been done within 6 months after a property is foreclosed upon, but I don’t know how the town would force this to happen without legal action, especially when the current owner is a bank in Florida. Inspection reports are filed with the town, so if one was done the town has a record of it and will tell you.
It’s an on-line auction. I’ll keep an eye on it.
Online auctions will go higher because the bidder does not have to be present at the auction. So, you will get some people from out of state who go “Wow!!! a house on Cape Cod for $215k, I have to buy it”. Most likely it has to be an all cash deal. For online auctions, you have to register (and sometimes put a $5,000 hold on your credit card) and then you get XX days to pay with cash. About 50% of the winning bids will fall through and then you will see it back at auction later.
The 4.5% buyer premium is the fee that goes to the auction house. They woo the banks with their auction methodology because the banks do not have to pay any commission (although they must be paying something to the out of town agent who listed it on the MLS, and may have to ‘show’ it somehow). The listing agent is the one who has to take the pictures I think.
Regarding septic inspections before a house sale –
When we were interested in a particular house 30 years ago, we had the septic tank inspected. It showed that it had recently been pumped out. However, what failed was not the pump but the leaching field itself.
Apparently the liquids from the tank “leach,” or spread into, the various pipes in the field. (The solids fall to the bottom of the tank and are emptied from time to time.) Out leaching field failed because the ground became completely saturated and couldn’t absorb any more liquid. The “symptoms” were that our entire front lawn became muddy and the just downright saturated.
So, checking to see that the septic tank has been emptied routinely doesn’t tell you how the leaching field is going to hold up in the short term. Here is some information on how to inspect the field. (Wish I had read this 30 years ago!)
http://inspectapedia.com/septic/Septic_Drainfield_Failure_Test.php
Man-oh-man, I’d love to buy this house:
https://www.zillow.com/homes/110-newtown-turnpike-06880_rb/
This is in Westport, CT, where the median sale price is $1,125,000. It’s located on a reasonable street and, as many people know, just getting into Westport (and its renowned schools) for under $500K is a phenomenal opportunity. I’d love to buy this, supervise a complete renovation both inside and out, and resell it for ~$800K.
It’s on over one acre.
@coralbrook: Are you in??
That Westport house is not really that bad. At least it’s liveable. I would think a young family would pick it up and do renovations over time. But… as I have definitely learned… young couples do not seem interested in trying to renovate a home while they are living in it. As I’ve said before, I moved into my current home 8 1/2 months pregnant and had to live through plastic hanging from ceilings to try to create a barrier and dust/debris everywhere with a newborn in order to even get a master bedroom that was liveable.
Zillow says it is worth $459k. Maybe because everything around it is a much larger sq ft size and Zillow’s computer analysis is calculating the value way downward because of smaller sq ft.