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I'm annoyed...
So we closed on our house on March 19th. Obviously we've done everything the bank has asked us to do including water test (we have a private well), septic inspection, house inspection, everything else.
Yesterday the bank came back and said it looks like we didn't have the water tested for lead and we need to do it.
I've been trying to reach somebody who does the test and they never answer the phone and I'm probably going to be trying for the next few days. I am not sure how much it will cost to do the test. The reason I am wondering is in our agreement, the sellers are responsible for paying for the water test (while we pick who does the test). We already had our water tested (for potable) and the sellers covered the cost.
Is it realistic to expect the sellers to cover the cost for this too? I mean we will just pay for it if it's not a lot of money. Do you know how much it costs to do this type of test? I am expecting it to not be too much, but I could be wrong.
I wonder what would happen if we decided to not do it? Would the bank be able to take our house away from us? Obviously we're not going to do that, but I am wondering.
Re: I'm annoyed...
Realistically, it was the bank's oversight, and they really can't do anything to you if you don't have it done. But they could just get really annoying with letters and phone calls.
We were supposed to up our insurance to be over the principle of our mortgage, because the bank didn't read the binder and let us know before closing. We haven't yet, and wont up it, and they let it go after a while.
Water tests aren't very expensive (at least in my area) and I'd just get it done.
However, you might try turning it around on the bank, let them know that it was an oversight on their part, that the sellers were supposed to pay for it, and since the bank messed up, they should have to pay for it. Just to see what happens.
Check with your town offices and see if they do water testing for lead. We have had town testing done for houses we owned.
Last year we had Culligan come out to do a test on a house we were selling, but can't remember what they charged.
Since the sellers already paid for one water test and you already closed, I'm not sure if you can go back to them to pay for another.
Not sure what the bank recourse would be if you did not have the test done. If if is stated in writing that lead testing has to be done, you might be considered in breach of contract, but why would you even let things get that far over a simple water test? GL