My first land deal is stuck because my buyer says the perc test results are my problem to fix
Picked up a 14-acre parcel in Pocahontas County, WV under contract at 9,200 about six weeks ago. Found a buyer willing to pay 16,500, wrote up the assignment, everybody seemed happy. Then the buyer's lender came back and said the property needs a passing perc test before they'll finance it, and now my buyer is telling me I need to handle that cost before we close. I'm on the passive side, I don't touch the land, I don't hire contractors, I don't run around getting county tests done. But I also don't want to eat a dead deal. The perc test out there is running around 800 to 1,200 depending on who you ask, and there's no guarantee it passes. If it fails, I'm out the money and the deal probably dies anyway because the buyer is financing it and can't go cash. My contract has an inspection contingency that runs another nine days, so technically I still have an out. I'm trying to figure out whether this is just the deal dying or if there's a real path where I don't pay for a test on land I don't own and won't own.