If my mortgage co does not notice during the appraisal that we are missing a CO for a small shed when will it come up again? Of course when we try to sell, but will it become an issue sooner, like during the closing?
Do you really need a CO for a small shed? And if necessary, couldn't it be removed if there's an issue?
Posted by wc0143
Do you really need a CO for a small shed? And if necessary, couldn't it be removed if there's an issue?
At our closing we had an open CO and we just had to sign some document that we'd take care of it within 30 days, which our lawyer told us really meant take care of it before we go to sell the house. Maybe ask your lawyer if he can draft something like that up just in case?
Posted by clpunch
At our closing we had an open CO and we just had to sign some document that we'd take care of it within 30 days, which our lawyer told us really meant take care of it before we go to sell the house. Maybe ask your lawyer if he can draft something like that up just in case?
Posted by BlazeSyth
I dont think the appraisal is the time where they search the COs; I think that is during the title search.
***Correct
Now, if the appraisal doesnt mention the shed, (Ie mortgage company doesnt know that a shed exists) and you have no CO for the shed, then I assume it would be OK.
But if the appraisal mentions a shed, and it is within the limits of needing a CO, then not having a CO might be a problem.
***The shed could also show up on the survey or survey inspection. If that hasn't been done yet, it could come up at that time.
I am in the same boat. I am buying my parents house and they did not get a CO for the shed, deck or pool. I will gladly take down the shed and pool but would like to keep the deck. My inspector told me that most banks want the CO but some mortgage companies dont care. I am applying now and am worried that they wont ask and I will think I am in the clear and then the day of closing they are going to ask for it:(
Posted by BlazeSyth
Posted by clpunch
At our closing we had an open CO and we just had to sign some document that we'd take care of it within 30 days, which our lawyer told us really meant take care of it before we go to sell the house. Maybe ask your lawyer if he can draft something like that up just in case?
I think you can do this, yes - only problem is then you are responsible for getting the CO (whether now or later) and whoever is responsible for getting the CO may need to a) fix whatever work was not done up to code or b) pay back taxes.
So, it is to your best interest in my mind to have the seller get all the COs, make them deal with the hassle.
