I know I can call our atty. on Monday but I was wondering if anyone knew anything about CO's first.
We have a backup offer on a house that we love. The current buyers have an all cash deal with nothing to sell and aren't flexible on closing dates. We have our townhouse to sell and are flexible. No contracts have been signed.
From what I've been told, the current buyers are concerned b/c there isn't a CO for one of the additions and they want the homeowner to get the CO. She doesn't want to but may be reluctantly getting it now. The buyers are now shakey on the deal (so we just might get it).
How does one go about checking on COs for a house (before the title company does) and can a buyer get one? I don't think a bank will let you close without a CO but is it different if you use a mortgage broker? Any other info. you have would be helpful! THANKS and WISH US LUCK!
kpny622
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Re: CO question...can anyone give info.?
When we bought our house the Seller told us they had a c/o for everything and I made them show it to me before we signed the contract (it is part of the Seller's title report when they bought the house so they should have it). If they had said they couldn't find it but that they knew it existed, then I would have put a contingency in the contract where they represent they have it and if they don't, we could have backed out of the contract.
Whether or not you go through a mortgage broker, you'll need a c/o. A mortgage broker is only going to put you in touch with a bank, and bank isn't going to close without a c/o unless they make a mistake and don't notice it.
I'm pretty sure a buyer can pay for getting the c/o if they wanted to...why not?
CathyB
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Re: CO question...can anyone give info.?
We closed on our house with an open CO, as did one of my friends. We had to sign something at the closing stating that we were aware it was open and that we were responsible for having it cleared up within 30 days. It's all done now, took longer than 30 days, our lawyer told us we really only needed to have it done before we sell the house, but we were having other work done and needed it cleared up before the town would approve our plans.
HTH!
AmyKay
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Re: CO question...can anyone give info.?
you can go to your town hall to get copy's of C/O's for anyones house. I think its public record.
also some banks don't need C/O's if your putting a lot of money down. They will be more flexible! fyi a morgate broker will know which banks to use for no c/o.
the owner of the home needs to get the c/o! If you buy the house without the c/o when you decide to sell you will need to get a c/o or find a buyer willing to buy without it!
Sasha96
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Re: CO question...can anyone give info.?
thanks for the info. we're waiting for our real estate agent to call us back b/c the listing agent needed to talk to her about arrangements immediately. sounds like the house is even more in our favor!
for those who had to get a CO...how much did it cost? how did it effect your taxes (based on room size)?
THANKS!!!!
CathyB
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Re: CO question...can anyone give info.?
Ours was pretty basic, all the forms and stuff had been filed but never finalized. So we hired an expeditor ($1500) and he got it all fixed. I don't think it affected our taxes since it's not living space. It's an extension to the garage making it 1.5 car and a storage room that runs the entire size of the garage over it.
Sasha96
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Re: CO question...can anyone give info.?
Thanks again! The first buyers backed out b/c they don't want to wait. The owner said she is getting an expiditor and getting the needed COs. I wonder how long that will take! We are now the buyers! I have to call the town on monday to see how much our taxes will go up once the COs come in! OMG! So many calls! (can you tell I'm excited!).
thiadora
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Re: CO question...can anyone give info.?
Congratulations, and best of luck.
Sasha96
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Re: CO question...can anyone give info.?
thanks! We're gonna need it...I know it won't be a smooth road ahead knowing she doesn't have all the COs!
thiadora
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Re: CO question...can anyone give info.?
Posted by Sasha96
thanks! We're gonna need it...I know it won't be a smooth road ahead knowing she doesn't have all the COs!
that they did the work correctly and the town doesn't give them any trouble.
Sasha96
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Re: CO question...can anyone give info.?
i know i can't believe it either! and it's not like she did the work herself! she had contractors!!!
