So we made an offer on a house and it was accepted, the next step is meeting with the lawyer for the contract. He called me tonight and informed me that the owners do not have a co (permit) for the finished basement or deck. He said he is not concerned about the basement , (which is carpeted and has a bathroom ) , but that he spoke to the owners and they are not willing to get the co for the deck, which he said may possibly hinder us getting our loan. Now I'm so confused over what to do, this is our first time buying a house so we don't know much.What would you do? Should we walk away?
VeePro
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Re: NWR real estate question
Basically what that means is that when they built the deck or redid the basement they never informed the town about it. ( usually people dont do this because it increases thier taxes). What this means is that once you have a closing then the town may actualy tell you that it needs to be taken down before your ab to get the house. IMO i would request the owners get the permits beore you buy if not you may end up spending alot of money and have a lot of problems. Def talk to your real estate agent im sure they have more info.
mara1017
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Re: NWR real estate question
Talk to your lawyer about it. A real estate lawyer deals with that all the time and they will be able to tell you what your options are.
In today's financial climate just because one mortgage company does not make a big deal about it doesn't mean another one won't.
Irishbride16
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Re: NWR real estate question
Posted by VeePro
Basically what that means is that when they built the deck or redid the basement they never informed the town about it. ( usually people dont do this because it increases thier taxes). What this means is that once you have a closing then the town may actualy tell you that it needs to be taken down before your ab to get the house. IMO i would request the owners get the permits beore you buy if not you may end up spending alot of money and have a lot of problems. Def talk to your real estate agent im sure they have more info.
This! My mom is a real estate agent and if they are not willing to do that it can be bad in so many ways ...i would def. find out more b/c you don't want to get fined for something you didn't do
dunnkat
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Re: NWR real estate question
Thanks guys, we went to meet the lawyer today and also spoke with my mortgage broker. They both have looked at the deck and advised us that it won't be a problem so we are moving ahead! This whole process is so stressful and complicated, I'm so glad I have people I can ask questions and vent too
LaurenT
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Re: NWR real estate question
Buying a house was the most stressful thing ever We bought a short sale and it was horrible...it took 7 months from contract to closing! In the end everything works out and it will all be worth it!
dunnkat
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Re: NWR real estate question
Thanks Lauren , we saw so many great short sales but I was scared of that so we stayed away from them! Glad yours worked out in the end I think we must be nuts for doing 2 super stressfull things at once but I just keep thinking of the end result- married and in our new house ! I can't wait for it to be over!
Gipper3486
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Re: NWR real estate question
We recently bought our first home and had this same issue. The owner did alot of work to the house and did not get any of the CO's. Out lawer told us that it would not be a big deal. We negotiated to have it done just in case. You could always do it on your own, but it costs. Everyone made it seem like no big deal though. If you are worried, try to negotiate it with the lawers. In this climate, they only have one house to sell and you have hundreds to choose from to buy so they may not want to lose the sale. Good Luck!
