Home Buying in Dyker Heights>Question Details

onikablue, Other/Just Looking in Brooklyn, NY

Is it a bad idea to close on a house with a violation even if the seller has put money in escrow ?

Asked by onikablue, Brooklyn, NY Mon Apr 7, 2014

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If a buyer closes on it, then it can become their problem. Your lawyer will advise you how serious it is and what the town/city wants to fix the violation and any cost with it. Only the buyer can judge if it is worth the risk.
0 votes Thank Flag Link Wed Apr 9, 2014
This is a question that only the buyer in this scenario can answer. That buyer should trust their gut.
0 votes Thank Flag Link Wed Apr 9, 2014
It depends on the nature of the violation.
Is it enough money for you to rectify the problem if the seller does not?
Are you capable of rectifying it if the seller does not?
How much do you want this house? How likely is it that you can find another at the same price etc.?
Discuss it with your attorney.

Best wishes,
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes Thank Flag Link Wed Apr 9, 2014
Yes, it's a bad idea. Consult with your Attorney for further information.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue Apr 8, 2014
Why do you say it's bad? Is there a possibility that the buyer won't ever see the escrow money?
Flag Tue Apr 8, 2014
I guess it depends on what type of violation it is. If the money the seller has in escrow is plenty to take care of the violation, than you might be ok. You should get your attorney's advice on it and see what they tell you. Some violations can be too much to handle for some buyers, others are no big deal. IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
0 votes Thank Flag Link Tue Apr 8, 2014
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