Home Buying in Westbury>Question Details

Chaz, Both Buyer and Seller in Lindenhurst, NY

We are purchasing a property shortsale. There is a permit missing for an addition. Seller's won't to get a C/O. Can we still close?

Asked by Chaz, Lindenhurst, NY Sun Jul 24, 2011

Help the community by answering this question:

Answers

5
Diane Wheatley, Broker’s answer
Dear Chaz,

There is a difference between "can" and "should". The missing permit should not prohibit you from purchasing the home unless the lender cannot value the home at the agreed to purchase price due to the variance in square footage or integrity of the property.

As long as you are aware of this permit issue, the burden falls on you as to whether you are willing to take on any risk involved if the city or county were to require you to obtain the necessary permits by the use of a licensed building contractor.

Caveat emptor is latin for "Buyer Beware" and certainly comes into play for you on this one. Best of luck to you!

Diane Wheatley, Broker
diane@moveupproperties.com
1 vote Thank Flag Link Sun Jul 24, 2011
There are a few facts missing for a complete answer. If you are paying cash then you may close, although a title company will probably not insure title. If you are purchasing with a mortgage it is highly doubtful that any lender would take on such a liability. I must also ask why you would want such a liability? What if the addition is not up to code? What is the municipality will not issue a permit after the fact? In most jurisdictions the municipality may require you to tear down the structure that was unlawfully built. I personally would avoid such a situation, but this is your decision based on the known risk.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
1 vote Thank Flag Link Sun Jul 24, 2011
Hi Chaz

Is the house worth it, you are taking on a huge
Responsibility.

Prudent to pursue some other property.

Best regards
Perry
0 votes Thank Flag Link Sun Jul 24, 2011
If you are getting a mortgage, you need to find out if they will require it, if so you will need it to close, if not you may be able to close but then be responsible on your own and at your expense to get one. Somewhere the sellers have to decide if they want to complete a short sale or be foreclosed on, your agent should be working with the listing agent for a resolution, good luck working things out
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jul 24, 2011
The best person for your question is your attorney, therefore consider a consultation--you won't be able to close unless a clean title can be delivered...again, consult with your attorney.
0 votes Thank Flag Link Sun Jul 24, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer