Home Buying in 11235>Question Details

Looking4house, Home Buyer in Sheepshead Bay, Broo...

What are the Seller's Responsibilities when selling the home? Is there any buyer protection?

Asked by Looking4house, Sheepshead Bay, Brooklyn, NY Mon May 17, 2010

I am looking to buy a mother/daughter type house or a two family in Sheepshead Bay. I am looking for a 3 over 1. I found a house I liked and have had nothing but problems with the seller. We have completed the inspection and the inspection noticed certain problems with the house that need replacement - the seller is selling house "AS IS." However, certain modifications on the house were done without ever obtaining a permit or a new CO. The CO that exists is from 1939. Sheepshead Bay is a lucrative market, but what responsibilities, if any, does a Seller have when selling the house? Will the bank appraise the house and give me a mortgage in its "AS IS" condition?

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Your Realtor will be able to tell you what the seller's responsibilities are. And your lender can tell you how the bank will view the property that may need some repairs or updates.
0 votes Thank Flag Link Mon May 17, 2010
Don Tepper, Real Estate Pro in Burke, VA
You need to discuss all these issues with your attorney first, especially the c/o problems--lenders will not give a loan without a c/o and some may require escrow money be left behind by the seller until the c/o has been issued. Also discuss some of the issues with your loan officer--he/she can advise based on lender requirements.
0 votes Thank Flag Link Mon May 17, 2010
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