Can you close with a temporary co? House has no running water.Can it close without water and if we close, is bank responsible for fixing?

Asked by amyrod31, Brooklyn, NY Sat Aug 10, 2013

Hello, I'm buying a home that is bank owned. It has been vacant for 2 years, which I'm now wondering why? We are currently undergoing inspections. The pipes are frozen over. Realtors want to get a temporary co in order to close. Are they rushing this so they can sell the house. Is bank responsible to fix?

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Maria Gilda…, Agent, Manchester, CT
Mon Aug 12, 2013
If you are using an FHA or conventional financing to buy the property, chances are you can not get a loan without running water prior to closing.

First of all, utilities should be up and running for the home inspection and appraisal.

However, there are instances when you can close even if the water is turned off on a 203k loan.

I can't answer the question regarding the realtor's action for lack of details or information.

I hope this answer helps.

Best of Luck.
0 votes
Joseph Estra…, Agent, North Bergen, NJ
Sat Aug 10, 2013
Typically, short sales, REOs, and foreclosures are sold as-is. What is usually the case is that the bank can lower the asking price to compensate for the repairs that need to be made (this depends on how flexible the investor for the note is). As far as a temporary CO, consult with your mortgage rep and Realtor about what the laws dictate in NY.

Remember, dealing with bank owned properties isn't like dealing with a run of the mill seller. There is a lot of gain but also a lot of risk when going the REO route.

Joe Estrada
Mr. Sold Realty Group
(201)923-3971
0 votes
Sorry Joseph, one more question...we're still in inspection period, does this mean we can pull out and get our deposit back? Also, In your experience, is this something worth pulling out for?
Flag Sat Aug 10, 2013
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