Comments on: Foreclosed Homes: Are They Really A Good Buy?

By: SHANNON

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By: admin

admin — Mon, 13 Apr 2009 20:00:30 +0000

With attorneys it gets much more complicated. Simply getting a c/o is not the issue. For instance, if there’s a bathroom in the basement, but towns don’t allow baths in basements, then getting a certificate of compliance for that bath is impossible, yet the buyer took on the liability of paying for a home without proper c/o’s. So my answer would be to definitely consult an attorney about this type of issue. With regard specifically to a short sale (as-is) purchase, a c/o issue is between the seller, seller attorney and buyer and buyer attorney. UNLESS, the bank that’s funding the purchase (assuming conventional financing) would not fund the loan with NOTICEABLE c/o issue(s).

By: ECR

ECR — Sun, 12 Apr 2009 18:04:03 +0000

You mention c/o (certificate of occupancy) issues as a potential problem with houses sold “as is”. When a buyer purchases a property that has missing c/o’s (e.g., for a bathroom in the basement) what could be the price tag for resolving the problem? Is it just a matter of paying for the permit after the purchase or does it get much more complicated? Would you recommend backing out of the purchase if c/o’s are missing or is it just another negotiation point that just needs to be appraised?

By: park » Blog Archive » Long Island Short Sales | Tom McGiveron

park » Blog Archive » Long Island Short Sales | Tom McGiveron — Fri, 13 Feb 2009 22:45:54 +0000

[...] Leedra wrote an interesting post today onHere’s a quick excerptIn Deer Park, there is a very nice colonial, priced at $319000. It is a foreclosure, which means that it is bank-owned. Please note that a foreclosure is an “as-is” sale, where the bank is making no representations and is not going to … [...]

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