Did anyone purchase a home missing COs and found a lender willing to overlook it?

We were supposed to go to contract on a house on Friday. We found out then that the house we were told had all it's COs doesn't have one for the finished basement (bathroom, plumbing, electrical...). The homeowners refuse to get the COs and they will not allow us the time to get them. So, basically, we have to find a lender that will "overlook" this--and I have to do this all tomorrow and be in contract by Tuesday. We really want the house, and we don't mind not having the COs cause we planned on eventually redoing the basement and we can get all the proper paperwork when we do that. The problem is finding a lender now. Anyone buy a house missing COs and what lender did you use? TIA!

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

We used GMAC but in our case it was only a shed.

Good luck to you- the sellers are idiots IMO. If you can't get a lender, what makes them think that another potential buyer won't run into the same problems? Keep us posted!

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

we used fam home finance, the loan is thru accredited and they were not concerned with co's, we just got the co search after i'm already clear to close and they don't have one for shed, garage or breezeway

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

we used citimortage and they approved the mtg with out a co on the deck and shed in huntington the deck cant be over a foot and it was 18 inches.

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

Did you guys go directly to these lenders or did you use a mortage broker to find them?

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

We are going through the same sort of problem. Apparently when the homeowner built an extension they didn't get a CO. Anyway, our lawyer and broker said it shouldn't be a problem, she will just hold about $10K in escrow until the CO goes through. In our case, they have applied for the CO, they are just waiting for a variance to go through.
HTH

Message edited 9/12/2005 12:33:49 AM.

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

Our bank came through and said they would go through with it without the COs! I'm sooo happy, cause I really didn't want to use a broker and the sellers were already trying to get other people in to see the house!

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

Are they going to get a CO? Personally, I wouldn't buy a house until everything was in place.

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

Message edited 12/10/2006 8:40:51 AM.

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

We did. We have an extension that was built over our garage that is for storage. Our lender is ABN AMRO, which we got through lendingtree.com. We signed something at closing that said that we'd take care of getting the CO in 30 days, but our lawyer told us that we really don't need to deal with it until we are selling or doing other work on the house that requires a CO.

But we bought from ILs, so we knew that if it got expensive we'd get money from them. I don't think I would've done it otherwise. As it was it cost us about $5k (for the expeditor, the 2 times we had to have the town out to inspect and an electrician to fix the little nit picky things the town found the first time). IMO, it's too risky if something's not to code.

Re: Did anyone purchase a home missing COs and found a lender willing to overlook it?

That's what our bank did. They said we'll sign something saying we have to get the CO 180 days after closing. But we really don't have to. It's a way for the bank to cover their butt in case your account gets audited, but there's no penalty and no way to enforce it. Plus, if your loan gets sold, and so many do, the whole thing doesn't matter at all anymore because it's out of your original lenders hands and that CO requirement doesn't follow you to the next lender. It'll matter when we want to sell the house if we haven't gotten the COs by then.