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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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co closing question
Has anyone had to hold off closing due to waiting for c/o's? If so, how long?
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Posted 6/1/08 12:42 PM  |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: co closing question
do u have in ur contract that the owner had to put money in escrow if the c/o wasn't ready by closing?
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| Posted 6/1/08 12:59 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: co closing question
Posted by qtdimps23
do u have in ur contract that the owner had to put money in escrow if the c/o wasn't ready by closing?
Alot of banks today will not allow you to close on a house without a c/o although there still are some out there that won't. I would wait until the seller has all the c/os needed becase if there is a problem you don't want to have to chase them down and it can become a big PIA.
The time frame really depends on teh town the house is in, if they hired an expediter, what it is for, if it is to code, how far along they were in the process or if they never started the process.
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| Posted 6/1/08 2:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: co closing question
my Dad has been waiting 5 months for a C/O in FL
now there are sea turtles laying eggs on the beach - so it could be even longer till they get a C/O
he rented out his other place for January- so we are hoping he gets the C/O soon! the place is still a shell- so he needs to close to complete the work on the apartment
Citibank wont close on the loan with out one
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| Posted 6/1/08 7:08 PM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: co closing question
Oh no, that really scares me. We did not have anything like that in our contract. The most they were willing to put in escrow for this was $10K. I guess to put a positive spin on it, we can save more $$.
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| Posted 6/1/08 9:53 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: co closing question
Posted by JennJay41
Oh no, that really scares me. We did not have anything like that in our contract. The most they were willing to put in escrow for this was $10K. I guess to put a positive spin on it, we can save more $$.
how many c/os are you waiting for? im waiting for 1 and they're putting $5K in escrow.
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| Posted 6/1/08 10:13 PM |
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JennJay41
LIF Toddler
Member since 3/08 431 total posts
Name:
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Re: co closing question
We are waiting on 3. Upstairs, deck and shed.
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| Posted 6/2/08 10:05 PM |
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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Re: co closing question
So here is a question related to this subject...
My friend updated her entire basement without getting an COs in it. She has a summer kitchen, added a bathroom, and finished it completely. Her intent was initially to rent it out but now they use the extra space.
So if she were to sell the house, would she face a problem? What if the new buyers were okay with the renovations that she did and that there were no COs. Basically I am asking when the property is transferred, would the county find out? Or would the bank check all of the COs?
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| Posted 6/3/08 10:05 AM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: co closing question
We were supposed to close May 15th and found out two days before that they didn't have CO's. We are still waiting and have no closing date scheduled yet.
They hired an expediter, but haven't paid for it yet, so they won't start until they get the money. 
It may come down to switching mortgage companies at this point to some one who whill let us close w/o them. And they will have money in escrow to cover it.
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| Posted 6/3/08 10:09 AM |
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andreat
LIF Infant
Member since 10/06 155 total posts
Name:
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Re: co closing question
bump for my ques below...
Posted by andreat
So here is a question related to this subject...
My friend updated her entire basement without getting an COs in it. She has a summer kitchen, added a bathroom, and finished it completely. Her intent was initially to rent it out but now they use the extra space.
So if she were to sell the house, would she face a problem? What if the new buyers were okay with the renovations that she did and that there were no COs. Basically I am asking when the property is transferred, would the county find out? Or would the bank check all of the COs?
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| Posted 6/4/08 11:25 AM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: co closing question
Posted by andreat
bump for my ques below...
Posted by andreat
So here is a question related to this subject...
My friend updated her entire basement without getting an COs in it. She has a summer kitchen, added a bathroom, and finished it completely. Her intent was initially to rent it out but now they use the extra space.
So if she were to sell the house, would she face a problem? What if the new buyers were okay with the renovations that she did and that there were no COs. Basically I am asking when the property is transferred, would the county find out? Or would the bank check all of the COs?
it depends on the bank, not the buyer. if the appraiser goes inside the house and checks it out, they will notify the bank of the basement apartment. it can cause problems. no county will assign a c/o to a basement apartment.
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| Posted 6/4/08 12:09 PM |
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