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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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House Closing with No CO's?
Has anyone done this? We are trying to buy a house that does not have 3 CO's that are needed to sell the house. Did you go into contract? Please tell me your good or bad stories please. We are worried to move forward with this. Any help would be great. Owners have applied for the CO's just a couple of days ago.
Thanks
Jen 
Message edited 4/24/2007 7:23:44 PM.
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Posted 4/24/07 5:29 PM  |
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SHOPAHOLIC
LIF Adult
Member since 1/07 1712 total posts
Name:
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Re: Housie Closing with No CO's?
Your bank will most likely require the CO's to be in place before closing.
Do you know how much the taxes will go up after the sellers get the CO's?
I wouldn't go into contract until I had that information.
What are the CO's for?
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| Posted 4/24/07 6:05 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: Housie Closing with No CO's?
We are going through the same things right now with the house we are purchasing in NJ. NJ (Millburn Township to be exact) is different from NY in the sense that we can close without the CO's, however we are not willing to do that. We are in negotiations over the deck which requires probably $10k in order to get it in good enough shape to meet the inspection passing requirements. I would suggest that you not close without the appropriate CO's. They may take a while to get.
Good Luck!
Jill
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| Posted 4/24/07 6:08 PM |
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thewinterone
You make me happy
Member since 5/05 2474 total posts
Name:
cause you are gray.
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Re: Housie Closing with No CO's?
When we were purchasing our home, the previous owners weren't sure if they had a CO for the deck and/or the shed.
It turned out they did but people were telling us not to proceed if they didn't because we would be responsible for the years of taxes that there were no COs in effect. (I don't know if that's true but luckily we didn't have to find out.)
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| Posted 4/24/07 6:42 PM |
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JldDolphin
Member since 1/07 6929 total posts
Name:
Jen
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Re: Housie Closing with No CO's?
Posted by SHOPAHOLIC
Your bank will most likely require the CO's to be in place before closing.
Do you know how much the taxes will go up after the sellers get the CO's?
I wouldn't go into contract until I had that information.
What are the CO's for?
We have been told that it is up to the bank if they want to let us close or not without the CO's. I guess we will see if that happens. We are waiting for the contract to come over first from the other lawyer and we will probably put some sort of clause in saying that they have to have the CO's by a certain date, so this way if we want to back out we could get our downpayment back.
We don't know how much the taxes will be until next year. I have already called the Town and this is what they told me. This is the part we are worried about. They also told us we could greive our taxes after we own the house. The house might need to be reassessed anyway. Like the taxes aren't high enough at this point. This is our biggest concern at this point.
The CO's are for the deck around the pool, the deck on the 2nd floor that they turned into sort of a Florida Room & they converted the garage into a room. If it was just the deck, I would have told them to just get rid of the deck and we will put a new one the way we like it.
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| Posted 4/24/07 7:19 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: House Closing with No CO's?
we had no problem getting our mortgage without a co for the deck or shed. if it's a problem can they take them down. We went through a friend that was a mortgage broker so I think that made the difference.
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| Posted 4/25/07 8:37 AM |
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mushsgrl
LIF Infant
Member since 12/05 121 total posts
Name:
S
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Re: House Closing with No CO's?
It depends on the bank. We dont have a C/O for our front porch and the sellers were not going to get it, they said they would knock it down, i told them NO. But we closed on the house without it and without 2 others.
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| Posted 4/25/07 1:45 PM |
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MSeid
LIF Adolescent
Member since 11/05 805 total posts
Name:
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Re: House Closing with No CO's?
We didn't have a CO on our back deck, but it's a fairly smaller one off our dining room. The bank didn't have a problem with it. We also didn't have a CO for our pool, but if worse comes to worse we'll rip it down.
I think CO's for garages or sheds are imperative though. It really depends on the bank.
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| Posted 4/25/07 1:48 PM |
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