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diva7531
My Peanut
Member since 2/07 5199 total posts
Name:
Ryan 3 boys EDD 11/6!
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Anyone get a motgage w/o a CofO?
Just found out that my seller will need a variance to get a CO for the deck. I am being told that this will delay closing and could take a LONG time.
So we have 3 options
1- get the CO and wait (and maybe lose the tax credit and pray interest rates don't go up too high)
2- rip up the deck and renegotiate the price of the house
3- Leave the deck, don't get a CO and pray the bank lets it slide (but get a side agreement with moeny in escrow in case it is an issue and has to be ripped out)
I am hoping we go wth #3 because I am worried that we will have a backyard of mud! (The deck is half of the yard)
What would you do? Any and all advice would be appreciated!
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Posted 6/24/09 10:13 AM  |
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MsSissy
xoxoxo
Member since 3/07 39159 total posts
Name:
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Re: Anyone get a motgage w/o a CofO?
Posted by diva7531
3- Leave the deck, don't get a CO and pray the bank lets it slide (but get a side agreement with moeny in escrow in case it is an issue and has to be ripped out)
Friends of ours did this option and it turned into a nightmare for them.
It had to do with a free standing garage and a deck.
They had money put in escrow to have it fixed. It took months, Than when the town came back to inspect it, they found other issues with the house that needed to be fixed before anything was approved. When all was said and done it was about a year before it was all settled.
So after seeing what they went through, I would either wait it out or tear down the deck and renegotiate the price.
Good luck with whatever you decide. I know it can be very stressful.
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| Posted 6/24/09 10:20 AM |
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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: Anyone get a motgage w/o a CofO?
we had no problem with our deck when we purchased. We just had to put topsoil or something under it so that is was less than a certain number of inches from the ground.
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| Posted 6/24/09 10:23 AM |
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Sparkyandang
LIF Adolescent
Member since 5/08 766 total posts
Name:
Ang
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Re: Anyone get a motgage w/o a CofO?
Oh crap Ryan....this sucks!
I honestly don't know which is the better way to go.
Darn it, always something getting in the way. Very frustrating.
oh and not that this will help you in any way but we aren't eligble for the tax credit..that's right...b/c Dh sold his other house early 2007 and b/c we are married I'm not eligible either.
Whatever.
Good luck, I really hope it works out.
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| Posted 6/24/09 10:29 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Anyone get a motgage w/o a CofO?
I would go with option 3 and see what happens - but get a price upfront to demo & haul the deck.
We got the seller to agree to a price reduction for no permits on our deck, shed and hot tub, this was 6 years ago. We had to do a last minute mortgage shuffle to find a lender who didnt care about the permits it was stressful but doable. Remember this was 6 years ago when everyone could get tons of $$ for anything. Banks are really looking very closely at everything now.
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| Posted 6/24/09 10:32 AM |
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kat151
LIF Infant
Member since 2/07 215 total posts
Name:
Kathy
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Re: Anyone get a motgage w/o a CofO?
We had the same issue with our deck and went with option number 3 and had no issues. Good luck.
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| Posted 6/24/09 10:51 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: Anyone get a motgage w/o a CofO?
We had the same issue with the deck, they got the CO fairly quickly.
But if you think it will take a long time, I'd have them take it down and renegotiate the price, but that's just me.
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| Posted 6/24/09 11:09 AM |
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k-diggity
stay classy.......
Member since 6/08 1332 total posts
Name:
: )
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Re: Anyone get a motgage w/o a CofO?
i went thru this - what a nightmare - go with #2
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| Posted 6/24/09 11:20 AM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: Anyone get a motgage w/o a CofO?
We are going to probably have a issue because they closed off the garage (applied for permits) and made it into a living space. I am pretty much going to wait it out and see what happens.
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| Posted 6/24/09 12:22 PM |
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Otherme
Square head cutie pants
Member since 3/06 6899 total posts
Name:
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Re: Anyone get a motgage w/o a CofO?
We had a similar issue (not with a deck tho) - the bank gave us the mortgage, and the sellers put $$ in escrow for 6 months while they were supposed to get the CO taken care of.
Well, they didn't do anything in that 6 months, we got the $$ back and then had to get the CO ourselves. It was a pain and took us another 6 months after that to actually get it done.
So, if you make it a condition of the purchase, it may take a long time for the seller to get it also. It's such a crap shoot!
sorry 
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| Posted 6/24/09 12:27 PM |
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diva7531
My Peanut
Member since 2/07 5199 total posts
Name:
Ryan 3 boys EDD 11/6!
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Re: Anyone get a motgage w/o a CofO?
Posted by MrsFlatbread
we had no problem with our deck when we purchased. We just had to put topsoil or something under it so that is was less than a certain number of inches from the ground.
ooh that's a good idea, but the deck is like 25'x40', so I'm not sure it's an option, but I would definitely be willing to try, it's only 6" from being a non-issue!!!!!!!!!
Thanks for the advice
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| Posted 6/24/09 1:18 PM |
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Re: Anyone get a motgage w/o a CofO?
We were in a similar situation. My lawyer (the senior partner at my firm) literally forbid me to close without it. I strongly suggest you do not close without a CO.
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| Posted 6/24/09 1:43 PM |
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Ian&EmmesMommy23
My family is complete!
Member since 11/08 12970 total posts
Name:
Diana
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Re: Anyone get a motgage w/o a CofO?
i went with option #4. the seller went through the process of getting the c/o. it was in the contract that she has up to a year to get it and in the mean time we held $8000 in escrow in case she couldnt get the c/o.
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| Posted 6/24/09 1:51 PM |
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browneyedgirl
family is all that matters
Member since 6/06 6513 total posts
Name:
browneyes
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Re: Anyone get a motgage w/o a CofO?
Posted by theburbshereicome
We were in a similar situation. My lawyer (the senior partner at my firm) literally forbid me to close without it. I strongly suggest you do not close without a CO.
i have to agree. we had no idea there was no CO for a door we had (bought from my family--they didn't know either--grandparents died) and it was H ELL trying to bring everything up to code. i'm in an incorporated village and they were threatening us with fines, etc even though everything cleared when we bought the house.
i will NEVER AGAIN buy a house without COs (even though we didn't know with this one). it can cost a ton of money out of your pocket as well as a lot of time.
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| Posted 6/24/09 7:16 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Anyone get a motgage w/o a CofO?
We did option #3 and didn't even get money in escrow!
Everything went fine for us. The rep at the bank we were working with (Wells Fargo) told us straight out not to worry about it...that it would go through fine.
Sure enough....no problem at all!
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| Posted 6/24/09 10:44 PM |
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diva7531
My Peanut
Member since 2/07 5199 total posts
Name:
Ryan 3 boys EDD 11/6!
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Re: Anyone get a motgage w/o a CofO?
Posted by ShhhhTTC
i went with option #4. the seller went through the process of getting the c/o. it was in the contract that she has up to a year to get it and in the mean time we held $8000 in escrow in case she couldnt get the c/o.
This is what my RE suggested. DH and I need to sit and think this through, because there is a chance that the variance may get denied and in the end the deck has to be altered or removed. I have very little hope left that this house will work out, but I am hoping
The update is that the seller refuses to rip the deck out (undertandably so) and our mortgage co. won't waive any CO's. So now there's option 4 (see above quote) or option 5- go look for a new house.
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| Posted 6/25/09 5:54 PM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: Anyone get a motgage w/o a CofO?
We did 4... long story, but more or less it was get the CO ourselves or they'll rip out the basement. So we are getting the CO and it id a PITA and yes, we've been doing this since Feb (but we needed a vairence too)!! But we got the mortgage fine (I guess because the mtg co.thought we had everything - not our fault about that) and there wasn't anything in the contract except a note saying we know it doesn't have the CO.
Sorry if I missed this but did the seller (or you) get an inspector out to see what will need to be done to the porch?
It i in the seller's best interest to get the CO.
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| Posted 6/25/09 10:40 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Anyone get a motgage w/o a CofO?
the town of huntington allows decks less than 8" off the ground. no CO needed. check with the town the house is in. doesn't matter how big the deck is (ours is 20x40, but only 5 " off the ground)
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| Posted 6/25/09 11:02 PM |
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