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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Would you back out?
That deck is pretty substantial... I don't know if a bank would overlook that... you can try though.
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Posted 4/18/07 3:49 PM  |
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Prudential Douglas Elliman Real Estate
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Would you back out?
Posted by SweetTooth
That deck is pretty substantial... I don't know if a bank would overlook that... you can try though.
Some banks don't even care about the C/O for the dwelling. 
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| Posted 4/18/07 4:54 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: Would you back out?
Posted by Hi-Fi55
Posted by SweetTooth
That deck is pretty substantial... I don't know if a bank would overlook that... you can try though.
Some banks don't even care about the C/O for the dwelling.
Apparently our bank is one that is willing to overlook the lack of c/o on the deck.
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| Posted 4/18/07 4:56 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Would you back out?
Posted by SweetTooth
Posted by Akajt98
Posted by kerrycec03
are you 100% sure the owners won't get the CO's for the deck?
We have been going back and forth on this. The house is actually an estate and currently empty. The children of the now deceased owner do not want to do anything. As of right now they do not want to get the CO's for the deck.
You should have your REA talk to theirs-they should know that they will probably have to get a CO for any buyer - if its a huge structure like you are saying, the bank will probably require you to get the CO for the mortgage..
We had a similar problem and wound up backing out.
If you think you can get the mortgage without the CO, I would talk to your attorney about holding money in escrow for anything that might need to be done to bring the deck up to code.
ITA. We almost backed out of our home sale b/c the owners did got get a co for our deck & originally were not interested in getting it. Our mortgage would not have approved without the CO.
Plus know that your tax quote is now not accurate as well.
Def let the REA & lawyers duke it out & get it resolved.
Good luck
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| Posted 4/18/07 5:01 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Would you back out?
Posted by Akajt98
Posted by Hi-Fi55
Posted by SweetTooth
That deck is pretty substantial... I don't know if a bank would overlook that... you can try though.
Some banks don't even care about the C/O for the dwelling.
Apparently our bank is one that is willing to overlook the lack of c/o on the deck.
really? wow that is unreal. What does your atty say? I remember also having issue with the title if there was no CO....
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| Posted 4/18/07 5:02 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Would you back out?
the title co. is ok without it too?
whats the point of having them then? what if the deck caves in and someone gets injured? im sure the insurance company will have a problem paying if the deck had no c/o
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| Posted 4/18/07 5:25 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: Would you back out?
Our attorney is trying his best to get them to obtain the permits and/or fix the deck, but thus far he has been unsuccessful. He has pretty much said that it is up to us whether or not we want to proceed.
He spoke with the title company and they stated that the town we are moving to do not require c/o's to sell. They don't think there is going to be any problem.
Thus far we have been told that since it is an estate, that after we close we will be able to apply for the permit and have the deck fixed to code and that it shouldn't cost us more that $200 for the permit.
At this point I am not sure what to believe. I am not sure if it is worth getting involved. I am pretty confused and frustrated. 
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| Posted 4/18/07 7:33 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Would you back out?
DH and I backed out of buying a condo last year - and it all started b/c the deck was illegal and the owner refused to get a CO or tear it down. obviously that was not a "selling feature" that we cared about like you do. there were other red flags, but that was the 1st one. his condo stayed on the market for almost a year after we backed out. he was a creep!
I guess you have to ask yourself if you really want this house. worst case scenario, get the permit or tear it down. IMO, that wouldn't be a deal breaker for me if I loved everything else about it and the price was good.
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| Posted 4/18/07 7:56 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Would you back out?
Posted by Meaghan729
the title co. is ok without it too?
whats the point of having them then? what if the deck caves in and someone gets injured? im sure the insurance company will have a problem paying if the deck had no c/o
The title company does not insure the C/O. They insure the survey/survey reading - but not the liability of the deck. Their municipals - C/O, Housing & Building, etc. are for "informational purposes only". The title company looks for defects with your property and chain of title amongst other things - not the property itself.
Your Homeowner's Insurance protects you from people falling - that's an issue you would have to talk to them about.
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| Posted 4/18/07 8:42 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: Would you back out?
So after listening to everyone's advice (thank you very much - it is truly apprecaited!) I think we are going to play a little hardball.
I spoke with my agent again and explained to him that because there are no permits he must tell the other broker that we are willing to walk away if they do not do something. They don't need to pay for the whole thing, but they need to at least work with us. My agent has advised us to have our attorney send over another letter including the estimate we received to fix the deck to code and stating that we need them to cover this with cash at closing otherwise we cannot move forward.
At the end of the day we are talking $3-$5k and I really don't think they should walk away from a deal that is almost done. The would have to start from scratch and chances are any other buyer would request the same. (but nobody said that people are rational!)
Wish me luck! I am hoping the house will be ours - with the deck and the permits!
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| Posted 4/19/07 12:43 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Would you back out? Update #1 at bottom of pg2
Posted by Hi-Fi55
Posted by Meaghan729
the title co. is ok without it too?
whats the point of having them then? what if the deck caves in and someone gets injured? im sure the insurance company will have a problem paying if the deck had no c/o
The title company does not insure the C/O. They insure the survey/survey reading - but not the liability of the deck. Their municipals - C/O, Housing & Building, etc. are for "informational purposes only". The title company looks for defects with your property and chain of title amongst other things - not the property itself.
Your Homeowner's Insurance protects you from people falling - that's an issue you would have to talk to them about.
I didnt say they insured the C/O - they insure the survey, which this deck won't be on if there is no C/O, correct?
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| Posted 4/19/07 12:47 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Would you back out? Update #1 at bottom of pg2
Posted by Akajt98
So after listening to everyone's advice (thank you very much - it is truly apprecaited!) I think we are going to play a little hardball.
I spoke with my agent again and explained to him that because there are no permits he must tell the other broker that we are willing to walk away if they do not do something. They don't need to pay for the whole thing, but they need to at least work with us. My agent has advised us to have our attorney send over another letter including the estimate we received to fix the deck to code and stating that we need them to cover this with cash at closing otherwise we cannot move forward.
At the end of the day we are talking $3-$5k and I really don't think they should walk away from a deal that is almost done. The would have to start from scratch and chances are any other buyer would request the same. (but nobody said that people are rational!)
Wish me luck! I am hoping the house will be ours - with the deck and the permits!
good luck!! maybe you can get them to give you a credit to make the repairs!
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| Posted 4/19/07 1:08 PM |
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Akajt98
Sooo Excited
Member since 6/06 2252 total posts
Name:
Jill
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Re: Would you back out? Update #1 at bottom of pg2
Posted by SweetTooth
Posted by Akajt98
So after listening to everyone's advice (thank you very much - it is truly apprecaited!) I think we are going to play a little hardball.
I spoke with my agent again and explained to him that because there are no permits he must tell the other broker that we are willing to walk away if they do not do something. They don't need to pay for the whole thing, but they need to at least work with us. My agent has advised us to have our attorney send over another letter including the estimate we received to fix the deck to code and stating that we need them to cover this with cash at closing otherwise we cannot move forward.
At the end of the day we are talking $3-$5k and I really don't think they should walk away from a deal that is almost done. The would have to start from scratch and chances are any other buyer would request the same. (but nobody said that people are rational!)
Wish me luck! I am hoping the house will be ours - with the deck and the permits!
good luck!! maybe you can get them to give you a credit to make the repairs!
That is what we are hoping for!
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| Posted 4/19/07 1:10 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Would you back out? Update #1 at bottom of pg2
Posted by Meaghan729
Posted by Hi-Fi55
Posted by Meaghan729
the title co. is ok without it too?
whats the point of having them then? what if the deck caves in and someone gets injured? im sure the insurance company will have a problem paying if the deck had no c/o
The title company does not insure the C/O. They insure the survey/survey reading - but not the liability of the deck. Their municipals - C/O, Housing & Building, etc. are for "informational purposes only". The title company looks for defects with your property and chain of title amongst other things - not the property itself.
Your Homeowner's Insurance protects you from people falling - that's an issue you would have to talk to them about.
I didnt say they insured the C/O - they insure the survey, which this deck won't be on if there is no C/O, correct?
Not necessarily. The deck can show up on the survey - if it is a newer survey or a survey done after the deck was installed.
They will insure the reading of the survey, but it's more about the dimensions of the property that are being insured. (Adverse possession, encroachment, etc.). The survey is used to insure the description to the property - but that does not include the actual improvements.
Title companies do not insure the improvements of the property. They insure chain of title and the actual land it resides on.
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| Posted 4/19/07 1:54 PM |
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Hi-Fi55
12 years...wow....
Member since 2/06 2984 total posts
Name:
Dianne
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Re: Would you back out? Update #1 at bottom of pg2
Posted by Akajt98
So after listening to everyone's advice (thank you very much - it is truly apprecaited!) I think we are going to play a little hardball.
I spoke with my agent again and explained to him that because there are no permits he must tell the other broker that we are willing to walk away if they do not do something. They don't need to pay for the whole thing, but they need to at least work with us. My agent has advised us to have our attorney send over another letter including the estimate we received to fix the deck to code and stating that we need them to cover this with cash at closing otherwise we cannot move forward.
At the end of the day we are talking $3-$5k and I really don't think they should walk away from a deal that is almost done. The would have to start from scratch and chances are any other buyer would request the same. (but nobody said that people are rational!)
Wish me luck! I am hoping the house will be ours - with the deck and the permits!
Best of luck!
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| Posted 4/19/07 1:55 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Would you back out? Update #1 at bottom of pg2
Posted by Hi-Fi55
Posted by Meaghan729
Posted by Hi-Fi55
Posted by Meaghan729
the title co. is ok without it too?
whats the point of having them then? what if the deck caves in and someone gets injured? im sure the insurance company will have a problem paying if the deck had no c/o
The title company does not insure the C/O. They insure the survey/survey reading - but not the liability of the deck. Their municipals - C/O, Housing & Building, etc. are for "informational purposes only". The title company looks for defects with your property and chain of title amongst other things - not the property itself.
Your Homeowner's Insurance protects you from people falling - that's an issue you would have to talk to them about.
I didnt say they insured the C/O - they insure the survey, which this deck won't be on if there is no C/O, correct?
Not necessarily. The deck can show up on the survey - if it is a newer survey or a survey done after the deck was installed.
They will insure the reading of the survey, but it's more about the dimensions of the property that are being insured. (Adverse possession, encroachment, etc.). The survey is used to insure the description to the property - but that does not include the actual improvements.
Title companies do not insure the improvements of the property. They insure chain of title and the actual land it resides on.
thank you for the explanation!!
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| Posted 4/19/07 1:57 PM |
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