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I am going to be buying a home from a relative in Nassau County, I will be getting a mortgage since I don't have a spare 400k sitting around. Here is the deal the house has a finished basement walls sheet rocked, base board heating and a full bathroom . The drop ceiling is pretty much destroyed and there is a nasty original (1955 build) tile floor due to a flood years ago. The deck has no C/O either but the tax roll shows a deck on it. Me and the seller don't give a crap about the non existing C/O's. Will this prevent a bank from issuing me a mortgage?
If so how deep will these guys inspect? Let's say I just go ahead and disconnect a wire from the light switch and then loosen all the bulbs so the basement has no power. On top of this I can put massive amounts of furniture and boxes down there and basically make it look like he is a hoarder so it's impossible for an inspector to see the baseboard heating and bathroom. I would remove the heating console to. The basement doesn't look finished due to the ceiling and 60 year old cracked tiles.
From my experience, the online mortgage companies almost never catch it. On my most recent purchase, the local guy they hired just did a exterior walk around and looked up comps on the computer.
Just tell your attorney not to bring it up with the title search.
I am going to be buying a home from a relative in Nassau County, I will be getting a mortgage since I don't have a spare 400k sitting around. Here is the deal the house has a finished basement walls sheet rocked, base board heating and a full bathroom . The drop ceiling is pretty much destroyed and there is a nasty original (1955 build) tile floor due to a flood years ago. The deck has no C/O either but the tax roll shows a deck on it. Me and the seller don't give a crap about the non existing C/O's. Will this prevent a bank from issuing me a mortgage?
If so how deep will these guys inspect? Let's say I just go ahead and disconnect a wire from the light switch and then loosen all the bulbs so the basement has no power. On top of this I can put massive amounts of furniture and boxes down there and basically make it look like he is a hoarder so it's impossible for an inspector to see the baseboard heating and bathroom. I would remove the heating console to. The basement doesn't look finished due to the ceiling and 60 year old cracked tiles.
A lot will depend on the appraiser. Based on your description, s/he may not give any value to the basement; tough to say if the bathroom will be mentioned in the report. It's easier for an appraiser if they have an MLS listing as a guide as to how the property is represented in the sale, i.e. finished/unfinished basement, etc.
Some lenders are more lenient than others. However, if you're applying for an FHA loan, everything is more strict.
BTW, how did you arrive at the price?
And careful if/when you remove the basement tile floor - quite probably asbestos tiles given the age.
A lot will depend on the appraiser. Based on your description, s/he may not give any value to the basement; tough to say if the bathroom will be mentioned in the report. It's easier for an appraiser if they have an MLS listing as a guide as to how the property is represented in the sale, i.e. finished/unfinished basement, etc.
Some lenders are more lenient than others. However, if you're applying for an FHA loan, everything is more strict.
BTW, how did you arrive at the price?
And careful if/when you remove the basement tile floor - quite probably asbestos tiles given the age.
The price is what he is buying a condo for. He has $$ he just wants to get out of his home and into the condo w/o spending any $$. The comps in the area in the condition of the home are selling for 510-540k
Not getting a FHA loan we are 1st time buyers but have excellent credit and stable work history. There will be no MLS listing. I was already pre approved for what I asked for on a standard mortgage w/ no pmi needed.
I will be carpeting the basement over the tile that's what it had before the hot water tank leaked and ruined the carpet.
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