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Old 05-14-2018, 07:32 AM
 
9 posts, read 2,394 times
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Called the expeditor. Will report the findings tomorrow.

The home sale and the Chapter7 have to be surgically timed. If I have a buyer in hand, who might be the one and only, can't afford to have their mortgage banker say no deal without proper C/O.
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Old 05-14-2018, 07:51 AM
 
739 posts, read 481,062 times
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Quote:
Originally Posted by HereWeGoAgain2018 View Post
Called the expeditor. Will report the findings tomorrow.

The home sale and the Chapter7 have to be surgically timed. If I have a buyer in hand, who might be the one and only, can't afford to have their mortgage banker say no deal without proper C/O.
That's where escrow comes in, the title search will show the garage shouldn't be livable space and the appraiser will sketch the property and then the bank will see the discrepancy, all this happens very close to closing. You will probably have to file permits to legalize the garage, assume it will cost $2500 for plans permit fee and survey. Then it will take 3 months for the town to actually do anything. Most of the time you the seller puts $$ in escrow you will close, and then the new owner deals with the issues an uses your escrow money to fix it. I'm telling you from experience I bought a house with tons of non permitted work, I closed with a bank and I am in contract to sell it again and its only been a few years.
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Old 05-14-2018, 08:19 AM
 
9 posts, read 2,394 times
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Originally Posted by gx89 View Post
That's where escrow comes in, the title search will show the garage shouldn't be livable space and the appraiser will sketch the property and then the bank will see the discrepancy, all this happens very close to closing. You will probably have to file permits to legalize the garage, assume it will cost $2500 for plans permit fee and survey. Then it will take 3 months for the town to actually do anything. Most of the time you the seller puts $$ in escrow you will close, and then the new owner deals with the issues an uses your escrow money to fix it. I'm telling you from experience I bought a house with tons of non permitted work, I closed with a bank and I am in contract to sell it again and its only been a few years.
Thanks for the encouraging piece of news! Not dealing with alot of home equity so at the end of the day between resolving this issue and real estate commissions, there needs to be piece left over for me!
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Old 05-14-2018, 09:11 AM
 
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So I just called the original owner. He confirmed what I always suspected, although his words are worthless, that the space was never garage space but the model home with a sales office. HE claims he didn't add the garage and now that I look at the C/O I see that is true. The builder got the C/O. So the question is who added the heating zone, bathroom, and other plumbing? He provided no information on this, and left off saying he just went through the process on one of his properties and had to hire an architect and all the rest.
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