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I'm interested in purchasing a house that is an estate. There is no CO for one of the upstairs bathrooms and the seller is not willing to get it (they have offered a concession instead). We don't mind moving forward with the purchase without the CO because we plan on redoing the bath eventually and getting the CO ourselves before we sell (a long time from now), so the question is: will a bank have a major issue with this? Are there banks that are more strict than others? (this is not an FHA loan) I've heard of people closing without COs, but am wondering if that's a very rare circumstance.
I'm interested in purchasing a house that is an estate. There is no CO for one of the upstairs bathrooms and the seller is not willing to get it (they have offered a concession instead). We don't mind moving forward with the purchase without the CO because we plan on redoing the bath eventually and getting the CO ourselves before we sell (a long time from now), so the question is: will a bank have a major issue with this? Are there banks that are more strict than others? (this is not an FHA loan) I've heard of people closing without COs, but am wondering if that's a very rare circumstance.
Any and all help would be appreciated.
Will the house appraise without the extra bathroom? If the house were listed without it, the lender might not count it/consider it...
Lenders have clamped down on their requirements recently and the new appraisal rules don't help; a lot will depend on the appraiser. Also, a mortgage banker (vs. a bank such as Wells, BofA, etc.) might have more flexibility if they do their own underwriting, as might a credit union...
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I would pass on the house......appraisers will no longer "overlook" anything and banks are much more strict. Better to do everything above board. There are plenty of other homes for sale.
Banks are becomming much more strict on co issues. There are some, however, that will overlook a co and just not take the item (in this case the extra bathroom) for appraisal purposes. This is the rare case where a mortgage broker can be of value.
^and yet, it is still being done, i know this as a fact, i know of 3 recent sales involving un-co'ed structure and the lender's appraiser just don't mention them in their report
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