Finished basement in islip without co (Rose: real estate, mortgage, loan)

[Rosemaryklim]

I was in process of selling my home but do not have a co for finished basement with a bathroom,or a front previously roofed porch to an enclosed porch. My buyer is insisting on all co's, how long will this take and how much woukd it cost? House is in islip, should I just wait for a different buyer or will I run into this every time? I spoke with a co expeditor who suggested I only go for co's if bank requires it. Any answers would be appreciated

[TMing]

If you are trying to sell your home without the proper COs, you should tell all buyers upfront about the CO issues. Some buyers would bypass the COs to save on the taxes if the finish basement and bathroom were done to code. A finish basement with a bathroom can increase your taxes by $1000 (agent told me that).

[Smash255]

Originally Posted by Rosemaryklim

I was in process of selling my home but do not have a co for finished basement with a bathroom,or a front previously roofed porch to an enclosed porch. My buyer is insisting on all co's, how long will this take and how much woukd it cost? House is in islip, should I just wait for a different buyer or will I run into this every time? I spoke with a co expeditor who suggested I only go for co's if bank requires it. Any answers would be appreciated

Some loan programs and banks might let that go, or request funds be set aside in escrow to deal with the CO issue if not fixed up front. However, many won't and you do limit the amount of potential buyers of the property without taking care of it.

[Bwell9]

Originally Posted by Rosemaryklim

I was in process of selling my home but do not have a co for finished basement with a bathroom,or a front previously roofed porch to an enclosed porch. My buyer is insisting on all co's, how long will this take and how much woukd it cost? House is in islip, should I just wait for a different buyer or will I run into this every time? I spoke with a co expeditor who suggested I only go for co's if bank requires it. Any answers would be appreciated

Ask your buyers if they are relying on CO's because their bank is requiring them. Obviously this only applies if they are going for a mortgage. I do know of a reputable mortgage company that will over look CO's because they know how life is on Long Island.

If you have a basement bathroom unless you have egress entrances and various other requirements you will never get a CO for it. I have seen instances where the toilet and shower head have been removed and conveniently left in the garage to be re-installed later at the discretion of the buyers.

[unknownuser123]

Originally Posted by Bwell9

Ask your buyers if they are relying on CO's because their bank is requiring them. Obviously this only applies if they are going for a mortgage. I do know of a reputable mortgage company that will over look CO's because they know how life is on Long Island.

If you have a basement bathroom unless you have egress entrances and various other requirements you will never get a CO for it. I have seen instances where the toilet and shower head have been removed and conveniently left in the garage to be re-installed later at the discretion of the buyers.

Finally an honest real estate agent.

I've read so many times that it is impossible to get a mortgage without a CO for the basement. I know it is true but finally a RE that admits it as well.

Kudos for being honest and giving correct information and advice