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I bought a house and found that a wall was removed and new beams were installed. The beams look fine and have functioned fine for years but I decided to bring it up to code and install steel beams along with a bunch of other renovation plans I had, so I pulled a permit to do so.
I left that permit open for a few months, never did the renovations and later decided not to touch it and my family wanted to move into a much larger home to accommodate the kids.
When I go to sell the house, if the new buyer is informed about this open permit and the beam, can they accept responsibility for it and take possession of the house or....?
1 - Maybe. It depends on the bank.
2 - Yes. They should close it out for you.
3 - It depends upon how much information you gave them. If you told them that it was to correct something that was not up to code they may require you to complete it. If the application was just regarding a general remodel, you should be ok, but they may want to inspect to make sure that work was not done.
Well, I guess it could be an issue now because I told them about the bathroom that was never permitted (added before I bought it) and now I told them about the beam because I had an architect look at everything. Bought it for cash, never really thought it through.
You're saying don't bother correcting the beam? Just offer the buyer $2,000 off the purchase price? How would I word such an offer without making it sound like it's going to be a headache not worth the discount?
If the new buyer is informed, offer them a discount and just get rid of the property. Chances that the bank catches it is very slim.
And if the bank does catch it, it won't be until right before the closing when they double check the open permits, etc. That would likely cause the transaction to delay for another 60 days while I close out the permit. Not sure best case here.
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