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HI, a friend of mine get in contract with a house purchase in mineola or carle place (not sure which one) and the house should closing in 2 weeks. however after the title search came back, his attorney said that house does not have the co for the den they have built about 40 years ago. The seller is in rush to close because she does not want it to be vacant for that long, and the seller told my friend the process could take up to 1 year... the seller gave my friend 2 option, 1 is put $10000 in the escrow account and the seller is responsible to get the co but needs my friend to close the house before get the co, or forget about it and she will sell it to someone else when she gets the co. she said the den is there for more than 40 years and she's sure she's getting the co... but my friend does not want to take the risk and what if she can't get the co and the house will worth less money... but he's really like that house... any one had any experience like this before would like to share or any suggestion??
i am going through with that problem right now in centereach. the lawyer said a year as well. my real estate friend said 45 days. i am choosing to keep it on the back burner and continue the search and if i find one so be it but if they get the co before then so be it! i got as far as the inspection. just about to sign this past thursday. got the call yesterday from the lawyer about the year wait.
with the way the building departments of all towns are backed up because of Sandy It ain't gonna be 45 days expeditor or not. Passing on the home is up to you. Just beacuase the den has been around for 40 years doesn't mean its up to code.
My building department (not North Hempstead, but a smaller municipality) came through in three weeks after my sellers applied for a CO. Rather than futzing around and speculating about the building department, someone should go to the department and ask. That's what I did and it was reassuring to hear from a building department employee that the process wouldn't be too long.
I know this sounds extreme, but you have to hold enough in escrow to account for the remote possibility that the building department will make you pay fines, rip out the den and start over. That's especially important if the den is an extension off the main part of the house. Do you really think you can replace such a structure for $10K-$15K? And, of course, there will be the inevitable tax increase when the addition is put on the tax rolls.
The larger issue is the quality of the seller. If she's telling the OP that she wants to move fast and is offering the escrow option, that tells me she hasn't even applied for the CO. That sounds like someone who wants to push most of the burden onto the buyer.
I would demand a much larger escrow amount, ask for a significant reduction in price or walk away. Ask yourself what the home is worth without this additional room.
Another point to consider, I don't know if the home is in Mineola, but if it is in the "village" itself you may need to deal with the actual village and not the TNH.
Personally, I would walk away because while $10,000 sounds like a lot of money as another poster pointed out, if you have major problems that will just be the icing on the cake cost.
For a new development in Westbury how long it will take for the builder to receive CO?
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