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Old 01-12-2012, 08:29 AM
 
Location: New Jersey
294 posts, read 683,189 times
Reputation: 227

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Hello Everyone,
My wife and I are interested in purchasing a home from Fannie Mae in Middlesex County. Obviously, the house is a REO home and it does not have a proper Certificate of Occupancy. The seller has made it clear that the buyer will be responsible for obtaining the required C/O. In addition, the house has a bathroom and a bedroom that were not in the original blueprint. Therefore, these two additions need to be demolished to bring it up to code. With that said, my questions are: 1) What would be the cost of obtaining such permits? 2) Will this have an impact on the property taxes? And 3) What are the unexpected rammifications on homes without proper C/O?

Thanks for your feedback!
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Old 01-12-2012, 08:42 AM
 
Location: Epping,NH
2,105 posts, read 6,371,135 times
Reputation: 1085
Check with the town's Building Inspector's office. Getting one for my home was not that difficult. A few small modifications.
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Old 01-12-2012, 09:01 AM
 
2,535 posts, read 6,333,829 times
Reputation: 1599
Quote:
Originally Posted by rscalzo View Post
Check with the town's Building Inspector's office. Getting one for my home was not that difficult. A few small modifications.
Agreed, the building inspector is not your enemy, they also do not want you to have to tear out an entire renovation if it's not up to code. They just want you to do what is necessary to bring it up to code. They can tell you the cost of all the permits and inspections required to get the illegal addition up to code. Then you can call contractors and get an estimate on the work required.
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Old 01-12-2012, 10:21 AM
 
Location: New Jersey
294 posts, read 683,189 times
Reputation: 227
Thanks guys....but my main concern is the tax bill. I wonder if after all permits are granted and we are good to go, will I see an increment on property taxes?
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Old 01-12-2012, 10:37 AM
 
Location: Central Jersey - Florida
3,377 posts, read 13,960,343 times
Reputation: 2256
Quote:
Originally Posted by tdstyles View Post
Agreed, the building inspector is not your enemy, they also do not want you to have to tear out an entire renovation if it's not up to code. They just want you to do what is necessary to bring it up to code. They can tell you the cost of all the permits and inspections required to get the illegal addition up to code. Then you can call contractors and get an estimate on the work required.
That may be true in your town but just tell that to the many homeowners that have recently tried to sell their homes in Manalapan.
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Old 01-12-2012, 08:11 PM
 
10,093 posts, read 17,877,525 times
Reputation: 10680
Quote:
Originally Posted by tdstyles View Post
Agreed, the building inspector is not your enemy, they also do not want you to have to tear out an entire renovation if it's not up to code.
Are you kidding? They live for that. The look on the homeowner's face when they realize their 4/2.1 is now a 3/1.1 and they're going to have to pay tens of thousands (and pull a permit) to make it so? Makes an inspector's whole month.
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Old 01-13-2012, 08:48 AM
 
2,535 posts, read 6,333,829 times
Reputation: 1599
Quote:
Originally Posted by nybbler View Post
Are you kidding? They live for that. The look on the homeowner's face when they realize their 4/2.1 is now a 3/1.1 and they're going to have to pay tens of thousands (and pull a permit) to make it so? Makes an inspector's whole month.
I can only speak from my own experience and that is not what happened to me. I paid the permits, a small fine, got the inspections, opened up a couple walls and everything was approved. I added a bedroom and bath. All the work was performed to code so there wasn't any major issue. It cost me less than $4K for everything including the fine,permits, inspections, and required repairs/modifications. I don;t know where you are getting tens of thousands of dollars from. I'm sure it happens but I don't think in the vast majority of cases.
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Old 01-13-2012, 08:58 AM
 
Location: Epping,NH
2,105 posts, read 6,371,135 times
Reputation: 1085
Quote:
they're going to have to pay tens of thousands (and pull a permit) to make it so?
I was not required to do any of that. Simply make a few modification to handrails and have some asbestos covered heat pipes dealt with on my own.
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Old 01-18-2012, 11:00 AM
bay
 
425 posts, read 2,843,230 times
Reputation: 176
Our house is REO and required TLC. Make sure the house you plan to purchase is in livable condition..meaning no hole on the wall or floor etc. Otherwise, you won't get approved from you mortgage. We faced that issue when we bought our house and finally seller bank agree to fix whatever was listed from appraisal list.

After we got the house, we did completely renovation without pulling permits. However, the job site was stopped by town in demo stage and we still had to go through the permit processing. It cost 1 month of waiting and hundreds for permits, and we did not get fine. It took couple final inspections to get fully approval of the C/O. Before that, town just issued temp C/O for us to move in first and gave us a deadline to complete the rest of inspections.
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Old 01-18-2012, 11:13 AM
 
Location: Central NJ
633 posts, read 1,873,984 times
Reputation: 647
Be careful with the town. In Oldbridge, my new neighbor bought his place c/o his responsibility and the OB SOB's came in and made him change things that they had previously passed.

I have had a bad experience with the current OB inspectors and would not buy in theta town.

It's a buyers market, take advantage of it and go somewhere else, even if it's not OB.

Or redo the contract so that you will pay up to an amount but it will still be the sellers responsibility for c/o an unexpected or hidden problems.
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