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August 7, 2009
Property with Violations
I'm looking at a property in Bed Stuy that, after some research on BIS, appears to have had a Stop Work Order in 2008, and has multiple open Violations with the DOB and the ECB (what's the ECB?).
If the price is right, do I proceed? Or is this just a field of landmines? Is it a negotiation tool? Or is it just asking for trouble?
Most violations appear to be the result of neighbors calling the property in. Seems not to be a popular house on the block.
Thoughts, advice?
Comments
ECB is Environmental Control Board.
Definitely a negotiating tool.
I'd analyze the violations to judge whether they're deal-breakers. Also check what kinds of liens are on it.
Posted by: Arkady at August 7, 2009 4:00 PM
Yes, you can see the violations on the DOB BIS site and read each one. Get a lawyer to tell you what each one means and what the process will be. Many violations oftentimes are very, very minor and should not be much of an issue..
Posted by: daveinbedstuy at August 7, 2009 4:20 PM
some banks are not financing with open permits and violations in my recent experiance.
-jp
Posted by: jp2 at August 7, 2009 4:48 PM
Proceed. The renovation may clear some of the violations.
Posted by: jack slade at August 7, 2009 6:02 PM
It depends on the violations. Certain violations are easy to clear and dont cost anything.
Posted by: flawlessphoto06 at August 7, 2009 9:33 PM
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