Home w/ illegal work & violation
I saw a home for sale and checked out NYC’s DOB website. Saw that the home was cited for some illegal work. Working w/o permits (hazards), illegal conversion of basement as apartment, illegal kitchen, etc. When it comes to buying a home with these issues can one find out what it would cost to make…
I saw a home for sale and checked out NYC’s DOB website. Saw that the home was cited for some illegal work. Working w/o permits (hazards), illegal conversion of basement as apartment, illegal kitchen, etc. When it comes to buying a home with these issues can one find out what it would cost to make this home “compliant” and use that to deduct from asking price? Furthermore, will the bank close on a home with outstanding complaints?
Thanks.
There was a thread on a similar query earlier today on the Forum.
I dont know about negotiations, but id be interested in other peoples opinions. I have been hearing more and more lenders wanting DOB issues resolved. The propoerties I have heard this about are generally multiple dwellings, so I dont know if the same scrutiny applies to residential properties. Placing a number on fixing stuff, is likely a guesstimate game in my opinion.