Buying a House with Open Violations
If a house for sale has an open ECB violation, how does that impact the sale fo the property? Is that something that lenders expect to have cured before closing?
If a house for sale has an open ECB violation, how does that impact the sale fo the property? Is that something that lenders expect to have cured before closing?
we had two ECB violations on our house when we closed, but we had that the sellers must resolve them in the contract and pay the fines.
You won’t get financing. They have to be closed in order to get any bank to lend to you. We went through this on the house we currently live in. The violations were all from the 1930s so it was just a matter of the owner going down to the DOB and getting them closed out. If you are going to pursue the property, make sure that there is something in your contract stating that the seller has to resolve the violation and also make sure that you have a mortgage contingency clause.
It depends on the violation. If the violation has to do with the structure or mechanicals of the property – I would think the lender would make a big deal about it being fixed – if it’s something like work without a permit or something outside of the house – the violation would probably go unnoticed. It really depends on the lender’s comfortability and if it’s just 1 small violation. However from what I remember ECB violations are a bit different than DOB violations as it usually means that you must go to court to get it settled…