N3 - Asylums and Homes

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in Building Code 12 years and 2 months ago

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AndrewLuke | 12 years and 11 months ago

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1810 Avenue H cross Brownstoner a few days ago, and it is close to where I live so I went over and check it out. http://www.fillmore.com/sales/detail/171-l-2156-218020/1810-avenue-h-midwood-brooklyn-ny-11230 All told it had great potential as a single-family and was better maintained, especially the mechanicals than other houses I have seen. However, it has no C of O as far as I can tell, and Finance has classified it as N3 – Asylums and Homes.  Is that the kiss of death for lenders or something?  I thought C of O was king and the finance classification was kinda meaningless.  Normally a house in this shape and price is gone in 60 seconds – so if this is an easy remedy it looks like a good opportunity.  Or is this an impossible situation that I shouldn’t spend any more effort on? Thoughts?