2 Family used as 4 Family

Does anyone understand what this would mean? The property is classified B3 by the DOF. Is this a rejected letter of no objection to a 2 family request to DOB? Or could they have been requesting to be more than 2 family and THAT was denied?

http://cdn.brownstoner.com/51d188d601537-processed-LNO.jpg

chipito

in Chimney and Fireplace 11 years and 11 months ago

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chipito | 11 years and 11 months ago

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Sorry if this has been asked before but the forum archive currently isn’t working. I’m looking at purchasing a legal 2-family house that’s currently being used as a 4\. My main question would be how hard would this be to get financing (how much might they care or investigage the setup)? Would I just have to worry about removing extra stoves before inspection or are there other issues?

mozeeatupu | 11 years and 11 months ago

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The bank have an appraisal and inspection done before they offer any financing so its best to remove the extra stoves before as having them will only cause delays later.

mruby36 | 11 years and 11 months ago

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You may want to ask that question to a bank you don’t plan to apply to…? If they come in, or more likely, their appraiser does, missing stoves is not likely to hide the current use of 4 apartments when only 2 are legal. Appraisers these days (I hope) wouldn’t miss that. Without any input from you, they make see the discrepancy as a problem waiting to happen. Banks these days don’t need any excuse to turn down borrowers, let alone those that give them cause for concern. Consider proposing the conversion as part of your ‘plan’ when approaching financing. If they know that you know, and that your game plan is to fix a problem thereby increasing the value the property (potentially), that might go better for you. Lastly, or maybe this should be first, does the city know about this or does the place have any violations? You may not be able to transfer title anyway if this has ever been reported, bank or no bank. Surely people don’t report these things on one another… say it isn’t so… doesnt hurt to check. Here is a link to the city’s BIS (Buildings Information System)     http://a810-bisweb.nyc.gov/bisweb/bsqpm01.jsp Look the place up and maybe save yourself some time and headache. Hope this helps! Matt R www.nyc-hs.com

mortgagepro | 11 years and 11 months ago

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Generally speaking, a lender will investigate the collateral to make assure it meets its legal use (as well as condition, and valuation based on comparable sales) . Are there 4 separate families occupying currently?  Have the interior walls been altered and locking doors been installed to separate them?   You can always have a 2 family in a layout where there may be a summer or kosher kitchen if it makes sense, but this does not sound like that would fly.   In most cases the financing approvals are conditionally issued prior to the appraisal being completed and will be subject to satisfactory appraisal, as well as clean title.  Definitely research for violations as Matt mentioned above. -Adam Roberts  South Shore Mortgage  adamr@fast2fund.com

nycdesigner | 11 years and 11 months ago

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This will be a headache for you, regardless of if you want to maintain the 2 family status or legally bring it to a 4 bedroom status.  If you are seriously interested in the property, you should make it contingent on the present owner bringing it to legal 4 family status or returning it to the 2 bedroom status.  If the schlump has done an illegal conversion, there is no telling what kinds of  things might need to be remedied.  Or what that might cost you.  Put the burden on him where it belongs.  He will need a bank appraisal/approval  no matter who buys it.  Unless he manages to find someone with cash who is so foolish as to look the other way.

irqgbfqcbpop | 11 years and 11 months ago

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If the property is going to be delivered vacant. It is not a big deal. You just have to remove the kitchens and the lender will never know.  If it is going to be delivered occupied.. walkaway.. this never going to work.

chipito | 11 years and 11 months ago

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At this point things are sounding like it will be delivered vacant.