Wait to enter contract until violation removed?

Hi. I would like to buy a house in Queens. In early July the owner received a violation for the illegal tenant living in his cellar. The tenant has left and a contractor and architect are making the changes in the basement (removing stove and fridge). The owner has a court date in a few weeks. Should I go ahead and do an inspection? Wait until the violation is closed? I have no desire to use that cellar for anything other than storage and mechanicals. I would appreciate feedback from anyone who’s been in this kind of situation. Thank you.

stephanie

in Legal 11 years and 9 months ago

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mortgagepro | 11 years and 9 months ago

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Come to an agreement on purchase price and get an executed contract. Your attorney will stipulate the terms of the agreement, which will include a satisfactory home inspection, financing contingency (if applicable) and clean title w/ no violations. Then spend your money on a home inspection. This is not the same as the appraisal utilized for financing and the fact that there is a known violation is not critical to the home inspection report. The inspection report will alert you to the structure and systems; addressing the specifics and condition of various aspects of the home. If there are any notable deficiencies that need to be corrected, this is the time to address them. If you will be utilizing home financing, you can obtain a loan commitment, subject to an appraisal, prior to the violation work being completed. You will just want to coordinate with your broker to wait on ordering the mortgage appraisal until the violation work has been completed. This way you will avoid needing the appraiser to come back and reinspect (which is what would happen if the illegal unit was present when they inspected). The lender does not see the home inspection report. Only their appraisal. -Adam Roberts South Shore Mortgage 631-956-0111 x218 adamr@fast2fund.com

bk1lnite | 11 years and 9 months ago

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Do you have an accepted offer? Speak to your attorney & if you want to get an inspection done and go into contract, it should specify no open violations at closing.

rklfwdzitibmd | 11 years and 9 months ago

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Presuming you are not yet in the contract phase, the only thing you have to lose by proceeding with the inspection is the inspection fee. You are assuming no liability for the violation or the costs of curing it. Might as well find out now if there is anything else wrong. If the inspection is clear enough, and you wish to proceed, but the violation is not yet cured, then you need to get it in writing from the seller, that he will either cure the violation before closing, or that you will withhold money in escrow until the violation is cured. You might even want to make curing the violation a covenant in your title, but your lender might want to be part of that discussion.