closing

New Yorkers trust their gut.

why don't you explain why you changed your name from hunters burg?

seven7:

1. speak to your lender's underwriter
2. they determine criteria for loans
3. if lender wont lend because of lack of C of O, keep shopping for one that will
4. please post your results here, including lenders names

Good morning seven7,

When you say the Seller's Attorney is "setting up the closing" does that mean the language that's in the Contract of Sale? I'm going to guess, yes as the answer to my question and respond accordingly: the closing date in a Contract is only for legal reference purposes; typically the language says, "Closing to take place ON or ABOUT May 15th, 2013." You'll want to consult with your Attorney about this date specifically with regards to your concerns about the Seller's ability to complete the property renovations by then. Usually these dates are extended through "legal" courtesy and agreement between your Attorney and the Seller's Attorney. Therefore, if YOUR Attorney is okay with it, I'd think you can be confident it's not a major sticking point.

As to your Lender or ANY Lender closing before the renovations are completed: you are correct. NO Lender is closing on a property until the condition of the property is acceptable to the level of being "habitable." As for a CofO, I'm not sure what the CofO has to do with the renovations unless there's a change to the Occupancy that has to be signed off by the municipality OR the property is new construction. Maybe there are PERMITS for the renovation work that have to be closed out with a final inspection by the Building Inspector for the municipality; that's not the same as a CofO.

So, as to open permits for renovation, NO Lender that I am aware of in the current lending environment of 2013 is closing a loan on a property with open permits. AND that includes not closing with an "escrow" for the open permit. The wild and woolly days of lending that way are long gone.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*I'm posting my full contact information here because it's required by NYS regulations.