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Trying to sell a condo without "Certificate of Occupancy"

By Tony Williams

Real Estate Agent with Atlanta Metro agent with eXp Realty 56317

October 04, 2009 09:00 AM

I have a buyer who wants to put an offer in on a condo that only needs appliances and carpet and then the county will issue a "certificate of occupancy". The unit is owned by the FDIC and of course they will not put in the needed items to finish the deal. I have been to several lenders and they tell me there is nothing that can be done. I thought about a FHA 203k. But there must be a "CO". Any ideas? I have thought about going to a hard money lender for a one month loan and then refi FHA after the original closing and after the CO is completed. Is there a better way?

Tony Williams
REMAX Realty Group
Still making income from Utilities as well.

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Jon Zolsky

FunCoast Realty 386-405-4408 - Ponce Inlet, FL

your Daytona Condo Agent

Tony,

Wow, somethhing we never ran across before. I did not know FDIC would do nothing to get CO. I do not think FHA 203 is the answer, as refinancing in a month may be problematic.

Oct 04, 2009 09:12 AM

Tony Williams

Atlanta Metro agent with eXp Realty - Woodstock, GA

Down to the very end and we could not get the bank to finish the condo to get the C.O. Nor would they allow the purchaser to finish. We also found out that the county would have to come back in and "re-permit" everything. All we needed was a stove. Absolutely amazing.

Oct 24, 2009 12:42 PM

Anonymous

Matthias Allred

Crazy how little common sense there is out there. Good luck dealing with the FDIC. I think the FHA 203k loan is definately the way to go on this one. I shouldn't be that difficult since there isn't much work to be done.

Good Luck!

Jun 15, 2010 04:36 PM

Trying to sell a condo without "Certificate of Occupancy"

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