Buying in New Jersey, Union City with oil tank---HELP
Hi,
I am currently under contract and buying with a mortgage.
The owner took out an oil tank and it had a leak. The soil got cleaned and the whole is filled, but the bill is not paid yet.
The owner does not have cash and I can not buy with mortgage before the bill is paid and the cleaning company sends the results to the city. Once the city certifies the done work we can go get necessary Certificate of Ocup. and close with my mortgage.
Now the owner is offering seller financing if I close fast without the CO and pay the bill. What are my risks if I close without CO and pay the bill and get the CO later??
What if the oil cleaning company did a bad job? Are they reliable?
I am looking for a seasoned investor or broker who can take a look on a case and give me advice? Somebody who has bought and invest in Union City, New Jersey!
My lawyer says do not buy with seller financing, he says a lot of things can go wrong before I get the CO. When I ask what else can go wrong, he says every city is different and he does not know specifically.
Any ideas how could I use seller financing?? I do not mind paying for the oil cleaning if I know I can get the house. I do not want to pay for the cleaning before it is on my name, I do not want to invest in somebody's else property
ANY IDEAS?
Thank you