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Updated over 9 years ago on . Most recent reply

User Stats

20
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1
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Solomon F.
  • Investor
  • Lakewood, NJ
1
Votes |
20
Posts

Resale CO debacle

Solomon F.
  • Investor
  • Lakewood, NJ
Posted

I am in contract to buy a house from the bank [in ocean county NJ] . There is a tenant in the house that has been there since the original landlord put them in [before subsequently forclosing]. As I am getting close to closing i went down to the township to order the resale CO and filled it out as "buyer" instead of owner. The inspection failed for missing  smoke detectors [the tenant took it down when it started beeping] no fire extinguisher and carbon monoxide detectors missing batteries. The problem is the bank won't do anything to correct the problem as it is being sold "as is" and I am not allowed to do any repairs before closing. I was told in other circumstances the buyer would sign an affidavit stating that they are buying  the house "as is" and will make all necessary repairs within 30 days of taking title. When I asked the clerk at the township however she told me they are not familiar with any such form and being that there is a tenant in the property and the inspection failed on safety issues an affidavit would anyways not be acceptable. When i asked her what to do she just shrugged her shoulders. 

Has anyone had a similar experience and what should I do?

Is it really necessary to pass the resale CO before taking title to the house? What would happen if I closed and then did the repairs and then ordered the inspection?      

Any help greatly appreciated!

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