Buying 'as-is' property with 203k, No gaurantee of CO or Liens?
I'm looking to get a duplex using a 203k loan. The house is a Fannie Mae HomePath foreclosure, they are selling it as it.
So far the bank has accepted my offer, and they want me to continue signing the paperwork. My lawyer advised me to verify that there is a CO for the property as well as check if there are any building violations on the property that I would be liable for.
I went to the town, and they said to get that information, I need to fill out a Freedom of Information Act form, and wait up to 20 days for the records. I definitely don't have 20 days to wait.
How should I approach this situation? Do I just take the risk and hope for the best? How could I price out the worst case scenario in terms of getting permits etc? My town doesn't seem to have any information on permit costs, etc.
