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Updated over 2 years ago,
Code Violations on Title
Hello,
I have a property under contract with a seller where the property needs $30k in work to cure code violations before clear title is issued. My buyer will take the property with the violations but needs a hard money loan. Seller and buyer are not willing to cure violations prior to close. Buyer won't do this because they don't want to cure work they will be undoing when they go to expand the house and don't want to waste $30k. My questions is - are there any hard money lenders who will lend on the property knowing the violations will be cured after closing and during construction? The lender needs to allow the liens to stay on title because the city won't remove them either, even just for 3 days to close. Title will be clear with the exception of the liens. Thank you!