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Updated over 8 years ago,

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1
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0
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Anton L.
  • Professional
  • Raritan, NJ
0
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1
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buying in nys with violations

Anton L.
  • Professional
  • Raritan, NJ
Posted

I am in contract on an investment property with violations in NYS. I understand that to get a mortgage from the bank the violations need to be cleared by the seller. I also know that if the violations are not cleared the seller can concede money into the escorw account for me to clear the vilations.  

My attorney is telling me that we are in good shape but I am not so sure.  The reason is that I want to use the property for section8 housing.  If these violations are then under my name, it may take a long time to clear them.  during that time I will not be able to rent the house out to section8 and in the long run lose money.  

At this point who can comment that has experience with something like this ?  thx