Skip to main content

Not sure what to do here?

Story time but I need your advice!!!

We are in the process of buying a home as a first time homeowners in cleveland ohio, which falls in cuyahoga county. We are under contract and inspection and appraisal are coming up in about a week.

When we saw the house (colonial) it definitely needs some updating and work, everything seems to be from the 90s. But everything seems good and hoping nothing major shows up on the inspection.

The cool thing is the upstairs has a full kitchen, bathroom, a room and living room (no dining room). It's like a mini downstairs.

We didn't think much of it. We thought it was pretty cool actually. It does not have its own seperate entryway or it's own address . And the sellers told us it's a single family home.

Well, the loan we got was great, no down payment no PMI for single family fist time home owners through a local bank. But I just got a call from the loan officer last night saying that the county has stated and classified that property as a duplex...so now the financing changes and we have to put down minimum 5%. So around $7,000. Which we don't have ...not that whole amount atleast.

She suggested we can go to the county and fight it if we believe it's wrong. To have someone that does zoning/codes/auditor come and officiate it. Tbh, looking back it looks like it was an ADU- additional dewelling unit? And it does have its own seperate water heater. So there is a total of 2 in the basement.

Also. As mentioned, there is no door separating the up and stairs unit but there are door frames. When you come in from the side exterior door, you can go straight into the first floor or walk up to the second. Neither have doors, but yes you can twll there were doors sometime in the past. The previous owner was usuing it as a single unit so no doors are in place. I believe it was built a duplex and transformed into a single

Also, I hopped on Google maps and saw two water meters outside the property. This has become very stressful. So is it two seperate water meters for the upstairs and downstairs "unit": or is it dual metering for a single unit? Idk

What would you suggest I Do?

Just take the L and just say yeah It's a duplex? Even tho since 1950, (built in 1920, been with this family since the 50s, kept getting passed down) that's not how it's been lived in, and neither how we would use it as such.

Should we make the decision of how to come up with a few grand. Or just say F it and not go for it?

Or try to get someone from the county come out and explain everything and have them look?

submitted by /u/ParkingVariety9062
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/15961n4/not_sure_what_to_do_here/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear
1 comment
Read more

Fast Rising HOA Fees on NYC Condo, No Budget Provided

My wife and I are first time homeowners and could use some advice on a situation we've been having with our management company and Board. We bought a condo in Brooklyn two years ago, and since then our HOA fees have climbed dramatically. In August of last year, our fees were increased by ~30% and just yesterday we received notice that this new figure would be increased by 16% as of June 1st. The by-laws for our building state that ten days before such a change goes into effect, the Board must provide unit owners with the itemized budget upon which the new numbers were based. This didn't happen last year, and when I asked the management company about it, they just kept vaguely insisting the Board had done due diligence. After I kept pressing, they finally sent a budget that was several years old, so obviously not the one that the new numbers were based on. When I asked the management company for contact information for the Board to get further clarification, I was told that th
Post a Comment
Read more

How to create fidelity investments current bank statement for lender during escrow

I transferred a certain amount to my bank account to complete the minimum down payment required. The bank wants a current statement of the transaction. Unfortunately, fidelity only does quarterly statements so a December statement is not available and we are due to close next week. I called fidelity and they they can only provide a letter but the bank said that won’t suffice. Any way I can find or make one of my own that has my account number/name along with all the recent month’s activities? submitted by /u/bodaciousbeans [link] [comments] source https://www.reddit.com/r/RealEstate/comments/zmnnqo/how_to_create_fidelity_investments_current_bank/
Post a Comment
Read more