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Answers (8)
- Christopher Diener, "PasaDiener"
- Contributions:30
Pasadena has different code than LA City and LA County has different codes also. Get a Pasadena City Occupancy inspection, that will tell you all of the things that need to be fixed to get occupancy.
- real estate mike
- Contributions:2001
What are the facts? Is it worth your time to fix it up; at least some? Do you know the comps fixed up versus as is value? Forget emotions and think bottom line. If you have the right deal you might could hire a contractor to assist you and not have as much personal time invested? stay the course, have a cup of joe(or two), and best of luck to you!
- Joe Nernberg, "Home Inspection Pro"
- Contributions:97
Hi CoffeeNut,
Vague question. The code 50 years ago is different than today's code. The lender may require a clear pest report and functional heating. If you are aware of code/safety/health issues - you must disclose it. California purchase agreements state the home is "being sold in its present condition."
Andrew is almost right about Los Angeles city compliance. Go to www.ladbs.org. There is no local ordinance to strap a water heater. That is a "state" law.
Stop calling them smoke detectors. They are smoke alarms (and have been sold that way for more than 3 years).
Vague question. The code 50 years ago is different than today's code. The lender may require a clear pest report and functional heating. If you are aware of code/safety/health issues - you must disclose it. California purchase agreements state the home is "being sold in its present condition."
Andrew is almost right about Los Angeles city compliance. Go to www.ladbs.org. There is no local ordinance to strap a water heater. That is a "state" law.
Stop calling them smoke detectors. They are smoke alarms (and have been sold that way for more than 3 years).
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Did you buy it for cash?
- Raymond Sinsley, "Timber Creek Const."
- Contributions:195
I work on foreclosed properties, and every time one sells, they email me what needs to be done in order for the bank to complete the deal.
So like Andrew said, this work should have already been completed on your property.
So like Andrew said, this work should have already been completed on your property.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
91 days to flip if selling to FHA buyer
- Andrew Walter, "RealEstateByAndrew"
- Contributions:17
The short answer is 'no'. L.A. City has certain requirements for re-sale (smoke detectors, low flow toilets, earthquake gas shut-off valve, water heater earthquake bracing). But these would have been required by the bank when they sold it to you. You simply need to state in your disclosures that you purchased the property as an REO and you never lived in it.
- Jim Ventura, "rktekt99"
- Contributions:32
I would have to understand more about the particulars, but I would answer this by saying that you are allowed to sell any property you want as one of your "bundle of rights" of ownership. I would also say that the current set of California Association of Realtors documents uses an "as-is" type format for sale and purchase, and can address any circumstance that may be involved. That means that, if written carefully, the documents will lead you to a position of safety from liability in the sale, and would have to be tailored to the situation. Some of the aspects of that are, whether or not there are currently violations against the property, and how those violations are handled in Pasadena (i.e., can a violation "transfer" to a new owner with new time frames and recommendations / requirements, or must they be corrected prior to transfer - and of course, who pays for that); whether or not there will be a city inspection prior to sale on one matter or another... (smoke detectors, hard wired or not, low flush toilets, etc., garage used as living space are some examples in other cities) - the thinking is though, likely you had just addressed these type issues when you bought. Although the bank would not have had any knowledge of defects at sale, and maybe none were discovered at inspection, anything new you've found would have to be disclosed, or you would risk future legal action - all of these matter in how the offers are viewed and countered to. You say "brought up to code" - again, you just bought it, so a transfer was allowed, but some cities (I would have to investigate Pasadena's requirements) have a "retrofit" requirement which maybe somehow your bank seller was able to get around.
Use a very experienced agent - you don't want your Aunt Polly handling this one.
Use a very experienced agent - you don't want your Aunt Polly handling this one.
Want to ReSell a foreclosed property
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