what if no c/o

What if the property I am purchasing has no certificate of occupancy? It would be impossible to get a bank mortgage correct? What needs to be done to get it a c/o? I am not sure if it has a c/o but it is an older property does it still need one regardless of age?

It depends on where you are located and what your plans are for the property. Some municipalities in my area require it on every property that is sold, some you can sign a waiver for non-owner-occupied, some don’t require it at all (except for maybe new construction). If you are buying to rehab and rent or sell you maybe able to sign a waiver when you buy, and then apply for it once repairs have been complete. Check with your title company or attorney, and, of course, with the city where the property is located.

Renovation loans allow financing with a conventional mortgage and will give you the money to rehab the place and get it back in shape. NO c/o is required. A great way to purchase and flip without seasoning issues either because all of the renovation work is documented with title updates and inspections to support the substantial increase in value. And usually if set up properly you should’nt have to make any payments during the renovation phase.