Code Violations

code violations can be fixed, but it can go anywhere from being a small thing to a large expense.
Once the issue is fixed to code, a city inspector will have to come to the property to verify that everything meets minimum standards required. (depending on the type of repair, inspectors sometimes come at different intervals while certain steps of the issue are being repaired and must be signed off before subsequent work can continue).
Some homeowners add entire rooms without permits; if this is the case, the city may ask the new owner to demolish the entire addition to bring the house back to code.

Your realtor should be able to tell you what the code violation is for the property, and you should ask a licensed contractor to give you an estimate of the 'repair' before you move ahead with the deal.

Wishing you success,

Valerie

Here is a comment I have to make: Use online value sites such as Zillow and Eppraisal for a guess number. Pull actual comparables from a Realtor to get a better price value. You may find that the comparable value is set closer to the asking price of the property.

You will need to find out the actual code violations as well. The county or city will have the list of the violations. Get this and it will get you a better idea about the needs on the property.

I worked on a property that had a code violation and it was just a water heater problem which was easy to fix.

I agree it depends on the code violations.

Also, nstreet, my realtor is working on comps today.

But I wanted to get some feedback from you guys as well.

Thank you again!

Tom

remember to research the property records at the city/county as you look for the permits and violations

here is an example of what happened to me . I put in a offer on a REO property property will sell for $85,000 ARV as first look in only needed about $14,000 in repairs. After doing my due diligence, I saw that there was four violations for expired permits three of the violations are easy fixes at minimum cost . But one was for the pool because it never got the final inspection and expired back in 1996. I have to get a new permit meaning engineering drawings and bringing the pool up to today's codes… Needless to say, the repair costs for about $12,000 and I went back to the bank for renegotiation which they did not want to do at the time, so I said next. But the funny thing is I end up buying the house. A month later after my first offer, my original offer was 52,000, before we noticed the violations I renegotiated the price to 42,000 they did not accept it, but a month later I bought it for 35,000. I like to say what they won't, accept today. They may accept tomorrow! oh yeah, I filled the pool in with dirt at a cost of $3000 and made a beautiful backyardsell the property for 76,000. It didn't make sense to me to put $10,000 into a pool that only brought me back $10,000 in value. good luck

Reuben