How do lenders deal with houses with un-permitted additions

[UCGal]

Continuing the hijack on the appraisal rules…

Washington state has had this rule for a while.

The appraiser she got, was coincidentally, the “preferred” one of her broker… but that was luck. He wasn’t out of business, just worked as assigned by the system, rather than for specific banks/brokers/realtors.

[HLS]

The information that many of you believe is simply ignorance about appraisers.

My preferred appraiser tells me what a house is worth, I don’t tell him. He doesn’t have targets to meet or lose my business. If it isn’t a purchase, he doesn’t know what the loan amount is.
I am one of his best clients and get great service and priority for borrowers.

Any appraisal is the opinion of the appraiser, it isn’t an exact science, but should be close when there are model matches.

Business relationships aren’t built on cronyism. They are built on service and other factors.

Your income could be threatened in your business if YOUR customer was told that they can no longer do business with you.
You need to go to a third party and they will provide you with what you need by a party of their choosing, and the provider will be getting 50% of what they previously received for doing the exact same work.

Some of you just don’t get it. I don’t wish that it happens to you. It will ruin the income/careers of many good people who enjoy what they do.

This is bordering on a dictatorship/socialism.
It’s going to get worse…. HLS

[HLS]

The information that many of you believe is simply ignorance about appraisers.

My preferred appraiser tells me what a house is worth, I don’t tell him. He doesn’t have targets to meet or lose my business. If it isn’t a purchase, he doesn’t know what the loan amount is.
I am one of his best clients and get great service and priority for borrowers.

Any appraisal is the opinion of the appraiser, it isn’t an exact science, but should be close when there are model matches.

Business relationships aren’t built on cronyism. They are built on service and other factors.

Your income could be threatened in your business if YOUR customer was told that they can no longer do business with you.
You need to go to a third party and they will provide you with what you need by a party of their choosing, and the provider will be getting 50% of what they previously received for doing the exact same work.

Some of you just don’t get it. I don’t wish that it happens to you. It will ruin the income/careers of many good people who enjoy what they do.

This is bordering on a dictatorship/socialism.
It’s going to get worse…. HLS

[HLS]

The information that many of you believe is simply ignorance about appraisers.

My preferred appraiser tells me what a house is worth, I don’t tell him. He doesn’t have targets to meet or lose my business. If it isn’t a purchase, he doesn’t know what the loan amount is.
I am one of his best clients and get great service and priority for borrowers.

Any appraisal is the opinion of the appraiser, it isn’t an exact science, but should be close when there are model matches.

Business relationships aren’t built on cronyism. They are built on service and other factors.

Your income could be threatened in your business if YOUR customer was told that they can no longer do business with you.
You need to go to a third party and they will provide you with what you need by a party of their choosing, and the provider will be getting 50% of what they previously received for doing the exact same work.

Some of you just don’t get it. I don’t wish that it happens to you. It will ruin the income/careers of many good people who enjoy what they do.

This is bordering on a dictatorship/socialism.
It’s going to get worse…. HLS

[HLS]

The information that many of you believe is simply ignorance about appraisers.

My preferred appraiser tells me what a house is worth, I don’t tell him. He doesn’t have targets to meet or lose my business. If it isn’t a purchase, he doesn’t know what the loan amount is.
I am one of his best clients and get great service and priority for borrowers.

Any appraisal is the opinion of the appraiser, it isn’t an exact science, but should be close when there are model matches.

Business relationships aren’t built on cronyism. They are built on service and other factors.

Your income could be threatened in your business if YOUR customer was told that they can no longer do business with you.
You need to go to a third party and they will provide you with what you need by a party of their choosing, and the provider will be getting 50% of what they previously received for doing the exact same work.

Some of you just don’t get it. I don’t wish that it happens to you. It will ruin the income/careers of many good people who enjoy what they do.

This is bordering on a dictatorship/socialism.
It’s going to get worse…. HLS

[HLS]

The information that many of you believe is simply ignorance about appraisers.

My preferred appraiser tells me what a house is worth, I don’t tell him. He doesn’t have targets to meet or lose my business. If it isn’t a purchase, he doesn’t know what the loan amount is.
I am one of his best clients and get great service and priority for borrowers.

Any appraisal is the opinion of the appraiser, it isn’t an exact science, but should be close when there are model matches.

Business relationships aren’t built on cronyism. They are built on service and other factors.

Your income could be threatened in your business if YOUR customer was told that they can no longer do business with you.
You need to go to a third party and they will provide you with what you need by a party of their choosing, and the provider will be getting 50% of what they previously received for doing the exact same work.

Some of you just don’t get it. I don’t wish that it happens to you. It will ruin the income/careers of many good people who enjoy what they do.

This is bordering on a dictatorship/socialism.
It’s going to get worse…. HLS

[SD Realtor]

gn I am not sure of the percentage… Off the top of my head I think it is in the 10-20% range. I converted a half bath in one of my rentals to a full bathroom back in 2003 after I bought the home. I did not get the work permitted but I did hire a contractor and had it done professionally for what it is worth. I took pictures while it was being done as well.

Also what I have seen is that even for newer homes that have not been modified there can be discrepancies. For instance there was a home that I saw a few weeks back that had a 2 car garage but the tax roll said 3. Also the number of bedrooms and baths did not match. The issue was that this home had optional floorplans from the builder but the tax roll only used the basic model.

There are other cases that are often overlooked. Buying a home with a pool for instance. Again depending on where you live you may not be able to dig up the permit for a pool. As esmith said counties only keep this information for so long.

It is a personal choice as to how much you want to be concerned over this.

[SD Realtor]

gn I am not sure of the percentage… Off the top of my head I think it is in the 10-20% range. I converted a half bath in one of my rentals to a full bathroom back in 2003 after I bought the home. I did not get the work permitted but I did hire a contractor and had it done professionally for what it is worth. I took pictures while it was being done as well.

Also what I have seen is that even for newer homes that have not been modified there can be discrepancies. For instance there was a home that I saw a few weeks back that had a 2 car garage but the tax roll said 3. Also the number of bedrooms and baths did not match. The issue was that this home had optional floorplans from the builder but the tax roll only used the basic model.

There are other cases that are often overlooked. Buying a home with a pool for instance. Again depending on where you live you may not be able to dig up the permit for a pool. As esmith said counties only keep this information for so long.

It is a personal choice as to how much you want to be concerned over this.

[SD Realtor]

gn I am not sure of the percentage… Off the top of my head I think it is in the 10-20% range. I converted a half bath in one of my rentals to a full bathroom back in 2003 after I bought the home. I did not get the work permitted but I did hire a contractor and had it done professionally for what it is worth. I took pictures while it was being done as well.

Also what I have seen is that even for newer homes that have not been modified there can be discrepancies. For instance there was a home that I saw a few weeks back that had a 2 car garage but the tax roll said 3. Also the number of bedrooms and baths did not match. The issue was that this home had optional floorplans from the builder but the tax roll only used the basic model.

There are other cases that are often overlooked. Buying a home with a pool for instance. Again depending on where you live you may not be able to dig up the permit for a pool. As esmith said counties only keep this information for so long.

It is a personal choice as to how much you want to be concerned over this.

[SD Realtor]

gn I am not sure of the percentage… Off the top of my head I think it is in the 10-20% range. I converted a half bath in one of my rentals to a full bathroom back in 2003 after I bought the home. I did not get the work permitted but I did hire a contractor and had it done professionally for what it is worth. I took pictures while it was being done as well.

Also what I have seen is that even for newer homes that have not been modified there can be discrepancies. For instance there was a home that I saw a few weeks back that had a 2 car garage but the tax roll said 3. Also the number of bedrooms and baths did not match. The issue was that this home had optional floorplans from the builder but the tax roll only used the basic model.

There are other cases that are often overlooked. Buying a home with a pool for instance. Again depending on where you live you may not be able to dig up the permit for a pool. As esmith said counties only keep this information for so long.

It is a personal choice as to how much you want to be concerned over this.

[SD Realtor]

gn I am not sure of the percentage… Off the top of my head I think it is in the 10-20% range. I converted a half bath in one of my rentals to a full bathroom back in 2003 after I bought the home. I did not get the work permitted but I did hire a contractor and had it done professionally for what it is worth. I took pictures while it was being done as well.

Also what I have seen is that even for newer homes that have not been modified there can be discrepancies. For instance there was a home that I saw a few weeks back that had a 2 car garage but the tax roll said 3. Also the number of bedrooms and baths did not match. The issue was that this home had optional floorplans from the builder but the tax roll only used the basic model.

There are other cases that are often overlooked. Buying a home with a pool for instance. Again depending on where you live you may not be able to dig up the permit for a pool. As esmith said counties only keep this information for so long.

It is a personal choice as to how much you want to be concerned over this.

[svelte]

The builder recorded our prior home as a 5BR with the county while it was actually only a 4BR. They did the same thing with every frickin house of the same model.

None of us original owners had any problem at all when we sold.

That may not be true if there is a serious square footage discrepancy (something we did not have).

[svelte]

The builder recorded our prior home as a 5BR with the county while it was actually only a 4BR. They did the same thing with every frickin house of the same model.

None of us original owners had any problem at all when we sold.

That may not be true if there is a serious square footage discrepancy (something we did not have).

[svelte]

The builder recorded our prior home as a 5BR with the county while it was actually only a 4BR. They did the same thing with every frickin house of the same model.

None of us original owners had any problem at all when we sold.

That may not be true if there is a serious square footage discrepancy (something we did not have).

[svelte]

The builder recorded our prior home as a 5BR with the county while it was actually only a 4BR. They did the same thing with every frickin house of the same model.

None of us original owners had any problem at all when we sold.

That may not be true if there is a serious square footage discrepancy (something we did not have).

[Author]

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