unpermitted additions

[4plexowner]

just guessing here – several possibilities for cash sale

– seller knows the unpermitted additions would have to be removed / brought up to code
– seller knows an appraisal won’t support the sales price without the additions – an appraiser won’t give much value (if any) to the additions because they aren’t permitted
– seller knows the house without the additions isn’t worth what he wants to sell for

probably can’t obtain financing of any type until the unpermitted additions are resolved – a loan underwriter will pickup on this issue and refuse to let the loan close

[UCGal]

Here’s a thread that deals specifically with unpermitted additions and how it affects the appraisal from a few months ago.

http://piggington.com/how_do_lenders_deal_with_houses_with_unpermitted_additions

With the recent change in the appraisal process (as discussed on that thread) appraisers *may* be paying closer attention to discrepancies between what the tax rolls call out for # of beds, # baths, and total sf.

It could be that the additions have already been condemned – in which case factor in the work it will take to undo/demo the addition.

[UCGal]

Here’s a thread that deals specifically with unpermitted additions and how it affects the appraisal from a few months ago.

http://piggington.com/how_do_lenders_deal_with_houses_with_unpermitted_additions

With the recent change in the appraisal process (as discussed on that thread) appraisers *may* be paying closer attention to discrepancies between what the tax rolls call out for # of beds, # baths, and total sf.

It could be that the additions have already been condemned – in which case factor in the work it will take to undo/demo the addition.

[UCGal]

Here’s a thread that deals specifically with unpermitted additions and how it affects the appraisal from a few months ago.

http://piggington.com/how_do_lenders_deal_with_houses_with_unpermitted_additions

With the recent change in the appraisal process (as discussed on that thread) appraisers *may* be paying closer attention to discrepancies between what the tax rolls call out for # of beds, # baths, and total sf.

It could be that the additions have already been condemned – in which case factor in the work it will take to undo/demo the addition.

[UCGal]

Here’s a thread that deals specifically with unpermitted additions and how it affects the appraisal from a few months ago.

http://piggington.com/how_do_lenders_deal_with_houses_with_unpermitted_additions

With the recent change in the appraisal process (as discussed on that thread) appraisers *may* be paying closer attention to discrepancies between what the tax rolls call out for # of beds, # baths, and total sf.

It could be that the additions have already been condemned – in which case factor in the work it will take to undo/demo the addition.

[UCGal]

Here’s a thread that deals specifically with unpermitted additions and how it affects the appraisal from a few months ago.

http://piggington.com/how_do_lenders_deal_with_houses_with_unpermitted_additions

With the recent change in the appraisal process (as discussed on that thread) appraisers *may* be paying closer attention to discrepancies between what the tax rolls call out for # of beds, # baths, and total sf.

It could be that the additions have already been condemned – in which case factor in the work it will take to undo/demo the addition.

[davelj]

I actually have experience with this while I was re-financing recently.

My unpermitted addition (a loft within a condominium with 18 ft. ceilings) was basically ignored in the appraisal process.

I asked the appraiser about unpermitted additions in general and he said, “As long as the addition looks good – and looks up to code – then I just ignore it in the appraisal process. It won’t help or hurt in the appraisal – it’s just there.”

Which seems fair. If you want “credit” for it, you should go through the permit process. If you don’t care, just make sure it looks nice and don’t bother. Just my 2 cents.

[davelj]

I actually have experience with this while I was re-financing recently.

My unpermitted addition (a loft within a condominium with 18 ft. ceilings) was basically ignored in the appraisal process.

I asked the appraiser about unpermitted additions in general and he said, “As long as the addition looks good – and looks up to code – then I just ignore it in the appraisal process. It won’t help or hurt in the appraisal – it’s just there.”

Which seems fair. If you want “credit” for it, you should go through the permit process. If you don’t care, just make sure it looks nice and don’t bother. Just my 2 cents.

[davelj]

I actually have experience with this while I was re-financing recently.

My unpermitted addition (a loft within a condominium with 18 ft. ceilings) was basically ignored in the appraisal process.

I asked the appraiser about unpermitted additions in general and he said, “As long as the addition looks good – and looks up to code – then I just ignore it in the appraisal process. It won’t help or hurt in the appraisal – it’s just there.”

Which seems fair. If you want “credit” for it, you should go through the permit process. If you don’t care, just make sure it looks nice and don’t bother. Just my 2 cents.

[davelj]

I actually have experience with this while I was re-financing recently.

My unpermitted addition (a loft within a condominium with 18 ft. ceilings) was basically ignored in the appraisal process.

I asked the appraiser about unpermitted additions in general and he said, “As long as the addition looks good – and looks up to code – then I just ignore it in the appraisal process. It won’t help or hurt in the appraisal – it’s just there.”

Which seems fair. If you want “credit” for it, you should go through the permit process. If you don’t care, just make sure it looks nice and don’t bother. Just my 2 cents.

[davelj]

I actually have experience with this while I was re-financing recently.

My unpermitted addition (a loft within a condominium with 18 ft. ceilings) was basically ignored in the appraisal process.

I asked the appraiser about unpermitted additions in general and he said, “As long as the addition looks good – and looks up to code – then I just ignore it in the appraisal process. It won’t help or hurt in the appraisal – it’s just there.”

Which seems fair. If you want “credit” for it, you should go through the permit process. If you don’t care, just make sure it looks nice and don’t bother. Just my 2 cents.

[svelte]

My experience has been the same as Davelj.

I’ve never bought or sold anything with a non-permitted addition, but have watched plenty of others do it.

I’ve never seen them cause any sort of hiccup in the sale/purchase process (unless it is the buyer doing the balking), which I always thought was odd. Davelj’s post seems like the perfect explanation for what I’ve witnessed.

[svelte]

My experience has been the same as Davelj.

I’ve never bought or sold anything with a non-permitted addition, but have watched plenty of others do it.

I’ve never seen them cause any sort of hiccup in the sale/purchase process (unless it is the buyer doing the balking), which I always thought was odd. Davelj’s post seems like the perfect explanation for what I’ve witnessed.

[svelte]

My experience has been the same as Davelj.

I’ve never bought or sold anything with a non-permitted addition, but have watched plenty of others do it.

I’ve never seen them cause any sort of hiccup in the sale/purchase process (unless it is the buyer doing the balking), which I always thought was odd. Davelj’s post seems like the perfect explanation for what I’ve witnessed.

[svelte]

My experience has been the same as Davelj.

I’ve never bought or sold anything with a non-permitted addition, but have watched plenty of others do it.

I’ve never seen them cause any sort of hiccup in the sale/purchase process (unless it is the buyer doing the balking), which I always thought was odd. Davelj’s post seems like the perfect explanation for what I’ve witnessed.

[Author]

Posts