[UCGal]

[quote=flu]That’s actually a common issue among tracts. On my tax bill, it lists my home as a 4/3 2600 even though it’s a 5/3 2600, because during the original buildout, there was the option to either have a 3 car tandem garage or have another bedroom and 2 car garage. Never corrected this in the county, but county office said it wasn’t a big deal.[/quote]

flu – I’m confused. I thought garage space wasn’t counted in the square footage. (Not heated, etc.) How are they both 2600?

Not that it matters… I’m just obsessive about really irrelevant stuff.

[UCGal]

[quote=flu]That’s actually a common issue among tracts. On my tax bill, it lists my home as a 4/3 2600 even though it’s a 5/3 2600, because during the original buildout, there was the option to either have a 3 car tandem garage or have another bedroom and 2 car garage. Never corrected this in the county, but county office said it wasn’t a big deal.[/quote]

flu – I’m confused. I thought garage space wasn’t counted in the square footage. (Not heated, etc.) How are they both 2600?

Not that it matters… I’m just obsessive about really irrelevant stuff.

[UCGal]

[quote=flu]That’s actually a common issue among tracts. On my tax bill, it lists my home as a 4/3 2600 even though it’s a 5/3 2600, because during the original buildout, there was the option to either have a 3 car tandem garage or have another bedroom and 2 car garage. Never corrected this in the county, but county office said it wasn’t a big deal.[/quote]

flu – I’m confused. I thought garage space wasn’t counted in the square footage. (Not heated, etc.) How are they both 2600?

Not that it matters… I’m just obsessive about really irrelevant stuff.

[UCGal]

[quote=4plexowner]refi loan on a condo vs purchase loan on a property where unpermitted additions are enough of an issue to actually state them as an issue in the listing

can you say, “apples and oranges”?[/quote]
That was my thought, too. If it’s bad enough it’s stated in the listing… the unpermited work must be badly done it will get flagged or, possibly, already condemned.

[UCGal]

[quote=4plexowner]refi loan on a condo vs purchase loan on a property where unpermitted additions are enough of an issue to actually state them as an issue in the listing

can you say, “apples and oranges”?[/quote]
That was my thought, too. If it’s bad enough it’s stated in the listing… the unpermited work must be badly done it will get flagged or, possibly, already condemned.

[UCGal]

[quote=4plexowner]refi loan on a condo vs purchase loan on a property where unpermitted additions are enough of an issue to actually state them as an issue in the listing

can you say, “apples and oranges”?[/quote]
That was my thought, too. If it’s bad enough it’s stated in the listing… the unpermited work must be badly done it will get flagged or, possibly, already condemned.

[UCGal]

[quote=4plexowner]refi loan on a condo vs purchase loan on a property where unpermitted additions are enough of an issue to actually state them as an issue in the listing

can you say, “apples and oranges”?[/quote]
That was my thought, too. If it’s bad enough it’s stated in the listing… the unpermited work must be badly done it will get flagged or, possibly, already condemned.

[UCGal]

[quote=4plexowner]refi loan on a condo vs purchase loan on a property where unpermitted additions are enough of an issue to actually state them as an issue in the listing

can you say, “apples and oranges”?[/quote]
That was my thought, too. If it’s bad enough it’s stated in the listing… the unpermited work must be badly done it will get flagged or, possibly, already condemned.

[UCGal]

Excuse my ignorance. But isn’t life insurance, car insurance, home owners insurance well regulated. Are the issuers required to have a decent percent of capital to back up the policies they write?

And weren’t CDS’s unregulated, and there weren’t requirements for capitalization?

I think that is the key difference.

It’s like comparing a State Farm Car Insurance policy (picked an insurance brand randomly) to paying some street thug $5 to make sure your car isn’t vandalized when you have to park in a bad neighborhood. The first you purchase with a confidence that it’s well regulated and backed with assets. The other you know has inherant risk. When you purchase the latter type of “insurance” you know the kid you’re paying off may or may not stick around and watch your car.

[UCGal]

Excuse my ignorance. But isn’t life insurance, car insurance, home owners insurance well regulated. Are the issuers required to have a decent percent of capital to back up the policies they write?

And weren’t CDS’s unregulated, and there weren’t requirements for capitalization?

I think that is the key difference.

It’s like comparing a State Farm Car Insurance policy (picked an insurance brand randomly) to paying some street thug $5 to make sure your car isn’t vandalized when you have to park in a bad neighborhood. The first you purchase with a confidence that it’s well regulated and backed with assets. The other you know has inherant risk. When you purchase the latter type of “insurance” you know the kid you’re paying off may or may not stick around and watch your car.

[UCGal]

Excuse my ignorance. But isn’t life insurance, car insurance, home owners insurance well regulated. Are the issuers required to have a decent percent of capital to back up the policies they write?

And weren’t CDS’s unregulated, and there weren’t requirements for capitalization?

I think that is the key difference.

It’s like comparing a State Farm Car Insurance policy (picked an insurance brand randomly) to paying some street thug $5 to make sure your car isn’t vandalized when you have to park in a bad neighborhood. The first you purchase with a confidence that it’s well regulated and backed with assets. The other you know has inherant risk. When you purchase the latter type of “insurance” you know the kid you’re paying off may or may not stick around and watch your car.

[UCGal]

Excuse my ignorance. But isn’t life insurance, car insurance, home owners insurance well regulated. Are the issuers required to have a decent percent of capital to back up the policies they write?

And weren’t CDS’s unregulated, and there weren’t requirements for capitalization?

I think that is the key difference.

It’s like comparing a State Farm Car Insurance policy (picked an insurance brand randomly) to paying some street thug $5 to make sure your car isn’t vandalized when you have to park in a bad neighborhood. The first you purchase with a confidence that it’s well regulated and backed with assets. The other you know has inherant risk. When you purchase the latter type of “insurance” you know the kid you’re paying off may or may not stick around and watch your car.

[UCGal]

Excuse my ignorance. But isn’t life insurance, car insurance, home owners insurance well regulated. Are the issuers required to have a decent percent of capital to back up the policies they write?

And weren’t CDS’s unregulated, and there weren’t requirements for capitalization?

I think that is the key difference.

It’s like comparing a State Farm Car Insurance policy (picked an insurance brand randomly) to paying some street thug $5 to make sure your car isn’t vandalized when you have to park in a bad neighborhood. The first you purchase with a confidence that it’s well regulated and backed with assets. The other you know has inherant risk. When you purchase the latter type of “insurance” you know the kid you’re paying off may or may not stick around and watch your car.

[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.

[Author]

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