I have a seller that gave me a description of the home that is different from what is listed on many other real estate web sites. Seller describes the house as having 2 beds and 1 bath. All other web sites say the home has 3 beds and 1 bath. This is going to mess me up when looking for the ARV on the home.
Hi,
I just went through this with a property 2 weeks ago, we actually owned a property that was a two bedroom, it had an addition added in 1954 that for all appearences looked like a third bedroom, but it was never completed in 1954.
There were no plugs on each wall, it was not heated or cooled, and had not been seperated completely from an ajoining utility room (There was no door seperating and closing the room) so we went in and put new electric in and added baseboard heating.
Then we thought, we send in a guy and hang a door, simple deal except when the guy got there it turns out there was no closet, we didn’t even think about it quite that far, but it needed a door, but it does not meet the legal standard without a closet.
So 2 weeks later there is a closet, a door and a finalled permit, a legal third bedroom!
It is possible this house was a 3 bedroom, and then had some walls moved around, a closet removed and down the road some years later seller is telling you what they see, and I would advice you to look at the house, count the bedrooms and make sure of what you have!
Yes, it makes a huge difference in value and your buyers market, more people look for 3 or 4 bedroom homes to buy then a 1 or 2 bedroom and you limit your potential buyers to maybe 3 in 10!
GR
I always compare what the local tax district has on the tax roles to what a house has/is listed with.
I have rentals so the problem isn’t normally in renting them, but when I go to sell,if a garage has been converted to a 4th bedroom, but is on the tax roles as a 3 bedroom with garage,I should go through with permitting/getting it up to code so that I have a legit 4th bedroom (just as GR stated above),just make sure the conversion/addition was done by someone that knows what they are doing.
I’ve seen people list a extra bedroom/living area from a garage, and all they did was close the wall and a stick a window air conditioner in it,a conversion should be up to code and be to the same standards as the rest of the house or an appraiser may not count it
Thanks for the info. I asked the seller about this and she didn’t know what I was talking about at first. Then I explained to her again what was listed on the web as opposed to what she told me about the house. She was shocked as to how that could have happened.
quote author=Gold River link=topic=49948.msg246041#msg246041 date=1309768863]
Hi,
I just went through this with a property 2 weeks ago, we actually owned a property that was a two bedroom, it had an addition added in 1954 that for all appearences looked like a third bedroom, but it was never completed in 1954.
There were no plugs on each wall, it was not heated or cooled, and had not been seperated completely from an ajoining utility room (There was no door seperating and closing the room) so we went in and put new electric in and added baseboard heating.
Then we thought, we send in a guy and hang a door, simple deal except when the guy got there it turns out there was no closet, we didn’t even think about it quite that far, but it needed a door, but it does not meet the legal standard without a closet.
So 2 weeks later there is a closet, a door and a finalled permit, a legal third bedroom!
It is possible this house was a 3 bedroom, and then had some walls moved around, a closet removed and down the road some years later seller is telling you what they see, and I would advice you to look at the house, count the bedrooms and make sure of what you have!
Yes, it makes a huge difference in value and your buyers market, more people look for 3 or 4 bedroom homes to buy then a 1 or 2 bedroom and you limit your potential buyers to maybe 3 in 10!
GR
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I tired the property tax records too and it has the same thing listed like all the websites. Now I am having second thoughts if I should move forward with this deal if it is even a deal. This deal my be a dud if there is a difference in the description is of the inside. Two bedrooms don’t sound to pleasing to me, but then again I am not the one buying the house to live in.
Why do you have to take it when it is obviously a mistake…
Who ever said I have to take it? I sure didn’t. I’m just weighing my options here to see if there is anything worth moving forward with. Those differences in the description of the home sound like it could be a deal breaker for a wholesale deal. This would have been my very first wholesale deal.