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Old 08-01-2015, 02:22 PM
 
2,827 posts, read 4,134,161 times
Reputation: 6820

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Quote:
Originally Posted by mrtgman View Post
As a 20 year mortgage originator here are three steps I would advise to try.

1. Go back to the original listing agent or better yet their broker in charge. Even if the seller did not disclose, the Realtor should have checked this issue with county records. They carry " E & O" (errors and omissions) insurance which may cover your costs to cure this.

2. Discuss the matter with your title insurance company. You paid for this at closing and very few ever file a claim. It will be a small set of documents usually called Schedule A & Schedule B. It is something you may be able to argue is a defect in title and have that insurance cover your costs as well.

3. Was it an issue that was discussed in the original appraisal? You may want to contact the appraisal company that did the original report. This sale should never have closed without this issue being corrected and it is the sellers responsibility to have had it corrected and the appraisers to check the square footage against what is recorded in public records. They carry E & O insurance as well for this very purpose.

Either way it is something that you should not bear the financial responsibility for. Good luck!
Tax records are often incorrect. It is not up to the appraiser to verify that the correct permits were obtained or that the tax records are correct.
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Old 08-01-2015, 02:50 PM
 
Location: Charlotte, NC
7 posts, read 6,349 times
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Quote:
Originally Posted by Charlotteborn View Post
Tax records are often incorrect. It is not up to the appraiser to verify that the correct permits were obtained or that the tax records are correct.
Maybe it wasn't the appraisers job 10 yrs ago and for all I know maybe there are currently banks that don't include tax records and permits in the SOW for the appraiser. But the mortgage bank we are dealing with now for the refi had their appraiser looking for inconsistencies with tax records and then for permits.
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Old 08-02-2015, 05:11 AM
 
Location: charlotte
74 posts, read 50,892 times
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Quote:
Originally Posted by ElliottGK View Post
Glad to hear the inspector will come out that early (right after the permit is pulled). The staff person at the permit office told me they come out during/after work. But if they come first thing, it will help me make sure all essentials are identified and addresses by the trades.
Thanks
Yes, the residential inspector will be the key guy/gal in this operation and a site visit after getting the permit is a MUST! This kind of thing happens ALL THE TIME where someone has remodeled a space (attic,garage,basement) which increased the footprint of the building without permitting the job and BAM! now there are issues. Is this going to be a pain to correct? It depends on the work that has been done, if the work was done by professionals and is up to code, not so much however, if the work was installed incorrectly, yes, it's going to be a big pain.
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