I installed a bathroom in my basement. Will I have a problem selling?
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They pick up on it when they review the appraisal. Because the apprisal is one of the last steps in the mortgage process, CO issues tend to come up late in the game and can cause real problems at closing.
Isn't there supposed to be a CO for every room in the house (including a finished basement), a deck, a pool, etc....?
If the house is listed as having 2 bathrooms, but there is a 3rd bathroom without a CO, how would the bank even know about it? Couldn't you just advise the buyer that it is a bonus, not included in the asking price?
The CO Nazi's on here are a bit much at times. It all depends on the bank. A lot of times things like extra bathrooms or finished basements slip right through the appraisal. I've seen in many times.
The bottom line is this. If you are in a house with missing CO's and you plan on being there for a long time, DON'T get them. It simply doesn't pay. The amount of your increased taxes over the long haul will FAR outweigh the cost of getting some CO's later if need be.
A neighbor sold his house and just put a bunch of boxes in there and made it look like a storage closet. Did not have an issue at closing. I'm not sure that it mattered because he mentioned the appraiser never came in the house, they did everything from the outside.
If the house is listed as having 2 bathrooms, but there is a 3rd bathroom without a CO, how would the bank even know about it? Couldn't you just advise the buyer that it is a bonus, not included in the asking price?
Tell them that the supposed 3rd bathroom is really a closet. The fact that you're storing a toilet and a sink in there is coincidental.
Tell them that the supposed 3rd bathroom is really a closet. The fact that you're storing a toilet and a sink in there is coincidental.
Sure, and if it turns into a problem, blame the RE agent
Why take a chance? Since the new rules went into effecct, most (if not all) appraisers are much more diligent about the job they're doing/are supposed to do--they stand to lose their license if they don't!
Sure, and if it turns into a problem, blame the RE agent
Ok.
Quote:
Originally Posted by Elke Mariotti
Why take a chance? Since the new rules went into effecct, most (if not all) appraisers are much more diligent about the job they're doing/are supposed to do--they stand to lose their license if they don't!
I'm surprised banks are allowing things to pass these days and not tightening up their rules.
If it were me and I was finding that a lot of people were not taking my place because of no CO on the bathroom, I'd spend the money on it in order to sell the place.
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