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Old 07-21-2013, 04:45 PM
 
Location: Tennessee/Michigan
27,850 posts, read 45,658,889 times
Reputation: 19161

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I never did buy property and it's still For Sale. Banks for some reason will not loan on it.
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Old 07-22-2013, 01:35 PM
 
Location: Sector 001
6,793 posts, read 5,619,900 times
Reputation: 7575
Banks these days are leery about appraising rooms as living space that are situated 'below grade' which is why I am not buying a home in town that is small... 2 bedrooms, one bath, where the bedrooms are located in what amounts to the basement. I don't want trouble down the road where the home is suddenly appraised for a lot less because of this.. I want conventional bedrooms that are above grade to cover my butt. Any finished basement space is just bonus area to me but completely finished basements make it hard to inspect the foundation and check for problems in older homes.

It's a rather unconventional design to have such a small first floor and then put the bedrooms below grade rather than above grade or on the first floor.
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Old 07-22-2013, 04:55 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 18,186,036 times
Reputation: 6343
Quote:
Originally Posted by John1960 View Post
I never did buy property and it's still For Sale. Banks for some reason will not loan on it.
The underwriters are always looking for a reason not to loan on a property, especially one that isn't a cookie cutter home.
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Old 07-22-2013, 05:01 PM
 
28,906 posts, read 44,338,027 times
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I live in Alabama and there's no way I would live in a house without a basement.
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Old 07-14-2014, 11:47 PM
 
Location: Tennessee/Michigan
27,850 posts, read 45,658,889 times
Reputation: 19161
This property is still for sale and it looks like it will never sale.
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