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Yup. Buyers lender when we sold our house in NY. And our buyers were putting 50% down.
We also didn’t have a bathroom. That has historically been a huge red flag for appraisers on LI. We had neighbors that lost a tree in a storm and it ripped away the sewer line. Tree was village owned so neighbor tried to get village to pay for their destroyed basement. Village said we never permitted that basement so nope. Again - good times v bad times. This gravy train ain’t endless. This is a money maker for towns. If they haven’t caught on here they will.
As I said may not happen now. But may happen in the future and then it’s OP’s problem.
ETA we didn’t finish the basement. OUR lender didn’t care.
Good to know. Luckily I've been in constant contact with my loan officer and he knows our situation and doesn't think it will be a problem.
Also, having no bathroom at all is vastly vastly different than having a finished basement. I very much doubt a house won't appraise because of an unpermitted area. Unless something is horrendously wrong (and not having a bathroom at all falls under that category). And LI real estate is much different than Raleigh, even with the price craziness. I'm also not from LI but good guess! I grew up in Raleigh. I know in LI unpermitted additions to drive up value and dodge taxes are scrutinized. They really like squeezing their revenue from property taxes there. That's just not the case here. At least for now. And by the time it does become like that, we hope to already have it permitted.
Also, why didn't your neighbors have home insurance cover damage? Insurances should be able to cover unpermitted spaces, it's situation dependent.
I'm not a realtor. But I'd say that it doesn't matter much (if at all) what or how the seller PRICED their house. The only thing that matters is what the buyers will PAY for the house.
True, I was just referring to how they viewed their house value. For us we have a set amount we're willing to offer over on a house we like. So the difference is still there. Just depends on if we beat other buyers.
Houses do not pass or fail inspections.
Inspections provide reports of the inspectors' observations. They are not a "pass/fail" test.
Often, they include subjective opinions along with objective observations.
Inspections are non-destructive, i.e., no tearing into sheetrock. That would be a huge error if done without homeowner approval. You could end up with a large bill for repair and repainting, as well as breaching your contract.
Your agent can tell you if the basement finish appears to be competently done, before you pop for a huge DD Fee. Competence is of more concern to me than permitting. Plenty of poor work is signed off on by Permits and Inspections people.
The work certainly seems competent from the pictures. This isn't a half assed DIY job. Some contractor got hired to do all of it. We will check it out over the weekend when it starts showing.
My main concern is plumbing/drainage. If it has to drain "up" (through a pump) to the sewer main, that can be a bad bad failure. Worst case we just disconnect the water down there and turn the bathroom into something else.
On the subject of times changing re: what's acceptable...not here, but in northern NJ I bought an older house in 2005, when prices there were shooting up and little was on the market. The main inspection finding then was that a new electrical panel was needed, and that was the only major thing. Fast forward to 2015 when I was selling that house to move here, in a very different market. Based on that inspection I needed to do asbestos remediation, replace two beams with significant termite damage (that did not happen in ten years), replace some pipes, dig up a decommissioned oil tank...
On the subject of times changing re: what's acceptable...not here, but in northern NJ I bought an older house in 2005, when prices there were shooting up and little was on the market. The main inspection finding then was that a new electrical panel was needed, and that was the only major thing. Fast forward to 2015 when I was selling that house to move here, in a very different market. Based on that inspection I needed to do asbestos remediation, replace two beams with significant termite damage (that did not happen in ten years), replace some pipes, dig up a decommissioned oil tank...
I think this is additional reasoning why we want to get it done sooner rather than later. The bulk of the finishing was done 2.5 years ago, with the current seller adding some additions. But the electric/hvac/plumbing was done not that long ago. Better to permit it sooner rather than later.
I think this is additional reasoning why we want to get it done sooner rather than later. The bulk of the finishing was done 2.5 years ago, with the current seller adding some additions. But the electric/hvac/plumbing was done not that long ago. Better to permit it sooner rather than later.
Plus, codes never get less restrictive over time, so the sooner you do it, in theory the fewer items to correct.
It would appear that the OP's subject house is of a newer vintage.
That is helpful, as the farther back one goes, the sloppier records retention by regulatory agencies becomes.
The Town of Cary Inspections & Permits Department retains building permit records in accordance with the North Carolina Department of Cultural Resources, Division of Historical Resources, Archives and Records Section, Records Retention and Disposition Schedule (typically 6 years from date of project completion or as required by North Carolina Department of Cultural Resources).
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