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As it is, the people that bought that house took out building permits for various projects, in our name. We have that straightened out now both in writing in in the county records, fortunately.
Wow. That can happen ?!
Last edited by wisbadger; 07-11-2020 at 08:16 AM..
I had a situation somewhat like this on a bank owned property I bought about 10 years ago. The basement had been finished as a part of the original build, and was included in the square footage by the seller (bank) and the appraiser. While the house was vacant, the basement flooded, destroying the finished area and creating a mold hazard.
We bought the house, remediated the mold, and in doing so gutted the basement. We also filed for a change in our assessment, as the basement added roughly 1200 SF to the living area of the house. With pictures of the gutted basement and the documentation from the contractors who did the tear out and remediation, our total square footage was reduced as was our appraised value.
We later (re)finished the basement when we sold the house and alerted the appraiser as to the change so that the new owner would be properly assessed.
The contract does not list specifically a "due diligence period" that I heard is common in agreements in many states.
It does say that if buyer defaults, seller can sue or retain earnest. But, I wanted to know what is typical.
My agent is saying that I have no just cause to breach the contract. I obviously disagree.
Your agent doesn't want to lose the money from the sale. They're obviously not fighting for you. I'd tell them that you're not happy with what you're getting for the money they will make.
Quote:
Originally Posted by wisbadger
I suspect the bedroom is not upto code because of the windows dimensions and height. Also, there is no closet. In anycase, it was not assessed as a bedroom.
I could potentially bring it to code and fix it myself but I dont want that hassle.
I feel that there was a misrepresentation of basic facts. The seller has been paying taxes for the assessed "2 bedroom", but is trying to sell it as a "3 bedroom". It is a legal grey area that I dont want to be involved with.
If they're paying taxes on a 2 bedroom, then it's a 2 bedroom legally.
Quote:
Originally Posted by twowilldo
When we were working out the listing for our house, the realtor we were using included the unfinished basement space in the advertised square footing. Finished, heated/cooled space in the house was 2760. Entire house (excluding garage) but with basement @ 4400. He pushed back and we almost let him go right there and he relented. In hindsight because of other issues that came up later, we should have fired him anyway, but I digress…
The house is up for sale again as our buyers are being transferred to another state. Still same unfinished basement, being advertised for the full 4400 space. And it has a pending contract.
Is this something new? We’ve bought houses before and unfinished areas were never considered part of the total sq. footage. I clearly recall being told that rooms without closets could not be considered bedrooms, but rather, "bonus" rooms. And bedrooms in the basement were not part of the equation either.
No closet could be a bonus room or an office. We listed our old house as 3 bedroom with an office. I think we weren't even allowed to refer to it as a possible baby nursery. It actually did have a closet at one time and wouldn't take much to add it back. The original owner had put that closet into the bathroom it was next to. Why I don't know.
Quote:
Originally Posted by wisbadger
I do hope that the appraiser catches this. Appraisal report is due in a few days.
But I was told by the assessment office that different appraisers can give different answers. Banker also indicated that the "bedroom" adds value - not sure what it means fully.
Regardless of the appraisal's value of the home, my issue is with the basic facts of the property. If I cannot sell it as an unambiguous 3-bedroom tomorrow, then I dont want it.
I would make sure the assessor and bank know it's a 2 bedroom per the township taxes.
Thank you!! This puts me at ease somewhat. The deposit is $5K. While I like to get it, if it is too much of a legal hassle, I can forget it.
Is there anyway to force their hand to get it done with sooner?
If the basement bedroom is not permitted your solution is very simple, "Give me back my earnest money and I won't call the town inspector to come see your illegal basement bedroom".
Towns are cracking down on these, there have been incidents where people have become trapped in basements during fires.
We don't believe the buyers meant to be malicious, though they did admit to us they were wondering why our names were on all the paperwork and for whatever reason didn't feel they should point it out.... so whatever... hard to know who or what to believe. We just made it clear in writing and that has been recorded and entered into the county records that we had no responsibility or liability for any work or actions of contractors they had hired on the place after the closing date.
The basement room has permit, but it is not considered by the village assessor as a bedroom.
If it doesn't have proper egress and a closet the appraiser will value it as a 2 bedroom home with a den. I don't get how your buyer agent didn't point out that it wasn't a legal bedroom to you when you went through the home. It sounds like it is obviously not a 3rd bedroom.
The basement room has permit, but it is not considered by the village assessor as a bedroom.
The one who screwed up is the listing agent who entered it as a 3 bedroom. It doesn't appear from the info shared that the space is actually illegal. It's just a 2 bedroom house, not a 3.
Important question might be whether it has a 2 or 3 bedroom septic. That's probably the hardest thing to correct if you wanted it to become a 3 bedroom. It would need that and an egress window.
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The deposit is $5K. While I like to get it, if it is too much of a legal hassle, I can forget it.
