|
well, the additions could be very well out of code, and that's a big problem in itself.
ALso, what happens if the house is destroyed? Did it just have an attic? Or an additional bedroom? Using current comparables then becomes a nightmare since the ins. co will want to use what it's "supposed" to have versus what you actually had.
I'd look closely at the appraisal and the value determined using that method - if they counted the bedrooms and used comparables with same bedroom count as you currently have that means your house value got jacked up along with the sales price.
It's been done where attics and whatnot have been "converted" to bedrooms, to change the comps, and raise the value. Lender will not know the difference and assume the appraiser inspected the permits, and the city will never know since they don't see the appraisal.
This could very well be an issue, most notably whether or not the mods are up to code and also it affects the value of the house.
rjp
__________________
In the movies only bad guys sleep in king size beds.
|