Help!! Please!!!

I have a deal locked up and I took my buyer to see the house today. My problem is that I thought the house was a 3/1 (which is whats on county records), only to find out that the house was originally a 2/1. Now it has another bathroom that was added, but the 3rd room ( which was originally a dining room) has a divider that seperates it from the living room. Now it looks like a 3/2 but its not. Do I need to find out if there are any permit issues at hand? How would you handle this deal?

Edited: 06/26/2010 at 09:43AM

Josh Green

Banker · Tampa Area, Florida

962 posts
4831 Influence
6 Awards

Icon_minipost Sep 15 '09, 08:27 AM

if the buyer is happy then continue with the deal.

if you get the county involved, expect the taxes to go up as it will be reassessed.

Edited: 06/26/2010 at 09:43AM

Jon Frame

Wholesaler · Nazareth, Pennsylvania

77 posts
681 Influence
3 Awards

Icon_minipost Sep 15 '09, 10:22 AM

You got a property under contract without even seeing the place??????? :oops:

That'll teach ya............ :wink:

Edited: 06/26/2010 at 09:43AM

Tony Walker

Real Estate Consultant · San Francisco, California

94 posts
711 Influence
3 Awards

Icon_minipost Sep 15 '09, 10:51 AM

Originally posted by Jon Frame

You got a property under contract without even seeing the place??????? :oops:

That'll teach ya............ :wink:

I bet you are the first investor that has done that. :mrgreen:

Edited: 06/26/2010 at 09:43AM

Kevin Raye

Real Estate Investor · Miami, Florida

13 posts
104 Influence

Icon_minipost Sep 15 '09, 11:00 AM

LOL!!! I actually did see the place before putting it under contract but it looked as if a room was opened up to make the livingroom bigger. So, I thought it was truly a 3/1. Only to find out today that it was a 2/1 with a divider seperating that area to make it look like a 3rd room. It has a door and all. Just got me by surprise. I need advice!

Edited: 06/26/2010 at 09:43AM by Kevin Raye

Curt Davis

Wholesaler · Memphis, Tennessee

1108 posts
6055 Influence
7 Awards

Icon_minipost Sep 15 '09, 01:17 PM

Was the property advertised as a 3/1?

Try to get out of the deal.

Edited: 06/26/2010 at 09:43AM

Curt Davis, buyMemphisnow.com
E-Mail: crtdavis@gmail.com
Telephone: 901-881-0552
Website: http://www.buymemphisnow.com
Full Service Real Estate Investing in Memphis TN

Will Barnard

Rehabber · Santa Clarita, California

7238 posts
54461 Influence
23 Awards

Icon_minipost Sep 15 '09, 01:26 PM

You got a property under contract without even seeing the place???????

That'll teach ya..

I have to disagree with this comment. I have put many properties under contract BEFORE I have seen them. SOme deals just require you to move fast and lock them up before your competition does. The key is having the proper contingencies in place to back out if need be.

Edited: 06/26/2010 at 09:43AM

Will Barnard, Barnard Enterprises, Inc.
E-Mail: info@barnardenterprises.com
Website: http://www.barnardenterprises.com
info@barnardenterprises.com

Nicole Starnes

Real Estate Investor · Hazleton, Pennsylvania

26 posts
68 Influence
1 Award

Icon_minipost Sep 16 '09, 11:57 AM

It depends on how YOU look at it. You're the one that is showing this house to buyers so you need to feel confdent in what you're explaining to them.

One way you can do it is to tell buyers that it's a 2/1, but could be turned into a a 3/1.

Edited: 06/26/2010 at 09:44AM