I am looking at a small rental property, single family. The home is very small and has a concrete foundation on the main building. The problem is, there were a few little additions to this house that don't have a concrete foundation so mortgage brokers are balking at loaning on it unless an appraiser ok's it. But, I'd rather not shell out the money to be told no as I'd have to pay for that. Has anyone else dealt with this. My concern is that if I get the funds from someone anyway (going around mortgage bankers) but can never refi when the time is right due to this issue. I would appreciate thoughts on this situation. Thank you.
If the additions were permitted, then they would have been properly tied to the foundation in some fashion and you should have no issues with an appraisal. If they were not permitted, you have other issues and conventional financing will never give you what you need for that property as it will be as if the additions do not exist for value purposes.
Thank you Charlie, that makes perfect sense. I will have my realtor check with the proper agency. I am so glad you and BP are available. It makes it so much less scary to get into real estate. I do appreciate your time.
Thats normal , generally with an addition its done in block . Unless its very large ,its too expensive to pay the form guys and the concrete pump for a 12 by 12 addition
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