Looking at a property with MLS/ Tax discrepancy

[Christof Gardet]

Hey all, forgive me if I'm posting in the wrong forum still new and new to the app. I'm in the Richmond VA market. I have been following a piece of property for a couple of weeks and through analyzing the tax records there is a discrepancy in rooms. MLS has 3 bedrooms and the tax record is stating 2. I think there was an addition done to the property without permit. How can I research more into this? What would I be looking at if I wanted to continue with the purchase (if I got a good deal i.e. Pay for the cost of the land under the building.) would it be worth the potential head ache?

[Benjamin Lapidus]

Hi @Christof Gardet, is this deal for renting/flipping?

I have a 5 bdr in Henrico County that the county states is 3 bdr.  Here's the deal, the number of bedrooms listed with the county doesn't usually effect what people are willing to pay for the property in rent or purchase price as long as it's a true 3 bedroom.  That said, the appraisal is going to give you a value based on 2 bedrooms, so it's important to be careful as it can effect both your lending and (if it's a flip) your buyer's lending.  If the appraised value comes in below the agreed on purchase price, your buyer usually will have to make up the difference on a conventional mortgage, which may decrease the likelihood to close.

That said, the assessor's office can always re-assess the number of bedrooms in the property, permits or not.  You can call their office to find out more and what can be done.  Henrico County is easy to work with, not sure about Richmond City