Does the lister realize? (agent, Realtor, listing, seller)
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What the outcome of putting "including NTC (not to code") 4th bedroom on lower level in the listing?
Any appraiser that sees that verbiage is going to redflag their appraisal or not give the NTC area any value. Does the seller realize their agent threw the seller under the bus and the will likely now get caught up in serious County backlog just trying to get post-construction permits?
Is there a court case I am not aware of that's the poster child why this is needed? I can think of so many different ways to disclose the tidbit. What am I missing?
What the outcome of putting "including NTC (not to code") 4th bedroom on lower level in the listing?
Any appraiser that sees that verbiage is going to redflag their appraisal or not give the NTC area any value. Does the seller realize their agent threw the seller under the bus and the will likely now get caught up in serious County backlog just trying to get post-construction permits?
Is there a court case I am not aware of that's the poster child why this is needed? I can think of so many different ways to disclose the tidbit. What am I missing?
I think the agent is lax in their disclosure duties, unless "NTC" is a widely accepted local term, and unless this disclosure is documented more fully in Agent Remarks.
Substandard spaces require disclosure by an ethical listing agent, so as not to mislead consumers.
We often see "Attic/basement/bonus room finish unpermitted," and I don't recall ever tripping over it during appraisal.
I assume “not to code” means it doesn’t have a legal egress window, not that Joe Homeowner cobbled together the construction without a permit. Why not just call it a “hobby room” or “bonus room.”? Any buyer who wants to use it as a bedroom can figure that out when they see it.
I assume “not to code” means it doesn’t have a legal egress window, not that Joe Homeowner cobbled together the construction without a permit. Why not just call it a “hobby room” or “bonus room.”? Any buyer who wants to use it as a bedroom can figure that out when they see it.
Why?
Because they want it to come up in 4 bedroom property searches. 4 BR will also tend to carry additional value.
Sounds like they should've just put finished basement. And as pointed out if one is advertising 4 bedrooms they should have 4 bedrooms. If in a basement yes shouldn't a bedroom have egress/a window and it's own hvac? I've seen people uses upper floor porches and/or sun rooms as a bedroom with the same issues. This also could disappoint buyers ie 'That's a bedroom?'
What the outcome of putting "including NTC (not to code") 4th bedroom on lower level in the listing?
Any appraiser that sees that verbiage is going to redflag their appraisal or not give the NTC area any value. Does the seller realize their agent threw the seller under the bus and the will likely now get caught up in serious County backlog just trying to get post-construction permits?
Is there a court case I am not aware of that's the poster child why this is needed? I can think of so many different ways to disclose the tidbit. What am I missing?
In my market, that generally means there is no closet or not proper window egress for it to be considered a legal bedroom. Appraisers just give it value as a den so it would get appraised as a 3 bedroom, 1 den/office home. So they do give it value.
To an appraiser, it's a basement, no matter what an agent calls it.
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