I say $100k. If the market doesn't care about no stinking permits, I'd value it as such,
disclose lack of permits, and move on. The lender can decide if they are OK with the non permitted basement.
Maybe they see it as a risk factor apart from value.
It would go in your adverse factors summary.
If anyone did those anymore. :laugh:
"According to the California Building Code,
no building or structure shall be
erected, constructed, enlarged, altered, repaired, moved, improved, removed, converted or demolished unless a separate permit for each building or structure has first been obtained from the building official.
Code requirements vary in different cities and counties around the state. Check with your local building department to find out what's needed in your area. You may want to check city, county and/or town if necessary."
http://www.cslb.ca.gov/consumers/hireacontractor/BuildingPermitRequirements.asp
p.s. as 1 illustrative example: re Reseda
"Los Angeles Municipal Code Section 96.300 requires that the seller of residential property provide an RPR to the buyer before entering into an agreement of sale or exchange of residential property or prior to the close of escrow in connection therewith. There is a fee of $70.20 for each report requested."
http://cris.lacity.org/cris/informationcenter/code/index.htm
Building Construction Permits Provider: Department of Building and Safety
Categories: Permits, Licenses, and Inspections: Construction Permits and Inspections
Description
The Los Angeles Department of Building and Safety is responsible for issuing construction permits such as building, plumbing, electrical, pressure vessel, elevator, heating, ventilating and air conditioning permits.
A permit from the Department of Building and Safety is required for private property construction, alteration or repair work on buildings within the City of Los Angeles. For information on obtaining a permit, please visit the Department of Building and Safety website at
www.ladbs.org.(The Department of Building and Safety is not responsible for issuing permits for public streets, public alleys or public right-of-ways.)
Webpage: http://ladbs.org/LADBSWeb/services-permit.jsf
Building Permit Clearance Handbook Provider: Department of Building and Safety
Categories: Construction Reference/Resources; Information, Records & Archives
Description
This handbook is a consolidation of all departmental clearances needed based on the type of project and its location. It provides plan checker engineers with the necessary information to properly refer permit applicants to the correct office for departmental clearance.
Webpage: http://ladbs.org/LADBSWeb/LADBS_Forms/Publications/clearance_handbook.pdf
"The Los Angeles Department of Building and Safety (LADBS) is tasked with the maintenance of the City’s building stock through the enforcement of building, electrical, mechanical, plumbing and zoning codes which are elements of the Los Angeles Municipal Code (LAMC). The basic methodology of enforcement is the issuance of an Order to Comply (OTC) to the property owner and any other person in control of a property who violates or causes or permits another person to violate any provision or requirement of the LAMC. The OTC is essentially a warning letter with a time frame for voluntary compliance.
The OTC describes the violation(s), instructions to remedy the violation(s) and warnings of possible penalty fees and criminal prosecution. Violation of the LAMC is a misdemeanor and code enforcement cases must therefore be prepared for the possibility of being resolved in Los Angeles Superior Court. "
http://ladbs.org/LADBSWeb/services-code-enforcement.jsf