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3 bedroom home is now a 2 bedroom home.....how big a hit?

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
You always want to change the question or add to it. The house is not in a large sub-division. It is on a single street, out in the county, all custom built for owner homes, only 6 on the street...none sold. The SUBJECT lot has the problem not the entire street.
You just kept referring to a builder, first time you are divulging it was a custom for owner-

Since subject was custom built, then it was not a builder mis representing a 2 bedroom as a 3 bedroom, there was a problem at some point with permit or septic field relative to lot size or something, since no other house on the street has this issue. Imo it is not a simple 2 vs 3 bedroom loss of value (if there is any) issue but if that is what you want to find there are suggestions how sprinkled within the posts.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
The ironic thing is, 95% of RE agents ( since most are creative with the truth) would list this as a 3 bedroom to get the traffic from showing it, then explain to a buyer once they fell in love with the house that it is "really" a 2 bedroom with the third room supposed to be a den per septic issues wink wink, and most buyers would say sure okay, and then go ahead and use it a s 3 bedroom after they move in. Meaning no loss or very little loss of value, assuming house has other positive features and location.
 

USPAP Compliant

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
You just kept referring to a builder, first time you are divulging it was a custom for owner-

Since subject was custom built, then it was not a builder mis representing a 2 bedroom as a 3 bedroom, there was a problem at some point with permit or septic field relative to lot size or something, since no other house on the street has this issue. Imo it is not a simple 2 vs 3 bedroom loss of value (if there is any) issue but if that is what you want to find there are suggestions how sprinkled within the posts.
Gee. Please don't answer any more of my posts. The home was built by a builder (duh) for the buyer. It is not a large s/d. One street...site owners can choose any builder they like. The builder did not misrepresent (never said that) as the issue was not known until after the buyers moved in. There was no misrepresentation by anyone. The county screwed up and it was not known for months later when the home was occupied. The house is the last one (downhill) and in a cul de sac. None of this matters. The details of the problem , lender/no lender mean nothing. Who was at fault means nothing . The issue is it was sold as a 3 bedroom. Any current or future sale will have to disclose the septic issue and adjust the value or not. The question is not hard...the answer evidently is.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Gee. Please don't answer any more of my posts. The home was built by a builder (duh) for the buyer. It is not a large s/d. One street...site owners can choose any builder they like. The builder did not misrepresent (never said that) as the issue was not known until after the buyers moved in. There was no misrepresentation by anyone. The county screwed up and it was not known for months later when the home was occupied. The house is the last one (downhill) and in a cul de sac. None of this matters. The details of the problem , lender/no lender mean nothing. Who was at fault means nothing . The issue is it was sold as a 3 bedroom. Any current or future sale will have to disclose the septic issue and adjust the value or not. The question is not hard...the answer evidently is.
DUH, I agreed with you about the custom builder etc and you didn't even realize it! I will never, ever, waste time trying to help you again. You have not a clue what you are doing on this assignment
 

USPAP Compliant

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
DUH, I agreed with you about the custom builder etc and you didn't even realize it! I will never, ever, waste time trying to help you again. You have not a clue what you are doing on this assignment
Thank you! I hope you will honor your promise .
 
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