Bedroom Count?

[KStoFL]

You’re probably not going to get the feedback you were hoping for here. Appraisers exist to analyze and report market activity in an unbiased, conflict-free manner. Sounds like that has already been done in your case. We aren’t around to help push deals through.

Not trying to sound provocative or anything, by the way. Just factual.

I completely agree! I just wanted to get a feel for how this bedroom issue would be handled given the wall IS STILL UP! I feel like to get it count from an appraisal perspective, they need to take wall down now before a 2nd appraisal.

 

[Tim The Enchanter]

I doubt the wall makes much if any difference.

 

[ramrcdk]

I doubt the wall makes much if any difference.

Build a wall or take down a wall...highly UN-likely would make a market match pairing # of bedroom difference in the Sales Comparable Analysis Section of the 1004 Report. Lack of a garage in an area of sales of homes where garages are "typical" or an appealing amenity that has a "market value return" may be a market extracted reason for "market value" compared to the Purchase Contract-Sale Price. Notice the number of times word: Market is used.

 

[Tom4value]

Like everyone here, I highly doubt that the bedroom resulted in the $65k difference.

I do want to answer your other question, should have the appraiser called it a 5 bedroom house? The answer is yes. It stated as a condition of the contract that the wall is to be removed before closing. Every underwriter I have encountered would insist that the appraisal is subject to conditions being met. Therefore, the appraisal should be subject to the work being done, making it a 5 bedroom home and should be valued accordingly.

 

[Mr Rex]

$65k to remove a small wall to convert an office to a bedroom. Hot damn wait till the DIY networks and flipper geniuses on TV hear this....

 

[KStoFL]

$65k to remove a small wall to convert an office to a bedroom. Hot damn wait till the DIY networks and flipper geniuses on TV hear this....

Def don't expect this to close the gap. The garage is is the biggest missing piece, but owners felt the bedroom, if counted, would add 15-20k.

 

[KStoFL]

Like everyone here, I highly doubt that the bedroom resulted in the $65k difference.

I do want to answer your other question, should have the appraiser called it a 5 bedroom house? The answer is yes. It stated as a condition of the contract that the wall is to be removed before closing. Every underwriter I have encountered would insist that the appraisal is subject to conditions being met. Therefore, the appraisal should be subject to the work being done, making it a 5 bedroom home and should be valued accordingly.

Thank you! The sellers feel this should add 15-20k to the price which would close the gap some. At that point, it is what it is!

 

[Michigan CG]

The sellers feel this should add 15-20k to the price which would close the gap some.

Tell them you want some of that stuff they are smoking.

 

[Terrel L. Shields]

Go hunt another house...not worth the effort.

 

[bnmappraisal]

We had an appraisal done on a 5 bedroom house .The 5th bedroom has a full window, closet BUT has a wall that was put up to create a storage section. This made the "bedroom" less than the 70 sq sq f requirement that FL requires for appraisers to deem it a bedroom. In our contract, we requested the wall removes to convert back to a full bedroom before close. Due to this, the realtor believes that room should be counted as a 5th bedroom for appraisal purposes as it's part of the contract and can be verified that it gets done .Our appraiser did not agree and noted the home as a 4 bedroom with office . This issue along with no garage on home is creating a 65k variance between appraisal and purchase price . The seller is convinced the5th bedroom needs to be recognized and wants us to change lenders and "go local". We went with Chase first but in speaking with a local lender, they were hesitant on if the 5th would count and said we'll have to see. Curious if anyone knows if , with that wall still up, you've seen this count since it's in contract that wall will come down .oh and yes we told seller why don't they just take wall down but they won't before a 2nd appraisal .

I'd walk away from this and find another house

Personally, it sounds like the seller is simply fixed on their "price" (which I understand) and obviously you disagree (hence the $65k "difference" in opinions)

Unless you both can renegotiate ... I'd walk. There's always another house on another block ...