I'm not sure if this is something you can help me with, but here goes!
I found a house that I am interested in puchacing;however, I have a question about the appraisal. The house is a two story traditional style built in 2000 with about 3952 sq. ft. on 5.21 acres. The seller was transfered out of state after living in the home for only 6 months. The first floor is about 2300 sq. ft. and is completely finished. The second floor is 1600 sq. ft. and unfinished. The electrical, plumbing, rough frame work in completed. It still requires HVAC unit, insulation, drywall, fixtures, flooring and finish. Overall the house appears to be of excellent quality and above average construction. I plan on completing the second floor myself.
My questions are:
1. How does the unfinished second floor affect the overall appraisal and subsequent sale price?
2. Can the second floor be considered "living space" as there is no heating or airconditioning, running water, or lavatory?
3. Should I expect the seller to price the unfinished sq. footage differently from the finished sq. footage or should this be taken into account by the overall $ per sq. ft?
4. How strong a barganing chip do I have in negotiating the sale price?
5. Could the fact that the home is unfinished upstairs be a sore spot for a lender?
Any assistance or advice would be greatly appreciated. Thanks.
I found a house that I am interested in puchacing;however, I have a question about the appraisal. The house is a two story traditional style built in 2000 with about 3952 sq. ft. on 5.21 acres. The seller was transfered out of state after living in the home for only 6 months. The first floor is about 2300 sq. ft. and is completely finished. The second floor is 1600 sq. ft. and unfinished. The electrical, plumbing, rough frame work in completed. It still requires HVAC unit, insulation, drywall, fixtures, flooring and finish. Overall the house appears to be of excellent quality and above average construction. I plan on completing the second floor myself.
My questions are:
1. How does the unfinished second floor affect the overall appraisal and subsequent sale price?
2. Can the second floor be considered "living space" as there is no heating or airconditioning, running water, or lavatory?
3. Should I expect the seller to price the unfinished sq. footage differently from the finished sq. footage or should this be taken into account by the overall $ per sq. ft?
4. How strong a barganing chip do I have in negotiating the sale price?
5. Could the fact that the home is unfinished upstairs be a sore spot for a lender?
Any assistance or advice would be greatly appreciated. Thanks.