Hi,
New to the forum and in quite a bind. I've searched this forum but could not find an answer to my situation.
I hope someone can help really, really soon. Meeting the buyers of my home at noon June 27 and need more information. Please feel free to contribute your thoughts even after the meeting. Here are the facts.
1. Home is in Fresno, CA.
2. Loan is VA.
3. Home has been in escrow for 27 days on a 30 day escrow.
4. Unofficial appraisal report did not come out till 25 days into escrow. Lender stopped official report because appraisal amount was 20% below sales price.
5. Appraisal states that detached finished building cannot be included in GLA.
Finished building has:
- Own A/C unit and a gas fire place.
- A separate room and closet.
- About 500 sq ft in size.
- Ceiling is 8 feet tall.
- Finished wood paneling walls and marble chip flooring.
- Was built with permits, in tax records and I have been paying taxes on it.
- Was included as GLA in previous appraisal report in 2002.
- Does not have finished hallway leading to it from main house. Main house is about 7 1/2 feet away.
Main house is aprox. 1200 sq ft. So you see my problem. My home is valued(according to this appraisal report) about $40,000 less because of this.
My questions are:
1. Can I use as an argument the fact that the detached building was included in the GLA in the appraisal when the house was purchased, it's in the tax records and I have been paying 6 years of taxes on it, it has building permits and my lender approved it at the time of sale?
2. Can I build a finished hallway connecting the main house to the detached building so that the detached building can be included in the GLS?
3. If so, what constitutes as finished hallway? Or, what is the definition of a covered hallway by VA appraisal standards?
4. What should I pay attention to (do's and don'ts) when building this hallway?
5. Any other solution besides building a finished hallway connecting the two buildings?
I thank you all in advance for your awesome help. You don't know what your help means to a desperate person like I.
Thanks again.
Teri
New to the forum and in quite a bind. I've searched this forum but could not find an answer to my situation.
I hope someone can help really, really soon. Meeting the buyers of my home at noon June 27 and need more information. Please feel free to contribute your thoughts even after the meeting. Here are the facts.
1. Home is in Fresno, CA.
2. Loan is VA.
3. Home has been in escrow for 27 days on a 30 day escrow.
4. Unofficial appraisal report did not come out till 25 days into escrow. Lender stopped official report because appraisal amount was 20% below sales price.
5. Appraisal states that detached finished building cannot be included in GLA.
Finished building has:
- Own A/C unit and a gas fire place.
- A separate room and closet.
- About 500 sq ft in size.
- Ceiling is 8 feet tall.
- Finished wood paneling walls and marble chip flooring.
- Was built with permits, in tax records and I have been paying taxes on it.
- Was included as GLA in previous appraisal report in 2002.
- Does not have finished hallway leading to it from main house. Main house is about 7 1/2 feet away.
Main house is aprox. 1200 sq ft. So you see my problem. My home is valued(according to this appraisal report) about $40,000 less because of this.
My questions are:
1. Can I use as an argument the fact that the detached building was included in the GLA in the appraisal when the house was purchased, it's in the tax records and I have been paying 6 years of taxes on it, it has building permits and my lender approved it at the time of sale?
2. Can I build a finished hallway connecting the main house to the detached building so that the detached building can be included in the GLS?
3. If so, what constitutes as finished hallway? Or, what is the definition of a covered hallway by VA appraisal standards?
4. What should I pay attention to (do's and don'ts) when building this hallway?
5. Any other solution besides building a finished hallway connecting the two buildings?
I thank you all in advance for your awesome help. You don't know what your help means to a desperate person like I.
Thanks again.
Teri